do not apply to a financial promotion or a communication with a customer which clearly indicates that it is made solely in respect of credit broking in relation to a credit agreement secured by a legal or equitable mortgage on land.
A firm must, in a financial promotion or a document which is intended for individuals which relates to its credit broking, indicate the extent of its powers and in particular whether it works exclusively with one or more lenders or works independently.
[Note: section 160A(3) of CCA]
[Note: article 21(a) of the Consumer Credit Directive]
[Note: paragraphs 3.7e and 4.8b of CBG]
[Note: paragraphs 2.2, 6th bullet and 4.6 of CBG]1
only describe itself as independent if it is able to provide access to a representative range of credit1 products from the relevant product market on competitive terms and is not constrained in providing such access, for example, because of one or more agreements with lenders; and
[Note: paragraph 4.5 of CBG]1
[Note: paragraph 4.6 of CBG]
2CONC 3.7.5 R requires all financial promotions and communications with customers to specify the legal name of the firm: the rule does not prohibit the use of trading names, but does require the legal name to be given in addition to any trading name used. If the firm is a company registered under the Companies Act 2006, the firm's legal name will be the name by which it is registered.
A firm which is both a credit broker and a lender must ensure that any financial promotion that solely promotes its services as a credit broker states prominently that the financial promotion is promoting the firm's services as a credit broker and not its services as a lender.