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Law requiring lenders to provide statements.


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I believe there was a change in the law effective from October 08 requiring all providers of credit to send to borrowers a statement at least annually.

My lender is refusing to provide such a statement and I would like to quote the law verbatim. What is that law? Thanks.

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Many thanks for that Bazaar.

I'm aware of SAR's but I understand additionally lenders must now provide an annual statement so borrowers know what's been credited and debited to their account.

Quoting from a letter from Sainsbury's Bank:

 

"From 1st October 2008 it has been a legal requirement for us to send you statements relating to your credit agreement. Your first statement will only show transactions from this date up to when it is sent and may cover a period of less than twelve months."

 

It's the name of this "legal requirement" I'm after.

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