CONC - Consumer Credit Regulations

The FCA's Consumer Credit sourcebook (CONC) applies to all firms engaged in credit-related regulatory activities in the UK. This includes firms involved with debt counselling, credit broking and regulated credit agreements.

The general standards and principles outlined by CONC place a duty on firms to uphold the interests of their customers and ensure their fair treatment.

Our CONC - Consumer Credit Regulations Course explains the FCA's Conduct of Business Rules for consumer credit firms and how these impact daily operations.

About this Course

Available as part of our FCA and Insurance Course Library.

Learning Objectives

This course will prepare you to:

Recognise the purpose of the CONC sourcebook
Explain what the CONC general conduct of business standards are
Know the procedures for financial promotions and communications
Know the pre-contractual and post-contractual requirements
Identify the tenets of responsible lending
Recognise the procedures for dealing with arrears, default and recovery
Explain customers' rights to cancel

Latest Course Updates

Course redesigned with a more modern feel
Full review conducted by an FCA expert
Text & image updates throughout the course

Course Outline

Welcome

What is CONC - Consumer Credit sourcebook?

What is the purpose of CONC?

Who does CONC apply to?

- Other businesses covered
- Exercise: Who is affected and to what extent?

General Standards

- General principles
- Duty to avoid misleading names
- Exercise: Complying with Principle 6

Financial promotions and communications

- The main rules
- Never suggest that credit is available unconditionally
- A decision in seconds - really?
- Playing by the rules
- Exercise: Unfair business practices
- Misleading introductions
- Exercise: Payday loan advert
- Risk warnings for payday loans

Pre-contractual requirements

- Risk warnings & standard disclosures
- Providing adequate explanations
- Pre-contract: Unfair business practices

Responsible lending

- Assessing creditworthiness
- Exercise: Creditworthiness & sustainability
- Business conduct: Unfair practices by lenders

Post-contractual requirements

- Exercise: Nancy & her storecard

Arrears, default & recovery

- Ensuring that business practices are fair
- Exercise: Jack's arrears

Cancellation

- Exercise: Identifying the right to cancel

Summary

Affirmation

Assessment

Course Specifications

Structure

Approximately 40 minutes followed by a 10-question assessment.

Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via client style sheet.

Compatibility

All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.