Context
From 1st June 2021, there will be changes for firms subject to regulations 8, 10 and 11 of the Consumer Credit (Disclosure) Regulations 2010 and the relevant rules in the FCA Handbook. For most general insurance intermediaries, it is likely that only Regulation 8 will be relevant.
Key points to note
Firms subject to Regulation 8 of the Disclosure Regulations
- From 1st June 2021 firms must only use the new (post-Brexit) Pre-Contract Credit Information form.
- The SECCI form has been renamed to Pre-Contract Credit Information Form. Minor amendments have been made which can be found at https://www.legislation.gov.uk/uksi/2018/1038/regulation/3/made
- The amendments are merely to the name of the document and to remove one reference to ‘Member State of residence’
Next actions
From 1st June 2021 the new Pre-Contract Credit Information Form should be issued to customers. Firms which are involved in lending activities should amend their SECCI forms accordingly, in line with the requirements of Regulation 3 in the legislation referenced above. Firms involved in arranging credit facilities (so firms engaged in credit broking) should ensure that their lenders are providing them, where necessary, with copies of the new, re-named form to issue.