Reprieve for Lenders on implementation of the CCD...

It has been confirmed that the Department for Business, Innovation and Skills (BIS) has granted Lenders a further transitional period beyond the 11 June 2010 deadline for implementation of the CCD into UK law. Lenders will now have until 31 January 2011 to comply with the change in the law and all agreements caught by the new regulations entered into from 1 February 2011 will have to comply with the new regime.

BIS is encouraging lenders to make the transition and grant borrowers the new rights at the earliest opportunity; however, where this is not possible this further period of grace will undoubtedly be good news for the industry facing yet further fundamental change.

For further information please contact Ian Norman on 01844 268348 or e-mail inorman@lightfoots.co.uk

_{This information does not constitute legal advice, for further specific information please contact us.}