In the event of the transfer of its lender`s rights to a credit contract regulated by a company to a third party, the company must inform the client of the transfer. Subject to conc 1.2.8R and MCOB 14.1.5R 2CONC applies to a business with respect to the exercise of regulated activities related to credit and related activities, except other provisions to the contrary under a rule.1, a separate consent of a customer is granted to a business after the execution of the regulated credit contract for the entity to give a single request to a payment service provider for a payment of a specified amount from the customer`s payment account on the same day as the day of the authorization or the deposit of a given day. Question 2 – What are the consequences of the bans on businesses and consumers? This dual regulatory landscape is perhaps most visible in the choice that some disgruntled borrowers may seek a legal remedy (i) either by attempting to argue that their loan should not be enforceable due to CCA violations) or (ii) to obtain redress through a complaint to the company itself (if not resolved to their satisfaction) by a referral to the Financial Ombudsman Service (FOS). According to sections 86B and 86C of the CCA, companies are required to provide debtors with notices of payment, both for a fixed amount and for current account credits, where an account is the sum of two late contractual payments – often after two months in practice (less than three months of payment period proposed in the CFA guidelines for most forms of consumer credit). This will likely result in a number of companies agreeing to a deferral payment agreement while being required to notify the borrower of late payments, which could create a great deal of confusion for borrowers if they are not well managed. any agreement you enter into with respect to regulated mortgage contracts, regulated credit contracts, general insurance contracts (including event insurance) or pure protection contracts provides that transfers are made only in the best interests of the customer concerned and that the contract or agreement is tailored to the client`s needs; 2. www.sra.org.uk/sra/consultations/consultation-listing/consumer-credit-activities.page to establish an electronic lending system within the meaning of section 36 of the Regulated Activities Regulation or to enter into an agreement in accordance with Section 36 of this Regulation. In addition, the ACF considers that payment deferrals are not considered a form of arrears of payment, and that payment deferrals should be considered to be offered in exceptional circumstances that are not controlled by the customer. In accordance with guidelines for reporting coronavirus data published by credit agencies, companies are expected not to report the deterioration of the residue status in the customer`s credit file during the deferral period.