A guide: consumer credit

  1. Introduction
  2. Advertising
  3. Creditworthiness check
  4. Adequate explanations
  5. Pre-contractual information
  6. Cancellation rights
  7. APR
  8. Complaints about a credit provider

This information may be useful to you if you are considering taking out a loan provided that the amount is between €200 and €75,000 and is not a mortgage. The Financial Services (Consumer Credit) Act 2011 (“the Act”), with effect from 16th June 2011, transposes into local legislation the requirements of European Directive 2008/48/EC.

The law requires that, when you wish to take out a loan there is a minimum amount of information that must be provided to you by the credit provider. This information includes details on your rights but also provides sufficient facts so that you can consider the implications of maintaining the loan prior to signing an agreement.

The CEO of the GFSC has been appointed as the Director for the purposes of the Act and is responsible for firms’ and individuals’ compliance with the conduct of business rules within the Act.

Please note that entities and individuals licensed under the Financial Services (Moneylending) Act are licensed by the Government of Gibraltar not by the GFSC.

For information regarding Moneylending authorisation please contact the Gibraltar Government Financial Secretary.

Banks and branches in Gibraltar do not have to be separately licensed under the Moneylenders Act but Do have to comply with conduct of business rules.