Related provisions for CONC App 1.1.13

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CONC 13.1.1GRP
1This chapter:(1) applies to a firm with respect to consumer credit lending and a firm with respect to consumer hiring;(2) does not apply to the obligation in or under section 78(4), (4A) or (5) of the CCA on a lender to give regular statements where running-account credit is provided under a regulated credit agreement.
CONC 13.1.4GRP
(1) The copy of the executed agreement should be a 'true copy' of the original. However, as confirmed in the case of Carey v HSBC Bank plc [2009] EWHC 3417 (QB), in this context the term 'true copy' does not necessarily mean a carbon, photocopy, microfiche copy or other exact copy of the signed agreement. There is no obligation to provide a copy which includes a copy of the signature.(2) The firm can reconstitute a copy. It can do this by re-populating a template of the relevant
ICOBS 6.4.9RRP
(1) This rule applies when a premium will be paid using a credit agreement other than a revolving credit agreement. (2) A firm must provide price information in a way calculated to enable the customer to understand the additional repayments that relate to the purchase of the policy, and the total cost of the policy.(3) Price information must reflect any difference between the duration of the policy and that of the credit agreement.(4) A firm must explain to a customer, as applicable,
ICOBS 6.4.10GRP
(1) This guidance applies to policies bought as secondary products to revolving credit agreements (such as store cards or credit cards).(2) Price information should be given in a way calculated to enable a typical customer to understand the typical cumulative cost of taking out the policy. This does not require oral disclosure where there is a sales dialogue with a customer. However, consistent with Principle 7, a firm should ensure that this element of price information is not
CONC 4.6.3RRP
A firm must include the terms of the continuous payment authority, in plain and intelligible language,1 as part of the credit agreement or consumer hire agreement presented to the customer or P2P agreement presented to the borrower. [Note: paragraph 3.9miii of DCG]
CONC 4.6.5RRP
(1) 1This rule applies if:(a) a firm is to enter into a regulated credit agreement or a regulated consumer hire agreement, or is to facilitate the entry into a P2P agreement;(b) an individual other than the borrower or the hirer (in this rule referred to as “the guarantor”) is to provide a guarantee or an indemnity (or both) in relation to the regulated credit agreement, the regulated consumer hire agreement or the P2P agreement; and(c) the guarantor is to grant a continuous payment
CONC 7.1.4RRP
(1) 2In this chapter, except for CONC 7.6.15AG:(a) a reference to a borrower, a customer or a hirer includes a reference to an individual other than the borrower or the hirer (in this chapter, referred to as “the guarantor”) who has provided a guarantee or an indemnity (or both) in relation to:(i) a regulated credit agreement; or(ii) a regulated consumer hire agreement; or(iii) a P2P agreement in respect of which the borrower is an individual;where it would not do so but for this
CONC 7.1.5GRP
2In relation to CONC 7.1.4(1)(a), firms are reminded that the definitions of customer and borrower include, in relation to debt collecting and debt administration, a person providing a guarantee or indemnity under the agreement. (See CONC 7.3.1G(2).)
