Related provisions for CONC 7.14.5
1 - 5 of 5 items.
The obtaining, recording, holding and passing on of information about individuals for the purposes of tracing a customer and/or recovering a debt due under a credit agreement or a consumer hire agreement or a P2P agreement will involve the processing of personal data. Accordingly, firms processing such data are data controllers or data processors and are obliged to comply with data protection legislation2 and, in particular, to adhere to the 2data protection principles.[Note:
A firm must take reasonable steps to ensure that it maintains accurate and adequate data (including in respect of debt and repayment history) so as to avoid the risk that: (1) an individual who is not the true borrower or hirer is pursued for the repayment of a debt; and(2) the borrower or hirer is pursued for an incorrect amount.[Note: paragraphs 3.19 of DCG and 7.11 (box) of ILG]
A firm must endeavour to ensure that the information it passes on to its agent or to a debt collector or to a tracing agent (a person1 that carries on the activity in article 54 of the Exemption Order), whether for the firm's or another person’s1 business, or to any other person involved in recovering the debt or, where appropriate, to a credit reference agency is accurate and adequate so as to facilitate the tracing and identification of the true borrower or hirer.[Note: paragraphs
A firm should ensure (subject to any legal requirements) that adequate and accurate information it holds about a customer in relation to a debt is made available to persons involved on its behalf in the debt recovery process. Information relating to the customer which should be made available to agents or employees includes, for example:(1) being in financial difficulties;(2) being particularly vulnerable;(3) disputing the debt;(4) a repayment plan or forbearance being in place;(5)
(1) If a firm becomes aware that a customer is in financial difficulties, the firm should reassess the payment arrangement and should consider reasonable proposals to revise the payment schedule and alternative repayment arrangements.[Note: paragraph 3.9mii (box) of DCG](2) Where a customer informs a firm of being in financial difficulties, pending receipt of evidence to that effect, a firm should consider suspending exercise of its rights under a continuous payment authority