keep The Consumer Credit (Content of Quotations) and Consumer Credit (Advertisements) (Amendment) Regulations 1999
These 1999 Regulations amended Consumer Credit Act requirements for quotation disclosures and advertisement exemptions. They required traders and credit-brokers to provide specific warnings ('Your home is at risk...') in a prescribed prominent format when providing quotations for credit secured on the customer's home, and warnings about foreign currency mortgage exchange rate risk. They also created exemptions from certain advertisement disclosure requirements for TV/radio broadcasts and film exhibitions where advertising is not the primary purpose.
While this regulation imposes compliance costs and mandated speech requirements (warnings must be in a 'specified form'), the foreign currency mortgage warning addresses a genuinely non-intuitive risk where exchange rate movements can dramatically increase liability in ways borrowers may not anticipate. The home repossession warnings, though arguably paternalistic for standard secured credit, still address a severe consequence where fuller disclosure has genuine value. Deleting this regulation would leave consumers more vulnerable to unexpected foreign currency exposure and reduce awareness of the serious consequence of default on secured credit arrangements. The warnings are relatively low-cost and do not prohibit any lending activity.