CONC 7.15.9RRP
A firm must identify for prospective purchasers of debts arising under credit agreements or consumer hire agreements or P2P agreements those debts which it knows or ought reasonably to know are statute barred, so as to avoid a firm taking inappropriate action against customers in relation to such debts.[Note: paragraph 3.23c of DCG]
CONC 7.15.10RRP
A lender must not initiate legal proceedings in relation to a regulated credit agreement where the lender is aware that the customer has submitted a valid complaint or what appears to the firm may be a valid complaint relating to the agreement in question that is being considered by the Financial Ombudsman Service.[Note: paragraph 7.9 (box) of ILG]
CONC 2.3.2RRP
A firm must explain the key features of a regulated credit agreement to enable the customer to make an informed choice as required by CONC 4.2.5 R (adequate explanations).[Note: paragraph 2.2 of ILG]
CONC 2.3.5RRP
(1) A firm may provide credit card cheques only to a customer who has asked for them.[Note: section 51A(2) of CCA](2) A firm may provide credit card cheques only on a single occasion in respect of each request that is made.[Note: section 51A(3) of CCA](3) The number of credit card cheques provided in respect of a request must not exceed three (or, if less, the number requested).[Note: section 51A(4) of CCA](4) Where a single request is made for the provision of credit card cheques
CONC 10.2.7GRP
The definition of relevant debts under management refers to a debt due under a credit agreement or a consumer hire agreement in relation to which the firm is carrying on debt adjusting or an activity connected to that activity. The reference to "debt due" covers not only amounts that are payable at the time the prudential resources requirement is calculated but also amounts the borrower or hirer1 is presently obliged to pay under the credit agreement or the consumer hire agreement1
CONC 10.2.12GRP
If during the following year 20% (£200) of each relevant debt under management is paid off by the borrower or hirer leaving an outstanding balance of £800 on each relevant debt under management,and during that year the firm does not carry on debt adjusting in relation to any further debts due under credit agreements or consumer hire agreements, the total value of the firm'srelevant debt under management is £8,000,000. If the firm does not carry on any other regulated activity
CONC 7.17.2RRP
(1) Subject to (2), this section does not apply where the P2P agreement provides for credit of less than £50.(2) Paragraph (1) does not apply where two or more P2P agreements in relation to the same borrower (whether or not with the same lender) are entered into at or about the same time.(3) Where (2) applies, the firm's obligations in CONC 7.17 apply as if all of the P2P agreements made with a borrower at or about the same time were a single agreement.
CONC 7.17.6RRP
In this section “payments” means payments to be made at predetermined intervals provided for under the terms of the agreement.
IFPRU 4.12.14GRP
Where a firm applies for such permission, the FCA would expect the scope should be defined according to a range of characteristics, including the type of asset class and the structural features of the transaction. The characteristics the FCA would expect a firm to consider when scoping a permission application include:(1) asset class (eg, residential mortgages, commercial mortgages, credit card receivables, leasing, loans to corporates or small and medium-sized enterprises (SMEs),
IFPRU 4.12.40GRP
Although this section sets out the FCA's expectations regarding securitisations, these expectations are also relevant for other similar credit protection arrangements.
IFPRU 4.12.41GRP
The FCA will seek to ensure that the securitisation framework is not used to undermine or arbitrage other parts of the prudential framework. For other similar credit protection arrangements (eg, those subject credit risk mitigation or trading book requirements), the impact of certain features (such as significant premiums or call options) may cast doubt on the extent of risk transferred and the resulting capital assessment. Features which result in inadequate own funds requirements
PERG 7.1.1GRP
This chapter applies to anyone involved in publishing periodicals, or in providing news services or broadcasts, who gives (or proposes to give) advice about securities, relevant investments, P2P agreements3 or home finance transactions1and who wishes to determine whether he will be carrying on the regulated activities of advising on investments, advising on regulated credit agreements for the acquisition of land2 or advising on a home finance transaction1.11
PERG 7.1.2GRP
The purpose of this chapter is to provide guidance as to:(1) when a person involved in publishing periodicals, or in providing news services or broadcasts, requires authorisation to carry on the regulated activities of advising on investments, advising on regulated credit agreements for the acquisition of land2 or advising on a home finance transaction1(see PERG 7.3 (Does the activity require authorisation));1(2) if he does, whether he qualifies for the exclusion from those activities
GEN 4.3.8GRP
8A credit firm which carries on the activity of entering into a regulated credit agreement as lender , in respect of an agreement 9to which articles 5 and 6 of the Consumer Credit Directive apply is under an obligation to disclose pre-contract information in the form and to the extent required by the Consumer Credit (Disclosure of Information) Regulations 2010 (SI 2010/1013)9. Firms which carry on credit broking may take on the same obligation. A credit firm must also ensure specified
GEN 4.3.9GRP
8The effect of GEN 4.3.7 R is that a credit firm in relation to a regulated credit agreement covered by the Consumer Credit Directive does not need to comply with GEN 4.3.1 R in relation to those letters (or electronic equivalents) that accompany the information required under the Regulations referred to in GEN 4.3.8 G.
