Which piece of legislation is regarded as the "cornerstone" of UK consumer credit law?
Consumer Rights Act 2015
Consumer Credit Act 1974 (CCA 1974)
Consumer Credit Act 2006 (CCA 2006)
FCA Handbook (CONC Sourcebook)
What is the maximum number of roll-overs allowed for a payday loan under UK consumer credit rules?
1
2
3
4
Which of the following are key regulatory authorities for UK consumer credit?
Financial Conduct Authority (FCA)
Financial Ombudsman Service (FOS)
Office of Fair Trading (OFT)
Local weights and measures authorities
Under the Consumer Credit Act 1974 (CCA 1974), most regulated credit agreements require a 14-day cooling-off period for consumers to cancel without penalty.
Which of the following are part of the pre-contractual obligations of creditors under UK consumer credit law?
Providing adequate explanations of credit suitability and hidden risks
Conducting mandatory affordability checks for high-risk products
Disclosing key terms (APR, TCC, repayment schedule) in a prescribed format
Allowing consumers to cancel the agreement within 7 days of signing
A "Debtor-Creditor-Supplier Agreement" requires a pre-existing connection between the creditor and the supplier.
Match the following terms with their correct definitions.
Total Charge for Credit (TCC)
All costs associated with borrowing, including interest and fees
Regulated Agreement
A credit or hire agreement covered by the Consumer Credit Act 1974
Joint Liability (CCA 1974 s.75)
A rule where both creditor and supplier are liable to the debtor if the supplier breaches the contract
Financial Ombudsman Service (FOS)
A body that resolves disputes between consumers and credit providers, with decisions binding on firms
The Consumer Credit Act 2006 (CCA 2006) extended the scope of consumer credit regulation to agreements over £25,000 and small businesses.
Which of the following are consumer rights during the credit term?
The right to early repayment with a statutory rebate
Protection against unfair interest rate increases
The right to request updated statements and copies of the credit agreement
The right to avoid repaying the credit if the supplier goes insolvent