ABSTRACT
This chapter covers several topics concerning ancilliary credit activities such as conduct of credit brokers, fees and commissions payable by the customer, return of brokerage fees, regulation of credit reference agencies, and obligations of the lender and credit broker. The consumer credit sourcebook (CONC) lays down a number of requirements to be followed by credit brokers. Many of these requirements repeat guidance published by the office of fair trading (OFT) in November 2011 entitled "Credit Brokers and Intermediaries Guidance"; this guidance has been made binding by being made into rules in the handbook. Prior to conclusion of the contract, the credit broker must disclose any fee payable by the customer to the credit broker. The circumstances under which the fee is payable must be explained together with the circumstances in which the customer will be entitled to a refund.
