Course Overview:
There is a comprehensive legal and regulatory framework to protect consumers who have entered into a motor finance agreement, such as hire purchase or conditional sale. It is vital that creditors working in this area understand that framework.
This course, delivered over two half days on the 30 September and 1 October, examines in detail how a creditor’s obligations and responsibilities to consumer credit customers are defined in law. Legislation covered includes: the Consumer Rights Act, the Sale of Goods Act and Supply of Goods (Implied Terms) Act.
Using real-world examples drawn from motor finance providers, this session will equip you with a good grounding in the key principles of consumer law, best practice and recent developments.
Customer Types
- The different types of contracts that lenders use and their impact on lenders’ obligations and the rights of consumers
- The role of a manufacturer’s warranty
Consumer rights
- The Financial Conduct Authority’s regulatory regime for consumer credit
- The Hire Purchase Act 1964, Consumer Rights Act 2015, the Sale of Goods Act 1979 (as amended), the Supply of Goods and Services Act 1982 and the Supply of Goods (Implied Terms) Act 1973
- Terms implied into contracts, including satisfactory quality, fitness for purpose, description and ownership
Current consumer credit legislation
- Terminating regulated agreements
- Issues affecting the recovery of assets and debts
- Connected lender liability
- The impact of the debtor’s right to withdraw from a credit agreement
Summary and conclusions
- Understand the key principles and provisions of consumer law relevant to motor finance providers.
- Analyse the rights and responsibilities of consumers and motor finance providers in the context of vehicle purchasing and financing.
- Apply consumer protection laws and regulations to real-world scenarios commonly encountered in motor finance transactions.
- Evaluate the implications of recent legal developments and case law in motor finance.
- Implement best practices for complaints handling, dispute resolution and repossession.
- Motor finance professionals working in sales, customer service, legal, compliance and risk, who seek a comprehensive understanding of consumer law requirements and best practice.
Russell Kelsall
Russell is an expert in consumer finance. As a partner and Head of Consumer and Motor Finance at Walker Morris LLP, he advises many leading financial services firms, including banks, building societies, debt purchasers, and motor, asset, and consumer finance firms. He advises on both contentious and non contentious issues, as well as complex problems that pose significant threats to finance businesses. Russell has extensive experience in retail financial products regulated by the Financial Conduct Authority, particularly consumer credit, mortgages, payment services, and savings.
Bespoke In-house Training
If you would like to run this course for your own organisation, the FLA can deliver Consumer Law for Motor Finance Providers as a tailored in-house workshop for your team. Whether you want to build core knowledge in a specific department or support a wider training programme, the content can be shaped around your objectives and internal policies.
To make an enquiry, simply complete the in-house training form on the FLA website and the training team will contact you to discuss options and next steps.
