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.

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CONC - Consumer Credit Regulations

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

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

FCA Course Library

Our FCA Course library of over 60 training modules covers everything from high-level and conduct of business standards to thematic topics, including treating customers fairly.

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Course Specifications

 

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Structure

Approximately 40 minutes followed by a 10-question assessment.

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Audience

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

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Design

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

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Test-Out

Ability to offer optional test-out, whereby users can choose to skip the course content and complete the learning assignment by simply passing the assessment 

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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.

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Tailoring

Fully customisable on Skillcast Portal CMS.

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Translation

Pre-translated versions not available, but all text content can be exported for translation into all languages.

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Localisation

Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.