CONC TP 8 2Other transitional provisions

1

CONC 2.2.6R(1) to (3)

R

A firm need not comply with CONC 2.2.6R(1) to (3) in relation to an automatic renewal of an agreement for an optional additional product which was entered into on or before 31 March 2016 provided:

From 1 April 2016

On 1 April 2016

(1)

the automatic renewal of the agreement is on substantially the same terms. The phrase “on substantially the same terms” is to be interpreted in the same way as in CONC 2.2.6R(11)(b) and (c)

(2)

on the occasion of the first automatic renewal on or after 1 April 2016, the firm takes reasonable steps to ensure that the customer is informed:

(a)

that the renewal of the agreement is optional;

(b)

that the customer may elect not to renew the agreement; and

(c)

of the effect of the non-renewal of the agreement, if any, on the service the provision of which constitutes the carrying on of a credit-related regulated activity; and

(3)

the procedure to be used by customers for electing not to renew the agreement pays due regard to the interests of customers and treats them fairly.

61A

CONC chapters 3, 7 and 8

G

A firm may choose to comply with CONC chapters 3, 7 and 8 as if the changes to it made by the Money and Pensions Service (Consequential Amendments) Instrument 2021 had not been made.

26 November 2021 to 25 November 2022

26 November 2021

24

CONC 6.7.16B

R

A firm need not comply with CONC 6.7.16BR in respect of drawdowns of credit made on or before 12 November5 2019.

From 12 November 2019

12 November 2019

34

CONC 6.7.16B

G

The effect of TP 2 is that where an agreement allows for multiple drawdowns, a firm must comply with CONC 6.7.16BR in respect of drawdowns of credit made after 12 November5 2019, but need not do so for drawdowns made on or before this date.

From 12 November 2019

12 November 2019

4 3

CONC 5D.1.1R(2)

R

The expressions in CONC 5D.1.1R(2) have the following meaning:

18 December 2019 to 6 April 2020

18 December 2019

(1)

An “arranged overdraft” is the running-account facility provided for in an authorised non-business overdraft agreement that is a regulated credit agreement.

(2)

An “excluded account” is a personal current account that is offered on terms that:

(a)

an agreement which provides authorisation in advance for the customer to overdraw on the account cannot arise; and

(b)

either:

(i)

the account cannot become overdrawn without prior arrangement; or

(ii)

no charge is payable (by way of interest or otherwise) if the account becomes overdrawn without prior arrangement; and

(c)

no charge is payable where the firm refuses a payment due to lack of funds.

(3)

A “personal current account” means an account, other than a current account mortgage, which is a payment account within the meaning of the Payment Accounts Regulations.

(4)

A “private bank” is a bank or building society, or an operationally distinct brand of such a firm, over half of whose personal current account customers each had throughout the previous financial year net assets with a total value of not less than £250,000. For this purpose:

(a)

net assets do not include:

(i)

the value of the customer’s primary residence or any loan secured on that residence;

(ii)

any rights of the customer under a qualifying contract of insurance within the meaning of the Regulated Activities Order; and

(iii)

any benefits (in the form of pensions or otherwise) which are payable on the termination of the service of the customer or on retirement, and to which the customer (or the customer’s dependents) are, or may be, entitled; and

(b) “previous financial year” means the most recent period of one year ending with 31 March.

(5)

An “unarranged overdraft” is a regulated credit agreement that arises as a result of:

(a)

a personal current account becoming overdrawn in the absence of an arranged overdraft; or

(b)

the firm making available to the customer funds which exceed the limit of an arranged overdraft.

53

CONC 5D.1.1R(2)

G

CONC 5D.1.1R(2) provides that the expressions referred to in that rule are to have the meaning set out at CONC 5C. Since CONC 5D comes into force before CONC 5C comes into force, CONC TP 8.4 provides that the expressions are to have the meaning set out in that transitional provision (which are identical to the meaning given to the expressions in CONC 5C) until CONC 5C comes into force.

18 December 2019 to 6 April 2020

18 December 2019

67

CONC 8.3.11R

R

(a)

A firm which is carrying out activity described in CONC 8.3.9R immediately before 2 June 2023 may comply with CONC as if CONC 8.3.11R had not been made, until (but not including) 3 October 2023.

2 June 2023 until (but not including) 3 October 2023

2 June 2023

(b)

CONC TP 8(6)(a) does not affect the application of CONC 8.3.16R to a firm in respect of an appointed representative in circumstances where the appointed representative was appointed after 1 June 2023 or did not carry out activity described in CONC 8.3.9R immediately before 2 June 2023.

77

CONC 8.3.11R

G

The effect of CONC TP 8(6) is to provide a transitional period to all existing debt packager firms and their existing appointed representatives, where such firms or appointed representatives are carrying on debt packager business immediately before the prohibition in CONC 8.3.11R comes into force.

2 June 2023 until (but not including) 3 October 2023

2 June 2023