Lindsay Lee
Lindsay is a Senior Associate in the Brodies Banking & Financial Services team, advising financial services clients on regulatory and consumer finance matters.
Practice Area
Panel
- Contributing Author
Qualified Year
- 1999
Experience
- Brodies LLP (1999 - 2011)
- Brodies LLP (2019 - Present)
Membership
- Law Society of Scotland
Qualifications
- LLB (Hons) (1996)
- DipLP (1997)
Education
- University of Edinburgh (1992-1997)
1 Contributions by Lindsay Lee
PRACTICE NOTES
FCA regulation of unfair terms in UK financial services: Consumer Rights Act 2015 compliance, CMA guidance, enforcement options, Consumer Duty and UTCCRs
Consumer protection legislation applies to businesses generally and to the regulated financial services sector
This Practice Note explores the obligations on firms authorised by the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000 (FSMA 2000) (herein referred to as ‘firms’) to comply with a central element of consumer protection law, the Consumer Rights Act 2015 (CRA 2015), together with its predecessor, the Unfair Terms in Consumer Contracts Regulations 1999, SI 1999/2083 (UTCCRs). In addition to these statutory duties, firms must follow the FCA’s regulatory rules and take account of guidance relevant to unfair contract terms.
Under the CRA 2015, the FCA may challenge firms regarding the fairness and/or transparency of contractual terms and notices in financial services consumer contracts (whether in standard form or individually negotiated) entered into from 1 October 2015.
Under the UTCCRs, the FCA may challenge firms regarding the fairness or transparency of contractual terms in standard form financial services contracts entered into before 1 October 2015.
The FCA also holds powers under FSMA 2000 where a firm breaches legislative and/or regulatory requirements concerning fair contractual terms...
Financial Services
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