Regulation
Reflection Period
The reflection period is the minimum 7-day window after a secured loan offer is made during which you can change your mind without penalty. It's a statutory consumer protection under MCOB rules.
Once a regulated secured loan offer is issued, FCA rules require a reflection period of at least 7 days. During this window, you can review the offer, take independent advice, and decide whether to proceed without any obligation.
Some lenders allow you to waive the reflection period and proceed immediately if your need is urgent (a tax bill, a property purchase). Waiving is your choice — the lender cannot pressure you to do so.
Use the reflection period actively. Re-read the ESIS, double-check the rate and total cost, and verify everything matches what you were quoted. If anything has changed unexpectedly, raise it with your broker before signing.