CONC 5D.1 Purpose and application

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.

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.

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