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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