Law of Property Act 1925: Governs the assignment of receivables, including requirements for legal versus equitable assignments. Key legislation for the transfer of property rights in factoring arrangements.
Sale of Goods Act 1979: Regulates the underlying contracts generating receivables and establishes fundamental rights and obligations in sale transactions that may affect the factoring relationship.
Contracts (Rights of Third Parties) Act 1999: Addresses impact on assignment rights and third-party enforcement rights, crucial for factoring arrangements where third parties are involved.
Financial Services and Markets Act 2000: Establishes the regulatory framework for financial services and authorization requirements for factors operating in the UK market.
FCA Regulations: Regulatory requirements for factors providing regulated activities, including conduct of business rules and regulatory compliance obligations.
Consumer Credit Act 1974: Relevant when underlying receivables involve consumer credit, establishing consumer protection requirements and regulatory obligations.
Money Laundering Regulations 2017: Sets out KYC requirements and due diligence obligations for financial institutions, including factors handling financial transactions.
Insolvency Act 1986: Governs the treatment of assignments in insolvency and includes clawback provisions that may affect factoring arrangements.
Data Protection Act 2018: Implements UK GDPR requirements for processing personal data and managing cross-border data transfers in factoring operations.
Bills of Exchange Act 1882: Relevant when dealing with negotiable instruments as part of the factoring arrangement, establishing rules for bills of exchange and promissory notes.
