Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Brexit definition

What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

Credit limits for running-account credit: FCA CONC rules on advertising, pre-contract information, creditworthiness, post-contract practices, overdrafts and unsolicited limit increases (UK)

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note summarises the rules that govern credit limits. A borrower is allocated a credit limit by the creditor, being the highest amount of credit available to be drawn under a running credit agreement, for example a credit card facility. It applies to running credit arrangements, including credit cards, for the customer concerned only.

Definition of credit limit

A credit limit operates in running-account credit agreements and represents the maximum debit balance that may, under a credit agreement, remain outstanding on the account, ignoring any contractual term permitting that maximum to be temporarily exceeded. ‘Running-account credit’ is defined in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, art 60L (RAO) and includes credit cards.

in advertising

When a financial promotion states an interest rate or an amount relating to the cost of credit, whether shown as a monetary sum or as a proportion of a specified amount, creditors must provide a representative example, which must include the total amount of credit. See Practice Note: The regulation of consumer credit advertisements—CONC 3—Specific rules for particular types of financial promotion for further information. Where a financial promotion concerns running-account credit and the applicable credit limit is...

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Web page updated on 21/05/2026

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