CONC 2.2 General principles for credit-related regulated activities

Principle 6 requires a firm to pay due regard to the interests of its customers and treat them fairly. Examples of behaviour by or on behalf of a firm which is likely to contravene Principle 6 include:

1. (1)

   targeting customers with regulated credit agreements which are unsuitable for them, by virtue of their indebtedness, poor credit history, age, health, disability or any other reason;

2. (2)

   subjecting customers to high-pressure selling, aggressive or oppressive behaviour, or unfair coercion;

3. (3)

   not allowing customers who are unable to make payments a reasonable time and opportunity to meet repayments;

4. (4)

   taking steps to repossess a customer's home, other than as a last resort.

   [Note: paragraph 7.14 of ILG and 6.3 of SCLG]

1. (1)

   In relation to CONC 2.2.3 R, an example of where a name may mislead is if the average customer of the firm is likely to be misled by the name of the firm.

2. (2)

   Examples of the matters concerning a firm's status or the nature of its business about which its name may mislead customers include:

   1. (a)

      the identity or nature of the firm;

   2. (b)

      its commercial or profit-seeking status;

   3. (c)

      its role, including any relationship with any other person;

   4. (d)

      the extent of its authority;

   5. (e)

      stating or implying that the firm is a public body or that it is related or connected in some way to a charitable, not-for-profit or governmental or local governmental organisation or to the courts;

   6. (f)

      the nature of the products or services supplied;

   7. (g)

      the cost of those products or services; and

   8. (h)

      the scale of the business including its geographical scope.