Consumer credit: understanding the responsibilities and regulation
Abstract
Adam Bernstein, in association with Jeanette Burgess, details how offering clients consumer credit can make unaffordable procedures more accessible. However, the law requires clinics to observe defined rules—breach any and penalties will surely follow
Consumers in the 21st century are credit savvy. Unlike their parents and grandparents, the millennial generation is less likely to save up for a new bike, lavish holiday or new TV—they are happy to buy now and pay later. The same is true for their aesthetic procedures, few of which are inexpensive, but many have been made popular by television personalities and online influencers.
Clients expect to be offered credit terms when they make expensive purchases; if they are not, they can always turn to their credit card or apply for a personal loan, but if a clinic can offer a ‘one-stop shop’ by selling them consumer credit for their surgery, it is likely to increase the number of procedures it will carry out.
However, as Jeanette Burgess, Head of Regulatory and Compliance at Walker Morris LLP, knows, consumer credit is a highly regulated business. She says, ‘before you can offer credit to your clients, there are a number of legal and compliance standards you will need to meet.’
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