We are consulting on new guidance on unfair contract terms following the introduction of the CRA and in light of a number of rulings on variation terms in the Court of Justice of the EU.
The proposed guidance outlines factors financial services firms should consider under the Consumer Rights Act 2015 (CRA) when drafting and reviewing variation terms in their consumer contracts.
The draft guidance outlines a number of non-exhaustive areas the FCA believes firms should have regard to when drafting and reviewing variation terms. These include and are not limited to the following:
This guidance will be of interest to financial services firms, trade associations, consumers, and consumer representatives.
Please send us your comments by 7 September 2018:
You can send your response in the following ways:
We make all responses to formal consultations available for public inspection unless the respondent requests otherwise. We will not regard a standard confidentiality statement in an email message as a request for non-disclosure.
We will carefully consider your feedback to this consultation and plan to issue a response in December 2018.