GC18/2: Fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015
Consultation period closed on 04 September 2018
The consultation focuses on the fairness of variation provisions in contracts and the FCA requires that firms make sure that the terms of consumer contracts in general are fair and drafted in plain language. Where the FCA considers a variation term to be unfair or lacking in transparency, it may take action to prevent a firm from relying on that term.
We welcome views from members on the above consultation, particularly in response to transparency of the variation term and provision to exit the contract, should consumers not wish to accept the variation.
Please see Council summary to the right and FCA consultation landing page below.