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CONC 5C.1 Application and purpose


CONC 5C.1.1G

1The purpose of this chapter is to:

  1. (1)

    require firms to implement and maintain overdraft charging structures that are simple, transparent and capable of easy comparison; and

  2. (2)

    forbid firms from obliging a customer to pay a rate of interest for an unarranged overdraft which exceeds the rate of interest for an arranged overdraft that is relevant to that customer.

Who and what?

CONC 5C.1.2R
  1. (1)

    1Subject to (2), this chapter applies to a firm with respect to consumer credit lending and connected activities in relation to arranged overdrafts and unarranged overdrafts associated with personal current accounts.

  2. (2)

    This chapter does not apply to:

    1. (a)

      a firm if all personal current accounts provided or offered by the firm are excluded accounts;

    2. (b)

      a firm in respect of any personal current account which may be used for a currency other than a currency of the United Kingdom;

    3. (c)

      a private bank; or

    4. (d)

      a credit union.


CONC 5C.1.3R

1This chapter applies to a firm with respect to activities carried on from an establishment maintained by it in the United Kingdom.