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, split over two 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.
The Regulatory Framework & Standards
Introduction to the scope of CONC, the FCA Principles for Businesses and the Consumer Duty.
Mastering Conduct of Business Standards (CONC 2), including rules on distance marketing, e-commerce and credit broking.
Ensuring Financial Promotions (CONC 3) are clear, fair and not misleading, with specific focus on APR triggers and risk warnings.
Lending & The Customer Journey
Applying Pre-Contractual Requirements (CONC 4), including adequate explanations, commission disclosure and continuous payment authorities.
Responsible Lending (CONC 5) and conducting robust creditworthiness assessments that focus on the customer’s ability to repay sustainably.
Post-contractual obligations (CONC 6), including the assignment of rights, appropriation of payments and pro-active monitoring of repayment difficulties.
Arrears, Recovery & Enforcement
Managing Arrears and Default (CONC 7) by applying forbearance, understanding “objectively justifiable reasons” for refusing third parties and suspending collections for mental capacity limitations.
Handling disputes, settlements and “deadlocked” debts while ensuring data accuracy and proper treatment of time-barred debts.
Understanding the enforcement landscape, from customers’ rights under s.138D of FSMA to “unfair relationship” claims and the risks of technical breaches.
By attending this session delegates will:
- Understand and analyse the main provisions of CONC.
- Apply CONC rules to real-world scenarios.
- 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 Asset Finance Essentials 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.
