Failure to comply with CONC 6.5.2 R, which sets out when a firm must give notice to a customer where a regulated credit agreement has been assigned to a third party, will be taken into account by the FCA in taking decisions about a firm's permission or about taking other action.
[Note: paragraph 3.7g of DCG]
CONC 6.5.2 R makes it clear that where arrangements for servicing the credit change at the time of the assignment of a regulated credit agreement, notice must be given to the customer as soon as reasonably possible. A firm should give notice as required under that rule in order that any change should not adversely impact on a customer's existing repayment arrangements. In addition, if arrangements for servicing the debt otherwise change so far as the customer is concerned, the firm should notify the customer on or before that change.
[Note: paragraph 3.7h of DCG]
A firm acting on behalf of a lender or owner must pass on payments received from a customer and/or details of a customer's outstanding balance to the lender or owner in a timely manner or, provided the effect of the agreement does not impact adversely on the customer, in accordance with an agreement between the firm and lender or owner in question
[Note: paragraph 3.9g of DCG]