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ARTICLE · 14 FEBRUARY 2023

Part II: Consumer Credit And Home Finance

Carey Olsen
Carey Olsen
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Carey Olsen

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A Part II Licence is only required where credit is provided to a customer:

GuernseyFinance and Banking
Tom Carey
Tom Carey
Matthew Brehaut
Matthew Brehaut
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Part II (Regulation of Credit) of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the "LCF Law") creates a new statutory framework for the protection of retail customers who make use of consumer credit and the provision of home finance.

Overview

Persons undertaking "credit business" will need:

  • a licence to do so (a "Part II Licence"); and
  • to be regulated by the Guernsey Financial Services Commission (the "Commission").

A Part II Licence is only required where credit is provided to a customer:

  • who is an individual; or
  • which is secured against residential real estate located in the Bailiwick; and
  • in either case, where interest or other charges may be levied; and

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