S.L. 376.6 Art. 15Obligation to provide pre- contractual information. S.L. 330.07. S.L. 330.07. S.L. 330.07. S.L. 330.07.

(1) The creditor shall provide the consumer with the personalised information needed to compare the equity release financial products available on the market, assess their implications and make an informed decision on whether to conclude a credit agreement:

(a) without undue delay after the consumer has given the necessary information on his needs, financial situation and preferences;

(b) in good time before the consumer is bound by any credit agreement or offer; and

(c) on paper or on another durable medium.

(2) The personalised information referred to in sub-regulation (1) shall be provided by means of the Information Document, as set out in the First Schedule.

(3) Creditors shall provide the Information Document to the consumer before the provision of an offer binding on the creditor:

Provided that when an offer binding on the creditor is provided to the consumer, it shall be provided on paper or on another durable medium and, where characteristics of the offer are different from the information contained in the Information Document previously provided in accordance with this sub-regulation, it shall be accompanied by an updated Information Document.

(4) The consumer shall be entitled to a full fourteen (14) day period, in order to ensure that sufficient time to compare offers, assess their implications and make an informed decision, is allowed to the consumer:

Provided that the time period referred to in this sub-regulation shall be a reflection period before the conclusion of the credit agreement:

Provided further that the reflection period specified in this sub-regulation shall:

(a) be binding on the creditor for the duration of the reflection period; and

(b) allow that the consumer may accept the offer at any time during the reflection period.

(5) The creditor who has supplied the Information Document to the consumer shall be deemed to have fulfilled the requirements regarding information provision to the consumer prior to the conclusion of a distance contract as laid down in regulation 5 of the Distance Selling (Retail Financial Services) Regulations and shall be deemed to satisfy the requirements of regulation 6(1) of the Distance Selling (Retail Financial Services) Regulations only where they have at least supplied the Information Document prior to the conclusion of the contract.

(6) The Information Document model set out in the First Schedule shall not be modified:

Provided that where the creditor wishes to provide to the consumer any additional information, and, or where the creditor is required by national law to provide to the consumer any additional information, such additional information shall be given in a separate document which may be annexed to the Information Document.

(7) In case of voice telephony communications, as referred to in regulation 5(3) of the Distance Selling (Retail Financial Services)

Regulations, the description of the main characteristics of the financial service to be provided in accordance with sub- paragraph (ii) of the proviso to sub-regulation (3)(a) of regulation 5 of the Distance Selling

(Retail Financial Services) Regulations, shall include at least the items referred to in sections 2 to 5 of Part A of the First Schedule.

(8) The creditor shall, at the time of the provision of an offer binding on the creditor, provide the consumer with a copy of the draft conditions to be eventually entered into the credit agreement.