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A financier who lends money to a borrower. To be distinguished from a receivables purchaser who provides funding through the purchase of receivables.
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Reviewing board minutes—checklist STOP PRESS: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023. ECCTA 2023, Pt 1 contains a substantive package of proposals enhancing the role of Companies House and increasing the transparency of UK corporate entities. The provisions of the ECCTA 2023 come into force over an extended period. Many of the provisions in the legislation require detailed secondary legislation and guidance, and the construction of new technical processes and tools to implement the reforms. For more information, see Practice Notes: The Economic Crime and Corporate Transparency Act 2023—what Banking & Finance lawyers need to know, The Economic Crime and Corporate Transparency Act 2023—tracker and Corporate transparency reform—changes to company registers. Board minutes As part of the pre-completion process and satisfaction of the conditions precedent, lawyers acting for a lender in a typical financial transaction need to review the board minutes of the borrower, guarantor and any security provider. Following a board meeting of a company, the directors must...
UK Consumer credit—timeline This timeline shows key developments relating to the UK's consumer credit regime. For earlier developments, see: Consumer credit—timeline (2011–2023) [Archived]. 2025 Date Source Document Description 2 April 2025 FCA FCA written submissions [2024] EWCA Civ 1282 The Financial Conduct Authority (FCA) has published its written submissions to the Supreme Court in the appeal of the Court of Appeal decision in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases [2024] EWCA Civ 1282to which the FCA was granted permission to intervene. In its submissions, the FCA stated that the sweeping approach of the Court of Appeal in (effectively) treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes ‘too far’. The three-day hearing is set to conclude on Thursday 3 April.See News Analyses: Billions on the line as justices weigh motor finance appeal, Motor finance ruling was ‘egregious error’, lenders say, and FCA pleads for quick motor finance decision from top court....
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Regulated mortgage contracts—flowchart Background to and scope of this flowchart On 31 October 2004 (a date known as ‘M Day’), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). The purpose of this flowchart is to set out the main questions to ask a person to determine whether or not they are carrying on the following RMC activities that are regulated under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO): • arranging (bringing about) RMCs (RAO, SI 2001/544, art 25A(1)) • making arrangements with a view to a person who participates in the arrangements entering into a RMC as a borrower (RAO, SI 2001/544, art 25A(2)) • making arrangements to enter into a RMC with a borrower on behalf of a lender (RAO, SI 2001/544, art 25A(2A)) •...
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It isn’t only borrowers that can get into financial difficulties. Failure by a lender to meet its lending commitments under a loan agreement could have severe implications for the borrower, who may not be able to meet its own financial commitments. It is also likely to have knock on effects for other lenders who may find the borrower’s ability to make repayments is impacted.The Loan Market Association’s (LMA) recommended form of senior multicurrency term and revolving facilities agreement (compounded rate/term rate) for leveraged acquisition finance transactions (LMA leveraged facilities agreement), and the other LMA leveraged finance facilities agreements, contain provisions to help counteract some of the potential problems that may arise on syndicated facilities in the event that a finance party is at risk of not meeting its obligations. While the LMA recommended forms of investment grade documentation do not include the provisions, parties may decide to include them in other syndicated facility agreements. The standard form documentation is available to LMA members on the LMA website.Only a small proportion...
Reporting on the findings of the due diligence review in a private equity buyout transaction This Practice Note is part of the Lexis+® UK Corporate private equity buyout transaction toolkit. The reporting process Each adviser engaged to conduct due diligence should both report their key findings (especially any key issues and problems) as they are discovered and also then prepare a due diligence report to highlight material issues arising from their review exercise. The advisers’ engagement letters should set out the agreed timing, form and content of the due diligence report. Draft or interim reports may be prepared and circulated periodically throughout the process, so that material issues can be dealt with as they arise. Often, by the time the final report is submitted to the private equity investor, the investor will be aware of all material issues which may affect the transaction. The purpose of a legal due diligence report is to: • give the investor sufficient information about the target and to summarise that information...
