The consultation closed on 7 September 2018.
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The draft guidance outlines a number of non-exhaustive areas the FCA believes firms should have regard to when drafting and reviewing variation terms.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.
We plan to issue a response in December 2018.