CONC TP 2 TP 2 Transitional provisions in relation to corresponding rules

1(1)

(2)

Material to which the transitional provision applies

(3)

(4)

Transitional provision

(5)

Transitional provision: dates in force

(6)

Handbook provision: coming into force

2.1

CONC, to the extent there is a corresponding rule

R

(1)

A credit firm and an EEA firm with respect to carrying on a credit-related regulated activity will not contravene a rule in CONC to the extent that, on or after 1 April 2014, it is able to demonstrate that it has complied with the corresponding rule, with any necessary modification to take account of the coming into force of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 and the Financial Services Act 2012 (Consumer Credit) Order 2013.

The transitional period

1 April 2014

2.2

G

(1)

In order to benefit from the transitional provision, a credit firm or an EEA firm must ensure that the corresponding rule referred to in TP 1.3R with which it complies is substantially similar in purpose and effect to the provision in CONC to which it relates.

(2)

For the assistance of firms, CONC includes notes which indicate particular rules or guidance for which there is a corresponding rule. Firms may wish to refer to these notes but in doing so should understand that they are not intended to be exhaustive and are produced merely as a guide.

Firms are advised that should they wish to take advantage of the transitional provisions set out in this section, the onus is on the firm to be able to demonstrate that in any given case it has in fact complied with the corresponding rules.

(3)

Firms will have noted that they should treat the corresponding rules as modified to the extent necessary to ensure that the provision can operate effectively notwithstanding the enactment of the Order in TP 1.1R. Firms will need to adopt a common-sense approach in interpreting the corresponding rules and modify them accordingly. For example, references in such rules to the OFT should be read as if they referred to the FCA.