Examples of UTCC Regulations in a sentence
An Obligor may challenge a term in an agreement on the basis that it is "unfair" within the meaning of the UTCC Regulations and therefore not binding on the Obligor (although the contract itself shall continue to bind the parties if it is capable of continuing in existence without the unfair term).
It should be noted that there is no strict definition as to what will constitute an "unfair" term, although Schedule 2 to the UTCC Regulations provides a (non-exhaustive) list of terms that may potentially be deemed to be unfair.
The FCA had previously published guidance on how it would interpret the UTCC Regulations.
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In addition the FCA or a qualifying body (as defined in the UTCC Regulations) may seek an injunction (or, in Scotland, interdict) preventing a business from relying on an unfair term.A term shall be regarded as unfair if, contrary to the requirement of good faith, it causes a significant imbalance in the parties' rights and obligations arising under the contract to the detriment of the consumer.
This guidance was withdrawn in March 2015 following a number of decisions by the Court of Justice of the European Community and the enactment of CRA15 on 1 October 2015 and the repeal on that date of the UTCC Regulations.
The CRA15 continues to provide consumers with substantially the same rights as they enjoyed under the UTCC Regulations and also extends protection to announcements or other communications, whether or not in writing, that may be seen by the consumer that are related to the Financing Agreement.
The Unfair Terms in Consumer Contracts Regulations 1999 (the "UTCC Regulations") apply in relation to the Financing Contracts involving customers entered into prior to 1 October 2015.
It should be noted that there is no strict definition as to what will constitute an "unfair" term, although Schedule 2 to the UTCC Regulations provides some (non-exhaustive) guidance as to what terms may potentially be deemed to be unfair.
In addition the FCA or a qualifying body (as defined in the UTCC Regulations) may seek an injunction (or, in Scotland, interdict) preventing a business from relying on an unfair term.