Course Overview:
Consumer credit is a highly technical area with a mix of laws, regulations, rules, and principles. Compliance can be difficult to navigate without a basic understanding of each strand.
This online training course, delivered over two mornings on the 18 and 19 November, brings these strands together, to provide an in-depth understanding of the legislative framework and regulatory requirements shaping the consumer credit industry.
We will explore the fundamentals of the Consumer Credit Act (CCA) 1974 & 2006 and wider regulatory expectations with essential insights into agreement formation, enforcement procedures, and Financial Conduct Authority (FCA) compliance requirements.
We will also look at how the FCA regulates firms, exploring key areas such as vulnerability, Treating Customers Fairly (TCF) and the new Consumer Duty.
The Legislative Framework
Understanding the Consumer Credit Act (CCA) and the key distinctions between regulated and unregulated business.
Mastering the requirements for pre-contractual information, agreement execution, and the right of withdrawal.
Navigating business use and high net worth exemptions to ensure correct classification.
Lifecycle of an Agreement
A practical guide to voluntary termination rights, early settlement, and the “Half and Third” rules.
Understanding Section 75 liability and Section 56 deemed agency in broker-led transactions.
Exploring unfair relationships and the impact of the Consumer Rights Act 2015.
FCA Regulation & Conduct
A deep dive into responsible lending, financial promotions, and arrears management under CONC.
Implementing the Consumer Duty to deliver good outcomes and avoid foreseeable harm.
Managing broker relationships, identifying vulnerability, and ensuring robust complaints handling.
By attending this session delegates will:
- Understand key provisions of consumer credit legislation including the CCA 1974 & 2006 and distinguish between regulated and unregulated criteria and exempt agreements.
- Explain the fundamental concepts of consumer credit, such as definitions of credit and hire, various types of agreements and their formation formalities.
- Apply knowledge of consumer credit rules to assess scenarios involving agreement cancellation, early settlement, and termination of Hire Purchase (HP)/Personal Contract Purchase (PCP) agreements.
- Analyse enforcement and litigation procedures, including identifying instances of repudiatory breach and understanding enforcement actions and recent caselaw.
- Evaluate consumer protection measures, such as unfair relationships regulations, time orders, and provisions under the Consumer Rights Act 2015.
- Develop compliance strategies and procedures to ensure adherence to regulatory requirements outlined by the FCA.
- New Entrants: Ideally suited for those new to the credit industry, including graduates and trainees, who need a solid grounding in consumer credit law and regulation.
- Operational Staff: Collections agents, underwriters, and customer service teams who need to understand the "why" behind their daily processes and compliance checks.
- Legal & Compliance Teams: Junior legal counsel, compliance officers, and risk managers looking to refresh their knowledge of the FCA Handbook and recent regulatory changes like the Consumer Duty.
- Brokers, dealers, and business managers who need to understand their regulatory obligations regarding financial promotions, agency (s.56), and commission disclosure.
- Team leaders and operational managers responsible for ensuring their departments adhere to CONC and TCF principles.
Joanne Davis
Jo is a partner and co-founder at Auxillias Limited, a legal and compliance firm specialising in consumer, motor, asset finance, and leasing. She collaborates with FieldFisher LLP, a large European law firm, and she has over 20 years of experience providing financial services advice (non contentious and contentious) across a wide range of finance products supporting the retail, motor finance, and leasing sectors.
Bespoke In-house Training
If you would like to run this course for your own organisation, the FLA can deliver Introduction to Consumer Credit 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.
