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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.

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

Learning objectives

  • 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

    What can you expect your employees to learn?

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

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