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You are viewing the version of the document as on 2023-04-28.

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    2023-04-28

CONC 5D.1 Purpose and application

Purpose

CONC 5D.1.1R
  1. (1)

    1In this chapter, “repeat use” refers to a pattern of overdraft use where the frequency and depth of use may result in high cumulative charges that are harmful to the customer or indicate that the customer is experiencing or at risk of financial difficulties.

  2. (2)

    The expressions “arranged overdraft”, “excluded account”, “personal current account”, “private bank” and “unarranged overdraft” have the same meaning as set out at CONC 5C.

CONC 5D.1.2G

1The purpose of this chapter is to require firms to:

  1. (1)

    monitor customers’ patterns of overdraft use;

  2. (2)

    identify customers with patterns of repeat use; and

  3. (3)

    take appropriate steps with the aim of changing such patterns of use.

Who and what?

CONC 5D.1.3R
  1. (1)

    1Subject to (2), this chapter applies to a firm with respect to consumer credit lending and connected activities in relation to arranged overdrafts and unarranged overdrafts associated with personal current accounts.

  2. (2)

    This chapter does not apply to:

    1. (a)

      a firm if all personal current accounts provided or offered by the firm are excluded accounts;

    2. (b)

      a firm in respect of any personal current account which may be used for a currency other than a currency of the United Kingdom;

    3. (c)

      a private bank; or

    4. (d)

      a credit union.

Where?

CONC 5D.1.4R

1This chapter applies to a firm with respect to activities carried on from an establishment maintained by it in the United Kingdom.