CONC 1.2 Who? What? Where?
Guidance on appointed representatives
- (1)
Although CONC does not apply directly to a firm's appointed representatives, a firm will always be responsible for the acts and omissions of its appointed representatives in carrying on business for which the firm has accepted responsibility (section 39(3) of the Act). In determining whether a firm has complied with any provision of CONC, anything done or omitted by a firm's appointed representative (when acting as such) will be treated as having been done or omitted by the firm (section 39(4) of the Act).
- (2)
Firms should refer to SUP 12 (Appointed representatives), which sets out requirements which apply to firms using appointed representatives.
The credit-related regulated activities comprise consumer credit lending, credit broking, debt counselling, debt adjusting, debt administration, debt collecting, providing credit information services, providing credit references, operating an electronic system in relation to lending (but, other than in FEES and SUP, only insofar as it relates to a borrower or prospective borrower under a P2P agreement)1 and consumer hiring.
Where?
CONC, except in relation to CONC 3, applies with respect to activities carried on by a firm:
- (1)
with a customer whose habitual residence is in the UK from an establishment maintained by the firm (or its appointed representative) in the UK; or
- (2)
with a customer whose habitual residence is in the UK from an establishment of the firm (or its appointed representative) outside the UK.
EEA territorial scope rule: compatibility with European law
- (1)
CONC does not apply to an incoming ECA provider where, in providing a service, the provider is acting as such.
- (2)
CONC applies to an outgoing ECA provider where, in providing a service, the provider is acting as such.
- (3)
The territorial scope of CONC is otherwise modified to the extent necessary to be compatible with European law.
- (4)
Note: article 3(3) of, and the Annex to, the E-Commerce Directive