WHAT DOES BEING CLASSIFIED AS “NOT CO-OPERATING” MEAN? The borrower has failed to make a full and truthful disclosure to the regulated entity of the information required by the regulated entity to assess the borrower’s financial situation, within the timeframe specified by the regulated entity, The warning letter, required in accordance with Regulation 20(8), has been issued to the borrower. The borrower has not carried out the action or actions within the timeframes specified in the letter. As set out above, ACU will issue a warning letter to a member who may be considered to be not co-operating. This letter will outline specific reasonable and proportionate actions that the member needs to complete within no less than 20 working days (e.g. providing the information requested to assess alternative options corresponding to specific queries about the loan or business).
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