CM-7.3.1
Past version: Effective from 01 Oct 2007 to 31 Dec 2010
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Consumer finance is the provision of any form of credit facility to an individual excluding:
(a) any credit facility secured by a first charge on residential property to an individual, where the counterparty lives in, or intends to live in the property;
(b) any credit facility secured by cash or investments, where the security provided more than covers the principal of the credit facility; and
(c) the provision of any form of credit to an individual for business purposes where the facility is to be repaid from the business activities of the counterparty.
October 07