CONC 6.5 Assignment of rights

This section applies to a firm with respect to consumer credit lending.

1. (1)

   Where rights of a lender under a regulated credit agreement are assigned to a firm, that firm must arrange for notice of the assignment to be given to the customer:

   1. (a)

      as soon as reasonably possible; or

   2. (b)

      if, after the assignment, the arrangements for servicing the credit under the agreement do not change as far as the customer is concerned, on or before the first occasion they do.

      [Note: section 82A of CCA]

2. (2)

   Paragraph (1) does not apply to an agreement secured on land.

3. (3)

   A firm may assign the rights of a lender under a regulated credit agreement to a third party only if:

   1. (a)

      the third party is a firm; or

   2. (b)

      where the third party does not require authorisation, the firm has an agreement with the third party which requires the third party to arrange for a notice of assignment in accordance with (1).

   [Note: article 17 of the Consumer Credit Directive]