Meet our newest team member – Welcome Gary
Gary has recently joined TLC from Enness Global as a Business Development Consultant. At Enness, Gary headed up the brokerage of their offshore lending company primarily focussing on high-net-worth debt and trust company refinancing. Gary will have the same ability with us at TLC to offer debt services to HNW individuals and trust and company clients. Not only has Gary come to us from another brokerage but prior to this, Gary has a wealth of experience in the Corporate Services market and was a client director at Sanne Group PLC prior to its recent acquisition by the Apex Group, prior to that Gary was also the director of a private client trust company business in Jersey.
Going forward Gary will be taking on a number of key responsibilities for us such as looking at our credit line opportunities, ensuring that we are well placed for Consumer Credit regulation coming into effect in 2025 as well as working on our private lending book of clients and establishing new opportunities for lenders and borrowers alike. Overall, Gary will be planning for the next stages of development for TLC and we are very excited to be working with him.
A word or a few from Gary……
I am delighted to have joined the team at TLC. Having crossed paths with Dave and Steve over the past couple of years it is apparent that they have a wealth of experience, knowledge and contacts in the Jersey lending market given their experience and the time served in the industry. I see that TLC is well branded in offering personal finance such as car loans and personal loans in the current market, but the business does quite a bit more than that which is not always known by the Client. I am really looking forward to getting stuck in, developing new opportunities, and advancing ideas over the coming months with a view to opening up wider opportunities for the group.
Consumer Credit Legislation
During this year, new Consumer Credit Laws are being discussed in Jersey with a view to implementing them in December 2024 – January 2025.
Whilst there is nothing to worry about here for the Consumer themselves as this law is designed to give more rights to the Customer. What is expected to happen here is that documentation for credit facilities will change and each provider are likely to be spending quite a bit of time with their lawyers making sure their documentation is fit for purpose under the new regime.
So what is expected under Consumer Credit Legislation?
The new law is designed to capture the processes for people that arrange credit and that can be a lender or a broker. It will cover any loan that will result in a charge over someone’s property (such as a mortgage), consumer credit and hire agreements. In addition to lending, the types of activity that will be caught by the regime are:
• personal loans (including from banks)
• credit extended by debt collection agencies
• mortgages over Jersey properties which are the consumer’s primary residence
• credit provided as part of debt-adjusting and debt administration services
• business loans to small businesses up to £30,000
• personal contract purchase financing/balloon loan (typically used for car finance)
• store credit
• linked credit
• hire purchase
• pay day loans
• overdrafts
• buy now pay later loans
Failure to comply with the new law could result in a criminal offence which carries a 7-year prison term or a fine or both.
The legislation will also make it a requirement for firms to disclose where they are receiving commission and the need for vulnerability and affordability checks and the need for a cooling off period.
Some elements of financing is likely to fall outside of Consumer Credit legislation such as business loans, certain trade agreements and buy to let mortgages.