BIPRU 4.10.32RRP
(1) This rule sets out how the calculations under BIPRU 5.6.11 R (Using the supervisory volatility adjustments or the own estimates volatility adjustments approaches to master netting agreements covering repurchase transactions and/or securities or commodities lending or borrowing transactions and/or other capital market driven transactions) must be modified under the IRB approach.(2) Where risk weighted exposure amounts and expected loss amounts are calculated under the IRB approach,
BIPRU 4.10.33RRP
(1) This rule sets out how the calculations under BIPRU 5.6.24 R (Using the internal models approach to master netting agreements covering repurchase transactions and/or securities or commodities lending or borrowing transactions and/or other capital market driven transactions) must be modified under the IRB approach.(2) Where risk weighted exposure amounts and expected loss amounts are calculated under the IRB approach E is the exposure value for each separate exposure under
BIPRU 4.10.34RRP
(1) This rule sets out how the calculations under BIPRU 5.6.29 R (Calculating risk-weighted exposure amounts and expected loss amounts for master netting agreements covering repurchase transactions and/or securities or commodities lending or borrowing transactions and/or other capital market driven transactions) must be modified under the IRB approach.(2) E* must be taken as the exposure value of the exposure to the counterparty arising from the transactions subject to the master
PERG 2.8.6CGRP
9The following activities are excluded from the regulated activity of credit broking:Introducing by individuals in the course of canvassing off trade premises(1) Activities carried on by an individual by canvassing off trade premises:(a) a restricted-use credit agreement to finance a transaction between the lender or a member of the lender's group and the borrower; or(b) a regulated consumer hire agreement;are excluded from credit broking, as long as the individual does not carry
PERG 2.8.7CGRP
(1) 9Activities carried on by:(a) the lender or owner under the agreement;(b) the supplier in relation to the credit agreement;(c) a credit broker who has acquired the business of the person who was the supplier in relation to the credit agreement; or(d) a person who would be a credit broker but for the exclusion in PERG 2.8.6CG (1) where the agreement was made in consequence of an introduction (by that person or another person) to which that exclusion applies;are excluded from
PERG 2.8.12AGRP
3Advice given by an unauthorised person in relation to a home finance transaction or advising on regulated credit agreements for the acquisition of land12 in the circumstances referred to in PERG 2.8.6AG (5)(a) or (b) (Arranging deals in investments and arranging a home finance transaction) is also excluded. In addition:(1) the following exclusions apply in specified circumstances where a person is advising on investments, advising on regulated credit agreements for the acquisition
CONC 3.7A.2RRP
(1) A firm must, in any relevant communication, indicate the extent of its powers, in particular whether it works exclusively with one or more lenders (including, for example, if it works exclusively with lenders who are participants in the electronic system that the firm operates) or whether it works as an independent broker.[Note: article 21(a) of the Consumer Credit Directive](2) In this rule, a “relevant communication” means a financial promotion or a document which:(a) is
CONC 8.4.2RRP
A firm must include in its written contract (other than a credit agreement to which the Consumer Credit (Agreements) Regulations 2010 apply) the following matters:(1) the nature of the service to be provided by the firm, including the specific debt solution to be offered to the customer; [Note: paragraph 3.40b of DMG](2) the duration of the contract; [Note: paragraph 3.40c of DMG](3) the total cost of the firm's service or, where it is not possible to state the total cost, the
CONC 3.11.1RRP
This section applies to a financial promotion in relation to a credit agreement, credit broking, debt counselling, debt adjusting and operating an electronic system in relation to lending in relation to prospective borrowers or borrowers under P2P agreements.
CONC 6.1.2GRP
(1) CONC 6.2, CONC 6.5 and CONC 6.7 apply to firms with respect to consumer credit lending.(2) CONC 6.3 applies to current account agreements that would be regulated credit agreements if the customer overdraws on the account.(3) CONC 6.4 and CONC 6.6 apply to firms which carry on consumer credit lending in relation to regulated credit agreements and firms which carry on consumer hiring in relation to regulated consumer hire agreements.(4) CONC 6.7.17 R to CONC 6.7.26 R also apply
CONC 7.7.4GRP
Where a firm has a contractual right to levy default charges, a regulated credit agreement must state the charges and the conditions for making the charge under, as the case may be, the Consumer Credit (Agreements) Regulations 2010 (SI 2010/1014) or the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553).[Note: paragraphs 3.11c of DCG and 7.15 of ILG]