You are working in the legal department for a company specialising in designer sofa’s called “Sofa So Good”.
Ben Smart who is the Managing Director is considering offering credit facilities to customers. He wonders whether he should get set up as a credit provider and do this himself or whether he should use a finance company.
He has asked you to prepare a report for him advising him on the law relating to consumer credit.
Your report should explain clearly:- (THOSE ARE OBJECTIVES)
1. The main types of regulated agreements
2. The consumer credit licensing system and the role of the Financial Conduct Authority in the granting of authorisation to provide consumer credit
3. How he can comply with the regulations regarding advertisement of consumer credit facilities – you should provide an example of an advert which would be acceptable in terms of the regulations and one which would not
4. The key requirements to form an enforceable consumer credit agreement
5. How a consumer may cancel a consumer credit agreement and two ways that a consumer credit agreement can be terminated
You should compile a portfolio of evidence which should be presented in the form of a report comprising approximately 1,000 words.
You must include the following in addition:-
• Cover Page
• Contents Page
• Report
• References
• Bibliography
cover page, contest page, bibliography and references shall not include in the word count – 1000 words is for the report.
