Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

CONC 2.4 Credit references: conduct of business: lenders and owners

Application

CONC 2.4.1RRP

This section applies:

  1. (1)

    to a firm with respect to consumer credit lending; or

  2. (2)

    to a firm with respect to consumer hiring.

Disclosure of name and address of credit reference agencies consulted

CONC 2.4.2RRP
  1. (1)

    Not later than the lender ("L") informs a credit broker that L is not willing to make a regulated credit agreement, L must, unless L informs the customer directly that L is not willing to make the agreement, inform the credit broker of the name and address (including an appropriate e-mail address) of any credit reference agency from which L has, during the negotiations relating to the proposed agreement, applied for information about the financial standing of the customer.

    [Note: regulation 2 of SI 1977/330]

  2. (2)

    Not later than the owner ("O") informs a credit broker that O is not willing to make a regulated consumer hire agreement, O must, unless O informs the customer directly that O is not willing to make the agreement, inform the credit broker of the name and address (including an appropriate e-mail address) of any credit reference agency from which O has, during the negotiations relating to the proposed agreement, applied for information about the financial standing of the customer.

    [Note: regulation 2 of SI 1977/330]

Searching credit files

CONC 2.4.3GRP

A firm undertaking a credit reference search should not leave evidence of an application on a credit file where a customer is not yet ready to apply. Where practicable, firms should facilitate customers shopping around for credit by offering a ‘quotation search’ facility.

[Note: paragraph 3.13 (box 2) of ILG]