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BIS bows to industry pressure on CCD implementation timetable

12 February 2010

The Department of Business, Innovation and Skills (BIS) has announced a transitional period beyond June 2010 - by which time the Consumer Credit Directive (CCD) has to be implemented - during which lenders can move from the old to the new regimes.

Draft regulations were published in October 2009 and an update was published by BIS online in late January 2010, summarising how BIS is dealing with the comments received from stakeholders on the October draft regulations.

However, the regulations have yet to be finalised and in recognition of the difficulties lenders would have being fully compliant by June this year, BIS has designated 31 January 2011 as the final deadline for compliance. Any agreements entered into from 1 February 2011 must comply with the new requirements.

BIS states this is aimed at ensuring an orderly transition from the current to the new regime, and to avoid potential confusion for consumers that could have arisen as a result of lenders not being able to comply with the new legal requirements.

BIS is encouraging lenders to start giving the new rights under the CCD as early as possible during the transitional period, and it understands that this is the industry's objective.

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