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Consumer Credit Sourcebook (CONC) Is the Specialist Sourcebook for Credit-Related Regulated Activities

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Consumer Credit Sourcebook (CONC) Is the Specialist Sourcebook for Credit-Related Regulated Activities Consumer Credit sourcebook CONC Contents Consumer Credit sourcebook CONC 1 Application and purpose and guidance onfinancial difficulties 1.1 Application and purpose 1.2 Who? What? Where? 1.3 Guidance onfinancial difficulties CONC 2 Conduct of business standards: general 2.1 Application 2.2 General principles for credit-related regulated activities 2.3 Conduct of business: lenders and restrictions on provision of credit card cheques 2.4 Credit references: conduct of business: lenders and owners 2.5 Conduct of business: credit broking 2.5A Conduct of business: high-cost short-term credit (HCSTC) products on price comparison websites 2.6 Conduct of business: debt counselling, debt adjusting and providing credit information services 2.7 Distance marketing 2.8 E-commerce 2.9 Prohibition of unsolicited credit tokens 2.10 Mental capacity guidance 2.11 Remuneration and performance management policies, procedures and practices 2 Annex 1 Distance marketing information 2 Annex 2 Abbreviated distance marketing information CONC 3 Financial promotions and communications with customers 3.1 Application 3.2 Financial promotion general guidance 3.3 The clear fair and not misleading rule and general requirements 3.4 Risk warning for high-cost short-term credit 3.5 Financial promotions about credit agreements not secured on land 3.6 Financial promotions about credit agreements secured on land 3.7 Financial promotions and communications: credit brokers 3.7A Financial promotions and communications: P2P agreements 3.8 Financial promotions and communications: lenders 3.9 Financial promotions and communications: debt counsellors and debt adjusters 3.10 Financial promotions not in writing 3.11 Not approving certainfinancial promotions CONC–i www.handbook.fca.org.uk I Release 11G Sep 2021 CONC Contents CONC 4 Pre-contractual requirements 4.1 Content of quotations 4.2 Pre-contract disclosure and adequate explanations 4.3 Pre-contractual requirements and adequate explanations: P2P agreements 4.4 Pre-contractual requirements: credit brokers 4.5 Commissions 4.6 Pre-contract disclosure: continuous payment authorities 4.7 Information to be provided in relation to current account agreements 4.8 Pre-contract: unfair business practices: consumer credit lending CONC 5 Responsible lending 5.1 Application [deleted] 5.2 Creditworthiness assessment: before agreement [deleted] 5.2A Creditworthiness assessment 5.3 Conduct of business in relation to creditworthiness and affordability [deleted] 5.4 Conduct of business: credit brokers 5.5 Creditworthiness assessment: P2P agreements [deleted] 5.5A Creditworthiness assessment: P2P agreements CONC 5A Cost cap for high-cost short-term credit 5A.1 Application, purpose and guidance 5A.2 Prohibition from entering into agreements for high-cost short-term credit 5A.3 Prohibition from imposing charges under agreements for high-cost short- term credit 5A.4 Cost cap for operating an electronic system in relation to lending 5A.5 Consequences of contravention of the cost caps 5A.6 Interpretation CONC 5B Cost cap for rent-to-own agreements 5B.1 Application and guidance 5B.2 Prohibition on RTOfirms from entering into RTO agreements 5B.3 Anti-avoidance 5B.4 Policies and procedures for establishing benchmarked prices 5B.5 Record keeping 5B.6 Consequences of contravention of the total cost of credit cap 5B.7 Interpretation CONC 5C Overdraft pricing 5C.1 Application and purpose 5C.2 Charges for overdrafts to be interest rates 5C.3 Interest rates for unarranged overdrafts to be no more than the interest rates for arranged overdrafts I Release 11G Sep 2021 www.handbook.fca.org.uk CONC–ii CONC Contents 5C.4 Impact of changes to charging structures 5C.5 Interpretation CONC 5D Overdraft repeat use 5D.1 Purpose and application 5D.2 Obligation to identify and monitor repeat use of overdrafts 5D.3 Interventions to be taken in the case of repeat users 5D.4 Monitoring repeat use strategies 5D.5 Reporting on repeat use of overdrafts CONC 6 Post contractual requirements 6.1 Application 6.2 Assessment of creditworthiness: during agreement [deleted] 6.3 Information to be provided on a current account agreement and on significant overdrawing 6.4 Appropriation of payments 6.5 Assignment of rights 6.6 Pawn broking: conduct of business 6.7 Post contract: business practices 6.8 Post contract business practices: credit brokers CONC 7 Arrears, default and recovery (including repossessions) 7.1 Application 7.2 Clear effective and appropriate arrears policies and procedures 7.3 Treatment of customers in default or arrears (including repossessions): lenders, owners and debt collectors 7.4 Information on status of debts 7.5 Pursuing