Regulatory changes

What is the European Union Consumer Credit Directive (EUCCD)?

It's new legislation that is being implemented into UK Consumer Credit Law and other associated legislation to harmonise consumer credit regulation across the European Union Member States. In the UK these new regulations will begin to have an impact from 1st February 2011. Where they impact our products’ terms and conditions we are writing to customers to let them know how the changes will affect them.

Which financial products are affected?

Unsecured lending products such as credit cards, loans and overdrafts.

How does the Directive affect me?

Lenders will provide the consumer with more information (in a standard format) so that they can make informed decisions on the type of credit product they need.

Additional information will be provided when applying for a credit product which will allow the consumer to more easily compare products before signing an agreement.

Changes to the way APRs are illustrated in adverts are also required and where a rate was previously quoted as APR typical, this will now appear as APR representative.

The consumer will have some new specific rights e.g. to withdraw from a contract by phone rather than having to request this in writing and where an application is declined details of any credit reference agencies referred to in the application process will be provided to the applicant in writing. Please be assured that we will still be providing a competitive range of lending products for our customers.

Where can I find more information?

More information can be found at