The Consumer Credit (Amendment) Regulations 2011

Amendments to the Consumer Credit (EU Directive) Regulations 2010

6.  After regulation 88 (Financial Services (Distance Marketing) Regulations 2004), insert—

“88A.   In regulation 10 (cancellation period), after paragraph (3), insert—

“(3A) Where the distance contract is also an authorised non-business overdraft agreement the cancellation period ends on the expiry of fourteen calendar days beginning with the day after the relevant day.

(3B) For the purposes of paragraph (3A) the relevant day is whichever is the latest of the following—

(a) the conclusion day;

(b) where the supplier is required to inform the consumer of the credit limit under the distance contract the day on which the supplier first does so;

(c) in the case of an agreement to which regulation 8(1C)(a) is relevant the day on which the consumer receives the information and the contractual terms and conditions referred to in that regulation;

(d) in the case of an agreement to which regulation 8(1C)(b) or (c) is relevant the day on which the consumer receives the information and the written agreement or, as applicable, the written agreement referred to in that regulation.”.”.