and recovering repayments 7.6 Exercise of continuous payment authority 7.7 Application of interest and charges 7.8 Jurisdictional requirements 7.9 Contact with customers 7.10 Treatment of customers with mental capacity limitations 7.11 Disclosures relating to“authority” or“status” 7.12 Lenders’ responsibilities in relation to debt 7.13 Data accuracy and outsourced activities 7.14 Settlements, disputed and deadlocked debt 7.15 Statute barred debts 7.16 Passing data to lead generators etc. 7.17 Notice of sums in arrears under P2P agreements forfixed-sum credit 7.18 Notice of sums in arrears under P2P agreements for running-account credit 7.19 Notice of default sums under P2P agreements CONC 8 Debt advice 8.1 Application CONC–iii www.handbook.fca.org.uk I Release 11G Sep 2021 CONC Contents 8.2 Conduct standards: debt advice 8.3 Pre contract information and advice requirements 8.4 Debt solution contracts 8.5 Financial statements and debt repayment offers 8.6 Changes to contractual payments 8.7 Charging for debt counselling, debt advice and related services 8.8 Debt management plans 8.9 Lead generators: includingfirm responsibility in dealing with lead generators 8.10 Conduct of business: providing credit information services CONC 10 Prudential rules for debt managementfirms 10.1 Application and purpose 10.2 Prudential resources requirements 10.3 Calculation of prudential resources CONC 11 Cancellation 11.1 The right to cancel 11.2 Right of withdrawal: P2P agreements CONC 12 Requirements forfirms with interim permission for credit-related regulated activities 12.1 Application and purpose CONC 13 Guidance on the duty to give information under sections 77, 78 and 79 of the Consumer Credit Act 1974 13.1 Application CONC 14 Requirement in relation to agents 14.1 Application CONC 15 Agreements secured on land 15.1 Application CONC App 1 Total charge for credit rules; and certain exemptions App 1.1 Total charge for credit rules for certain agreements secured on land App 1.2 Total charge for credit rules for other agreements I Release 11G Sep 2021 www.handbook.fca.org.uk CONC–iv CONC Contents App 1.3 Exemption of certain credit agreements secured on land App 1.4 Exemption for high net worth borrowers and hirers and exemption relating to businesses Transitional provisions and Schedules TP 5 Transitional provisions for prudential provisions in relation to debt managementfirms TP 6 Transitional provisions forfinancial promotions and communications in relation to catalogues etc. TP 7 Transitional provision in relation to the Consumer Credit (Amendment No 2) Instrument 2015 TP 7A Transitional provisions in relation to the Consumer Credit (Earlier Intervention and Persistent Debt) Instrument 2018 TP 7B Transitional provisions in relation to the Consumer Credit (High-Cost Credit) Instrument 2018 TP 8 Other transitional provisions Sch 1 Record keeping requirements Sch 2 Notification and reporting requirements (if any) Sch 3 Fees and other required payment Sch 4 Not used Sch 5 Rights of action for damages Sch 6 Rules that can be waived CONC–v www.handbook.fca.org.uk I Release 11G Sep 2021 Consumer Credit sourcebook Chapter 1 Application and purpose and guidance on financial difficulties I Release 11G Sep 2021 www.handbook.fca.org.uk CONC 1/1 CONC 1 : Application and Section 1.1 : Application and purpose purpose and guidance on financial difficulties 1 1.1 Application and purpose .....................................................................................................Application 1.1.1 G (1) The Consumer Credit sourcebook (CONC) is the specialist sourcebook for credit-related regulated activities. (2) CONC applies as described in this chapter, unless the application of a chapter, section or a rule is described differently in the chapters, sections or rules in CONC. .....................................................................................................Purpose 1.1.2 G The purpose of CONC is to set out the detailed obligations that are specific to credit-related regulated activities and activities connected to those activities carried on by firms. These build on and add to the high-level obligations, for example, in PRIN, GEN and SYSC, and the requirements in or under the CCA. 1.1.3 G Firms are reminded that other parts of the FCA Handbook and PRA Handbook also apply to credit-related regulated activities. For example, the arrangements for supervising firms, including applicable reporting obligations, are described in the Supervision manual (SUP) and the detailed requirements for handling complaints are set out in the Dispute Resolution: Complaints sourcebook (DISP). The Client Assets sourcebook (CASS) also contains rules about client money that apply in certain circumstances. .....................................................................................................The Principles for Businesses: a reminder 1.1.4 G The Principles for
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