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The Financial Services (Distance Marketing) Regulations 2004


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I have a loan agreement dated October 2005 which was completed by post and not face-to-face and therefore non cancellable according to CCA1974


The Financial Services (Distance Marketing) Regulations 2004 however state that a cancellation notice must be present in any agreement but I cant find anything about penalties for non compliance


Does anyone know what the implications are for a loan agreement that has no cancellation notice?



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Thanks Rebel but those are the pages I got my information from in the first place and while they state what is required, they dont state what happens in the case of non compliance.


Ideally there would be case law to quote when cancellation rights are omitted but I cant find anything. With the "prescibed terms" for instance in an agreement, any omissions immediately render the agreement unenforceable but the Distance Marketing regs dont seem to state the consequences of an omission such as cancellation rights


Any other ideas?

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I have had a look around and found this if it any use to you:




It is my understanding that for an agreement regulated by the CCA 1974 and is under £25k and is NOT done at the creditors place of business then cancellation rights should be included.

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Thanks silverfox for your input. I've looked through the info on the link and its a little heavy for me but I'll have another (slower) look tomorrow


As regards cancellation rights - I'm still not entirely sure when an agreement is and when one isn't cancellable. Is there anywhere I can get a definitive answer regarding CCA1974? but there lies another problem in that non compliance with CCA1974 means it is only enforceable by an order of the court. If on the other hand it does not comply with distance regs, then there is no apparent/obvious penalty?


Very confusing :???:

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