CONC - Consumer Credit Sourcebook

Question 1

Why would an agreement be regulated?

Answer 1

Under the Financial Services Markets Act (FSMA) 2000 (Regulated Activities) Order (RAO)

Question 2

How many chapters in CONC?

Answer 2

15 chapters

Question 3

What is CONC 2 (2.5)?

Answer 3

CONDUCT OF BUSINESS FIRMS MUST:

• Explain the key features of a regulated agreement
• Must take reasonable steps to satisfy itself that the product is not unsuitable
• Advise customer to read agreement and give them suitable opportunity before entering into agreement
• Before referral the customer must give them consent
• Bring to their attention about collection of personal data
• Clear and simple info

Question 4

What is CONC 3.7?

Answer 4

Financial promotions and communications

• Must show clear info about the nature of firms services
• Must explain if firms impartiality could be compromised
• Only describe itself as independent if they have access to range of products
• Any explanation of independence is in accordance to clear, fair not misleading rule.

Question 5

What is CONC 4.4?

Answer 5

Pre-contractal requirements?- Firms must disclose fee to customer and lender and must be recorded in writing or other durable medium

• allowing for APR to be calculated
• Firm must disclose how and when any fee is payable and circumstances of a refund
• Above must be sent to a customer as part of an information notice ‘customer confirmation’