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Occupier’s consent to mortgage THIS IS AN IMPORTANT DOCUMENT AND YOU SHOULD TAKE LEGAL ADVICE BEFORE SIGNING. IF YOU SIGN AND THE LENDER IS NOT PAID YOU MAY LOSE ANY INTEREST YOU MAY HAVE IN THE PROPERTY. Occupier: [insert name of occupier] of [insert address of Occupier] (the ‘Occupier’). Borrower[s]: [insert name(s) of Borrower(s)] of [insert address of Borrower(s)] [(the ‘Borrower’) OR (together, the ‘Borrowers’)]. Relationship to Borrower[s]: [daughter, son or as appropriate]. Property: the property known as [insert details][ registered at HM Land Registry under title number [insert title number]] (the ‘Property’). Lender: [insert name of Lender] incorporated in England and Wales with company registration number [insert company registration number] whose registered office is at [insert registered office address of Lender] (the ‘Lender’). Mortgage: a legal mortgage granted by the Borrower[s] in favour of the Lender to secure all sums due to the Lender as set out in the legal mortgage (the ‘Mortgage’). 1 In consideration of the Lender agreeing to make...
Facility letter (term loan): single company borrower—bilateral—unsecured [TO BE PRINTED ON THE HEADED PAPER OF THE LENDER] [insert name and address of borrower] [insert date] Dear [insert full name of borrower] We offer to place at your disposal a Sterling loan facility in the aggregate principal amount of £[insert amount in figures] ([insert amount in words] Sterling) [for the purpose of [insert details]] on the following terms and conditions: 1 Definitions 1.1 In this letter, unless otherwise provided: Base Rate • means the base rate of [the Lender OR [insert name of Bank]] for the time being and from time to time; Borrower • means [insert name of company], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address]; Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment Expiry Date • means the earlier of the date falling [insert number]...
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The trustees of a non-UK trust have been asked to make a loan to a UK-resident beneficiary so that the beneficiary can remortgage their home in the UK. The loan will be secured by a first legal charge on the property. The loan could be made directly by the trustees, or by an underlying company of the trust. Would this constitute a regulated activity for the trustee or the company so that it would need to be licensed by the Financial Conduct Authority? The loan may be a regulated activity for the purposes of the Financial Services and Markets Act 2000 (FSMA 2000). This is because you state that the loan will be secured on the property by first legal mortgage. If the person making the loan is doing so 'by way of business', they must be authorised to do so under FSMA 2000. Otherwise, they will be committing a criminal offence. In its guidance, the FCA provides that whether or not a mortgage is
Might a lender holding a legal mortgage (or Scottish pledge) of shares be a PSC? Might a lender holding a legal mortgage (or Scottish pledge) of shares be considered a PSC? Based on a direct interpretation of the conditions (Conditions) set out in the Companies Act 2006 (CA 2006), Sch 1A, Pt 1 it would appear possible in certain circumstances for a lender or collateral-taker to be a PSC or relevant legal entity (RLE). While various aspects of the statutory guidance seek to provide lenders with certain protection from this conclusion (see below), such protection is by no means guaranteed in all circumstances. Relevant legislation The Condition for being a PSC which is most likely to apply to a lender to a company (as opposed to a shareholder) is Condition 4: X has the right to exercise, or actually exercises, significant influence or control over company Y. Paragraph 23 of CA 2006, Sch 1A, Pt 3, further states: Rights attached to shares held by...
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This week's edition of Financial Services weekly highlights includes: CP25/11—FCA consultation paper on steps to simplify mortgage rules; Council of the EU approves mandate to shorten settlement cycle for transferable securities; BIS and SARB launch sixth edition of G20 TechSprint; plus dates for your diary over the coming week.
The Financial Conduct Authority (FCA) has published a consultation paper (CP25/11) designed to simplify mortgage rules and, according to the FCA, make it  ‘easier, faster and cheaper’ for borrowers to modify their mortgages. The consultation proposes measures to simplify remortgaging with a new lender, reduce the overall cost of borrowing through term reductions, and facilitate discussions with a firm— whilst still having the option to seek advice if needed. Additionally, the FCA proposes retiring two pieces of outdated non-Handbook guidance to better align with current market needs and promote sustainable home ownership. Responses are sought by 4 June 2025, with the FCA aiming to publish a policy statement with final rules in Q3 2025.
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