Course Overview:
Since 2014, it has been essential that all employees in consumer credit firms comply with the Financial Conduct Authority (FCA) Consumer Credit Sourcebook (CONC). Familiarity and working knowledge with CONC is therefore critical, alongside an understanding how CONC affects the processes and procedures adopted by a company.
This interactive course, delivered over two consecutive mornings, explores the main provisions of CONC and allows delegates to discuss interpretation of the rules in a variety of real-world scenarios, through practical examples and application. Through interactive sessions, you will learn about pre-contractual disclosure requirements, assessing creditworthiness, and ensuring compliance during the lifetime of an agreement.
Additionally, we will cover essential topics such as helping customers in financial difficulty and navigating the complexities of arrears, default, and recovery processes outlined in CONC 7.
Introduction
- Layout and where to find what you need when you need it
- Principles for Businesses – how do they interact with CONC?
- How different are the new rules from earlier OFT Guidance?
- Where do firms need to focus their attention?
Conduct of Business Standards
- CONC 2 – Responsibility for Agents and Third Parties; delegating responsibility for compliance
Pre-Contractual Disclosure and assessing creditworthiness
- CONC 3 – Financial Promotions
- Commissions & Status Disclosure
- Entering into the Agreement
- Considering Applications for Credit or Hire: Creditworthiness and Affordability
Group Exercise
During the Lifetime of an Agreement
- Increasing the Amount of Credit or Credit Limit, Appropriation of Payments Received from Borrowers, Transfer/Assignment, and Business Practices
- Credit reference agencies and notices of correction
- Second Charge Lending
- Cancellation rights under distance contracts
- Guidance on Sections 77 to 79 of the CCA
Helping Customers in Financial Difficulty
- CONC 7 – arrears, default and recovery
Group Exercise
Summary and conclusions
- Apply CONC rules to real-world scenarios.
- Understand how the court has interpreted the unfair relationship provisions, including looking at the risks of selling add-on products like Payment Protection Insurance (PPI) or Guaranteed Asset Protection (GAP).
- Understand how CONC fits into the wider FCA Handbook
- Ensure your firm is fully compliant with the consumer credit rules.
- Employees working in consumer credit firms including those with roles in compliance, risk, legal, sales, and operations.
- New starters or career changers seeking to understand the fundamentals.
Russell Kelsall
Russell is an expert in consumer finance. As a partner and Head of Consumer and Motor Finance at Walker Morris LLP, he advises many leading financial services firms, including banks, building societies, debt purchasers, and motor, asset, and consumer finance firms. He advises on both contentious and non contentious issues, as well as complex problems that pose significant threats to finance businesses. Russell has extensive experience in retail financial products regulated by the Financial Conduct Authority, particularly consumer credit, mortgages, payment services, and savings.
Bespoke In-house Training
If you would like to run this course for your own organisation, the FLA can deliver The Consumer Credit Sourcebook (CONC) as a tailored in-house workshop for your team. Whether you want to build core knowledge in a specific department or support a wider training programme, the content can be shaped around your objectives and internal policies.
To make an enquiry, simply complete the in-house training form on the FLA website and the training team will contact you to discuss options and next steps.
