CONC 5D.5 Reporting on repeat use of overdrafts

A firm must submit a document to the FCA by electronic mail to [email protected], containing a detailed description of the policies, procedures and systems it establishes to comply with:

1. (a)

   CONC 5D.2.1R;

2. (b)

   CONC 5D.3.2R; and

3. (c)

   CONC 5D.4.1R

no later than the date on which the firm becomes subject to CONC 5D.

A firm must prepare two reports for the FCA describing the results of the monitoring required by CONC 5D.4.1R. The first report must be in respect of the six-month reporting period beginning on the date on which the firm becomes subject to CONC 5D. The second report must be in respect of the six-month reporting period that begins immediately after the end of the reporting period covered by the first report. Each report must be submitted to the FCA by electronic mail to [email protected] within one month following the end of the relevant six-month reporting period and must include the following information:

1. (a)

   the number of repeat users and total size of their overdraft balances at the start of the reporting period;

2. (b)

   the number of repeat users and total size of their overdraft balances at the end of the reporting period; and

3. (c)

   any explanation, commentary or background on the figures in (a) and (b).

Where a firm proposes to update its policies, procedures and systems, it must submit a report to the FCA containing a description of any substantial changes.