This chapter explains how the regime works for obtaining:

1. (1)

   a direction from the FCA waiving or varying the requirements as to the form and content of regulated agreements under the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) and the Consumer Credit (Agreements) Regulations (SI 2010/1014) made under section 60(1) of the CCA;

2. (2)

   a determination by the FCA that the requirement under section 64(1)(b) of the CCA to send debtors or hirers a notice of their rights to cancel a cancellable agreement within the seven days following the making of that agreement can be dispensed with; and

3. (3)

   a direction from the FCA that the hirer's rights to terminate a regulated consumer hire agreement under section 101 of the CCA do not apply to regulated consumer hire agreements made by the relevant firm.

Unless italicised, and except where the contrary intention appears, expressions used in this chapter have the same respective meanings as in the CCA.

Under section 60(3) of the CCA, if, on an application made to the FCA by a firm carrying on a consumer credit business or a consumer hire business, it appears to the FCA impracticable for the firm to comply with any requirement of the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) or the Consumer Credit (Agreements) Regulations (SI 2010/1014) in a particular case, it may direct that the requirement be waived or varied in relation to the regulated agreement and subject to such conditions (if any) as it may specify.

Under section 60(4) of the CCA, the FCA will make the direction only if it is satisfied that to do so would not prejudice the interests of debtors or hirers.

An application may be made under section 60(3) of the CCA only if it relates to:

1. (1)

   a consumer credit agreement secured on land; or

2. (2)

   a consumer credit agreement under which a person takes an article in pawn; or

3. (3)

   a consumer credit agreement under which the creditor provides the debtor with a credit that exceeds £60,260; or

4. (4)

   a consumer credit agreement entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by him; or

5. (5)

   a consumer hire agreement.

The requirement under section 64(1)(b) of the CCA to send debtors or hirers a notice of their rights to cancel a cancellable agreement within the seven days following the making of that agreement does not apply in the case of the agreements described in SUP 8A.2.5 G, if:

1. (1)

   on application by a firm to the FCA, the FCA has determined, having regard to:

   1. (a)

      the manner in which antecedent negotiations for the relevant agreements with the firm are conducted; and

   2. (b)

      the information provided to debtors or hirers before those agreements are made;

   the requirement can be dispensed with without prejudicing the interests of debtors or hirers; and

2. (2)

   any conditions imposed by the FCA in making the determination are complied with.

A determination under 64(4) of the CCA may only be made in respect of agreements specified in the Consumer Credit (Notice of Cancellation Rights) (Exemptions) Regulations 1983.

If on an application made to the FCA by a firm carrying on a consumer hire business, it appears to the FCA that it would be in the interests of hirers to do so, the FCA may direct that subject to such conditions (if any) as it may specify, section 101 of the CCA shall not apply to consumer hire agreements made by that firm.

Under article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013, any of the following given or made by the Office of Fair Trading which were in effect immediately before 1 April 2014 have effect as if they had been given or made by the FCA:

1. (1)

   a direction given under section 60(3) of the CCA (form and content of agreements);

2. (2)

   a determination made under section 64(4) of the CCA (duty to give notice of cancellation rights) and the Consumer Credit (Notice of Cancellation Rights) (Exemptions) Regulations 1983;

3. (3)

   a direction given under section 101(8) or (8A) of the CCA (right to terminate hire agreement).

The FCA intends to include any direction or determination made by the FCA waiving, varying or disapplying CCA requirements in the public register under section 347 of the Act.

The FCA will acknowledge an application promptly and, if necessary, will seek further information from the firm. The time taken to determine an application will depend on the issues it raises. However, the FCA will aim to give decisions within 20 business days of receiving an application which includes sufficient information. If the FCA expects to take longer, it will tell the firm and give an estimated decision date. A firm should make it clear in the application if it needs a decision within a specific time.

The FCA will treat a firm's application as withdrawn if it does not hear from the firm within 20 business days of sending a communication which requests or requires a response from the firm. The FCA will not do this if the firm has made it clear to the FCA in some other way that it intends to pursue the application.

If the FCA decides not to give a direction or a determination, it will give reasons for the decision.

A firm may withdraw its application at any time up to the giving of the direction or determination. In doing so, a firm should give the FCA its reasons for withdrawing the application.

Firms are also referred to SUP 15.6 (Inaccurate, false or misleading information). This requires a firm to notify the FCA if false, misleading, incomplete or inaccurate information has been provided (see SUP 15.6.4 R). This would apply in relation to information provided in an application for a direction or a determination.

The FCA may revoke or vary any of the directions or determinations referred to in this chapter.