CONC 7.1 Application
Who? What?
1This chapter applies, unless otherwise stated in or in relation to a rule, to:
- (1)
a firm with respect to consumer credit lending;
- (2)
a firm with respect to consumer hiring;
- (3)
a firm with respect to operating an electronic system in relation to lending, in relation to a borrower under a P2P agreement;
- (4)
a firm with respect to debt collecting.
The following sections provide otherwise for application:
- (1)
CONC 7.12 (lenders' responsibilities in relation to debt) applies only to firms in respect of consumer credit lending;
- (2)
CONC 7.17 to CONC 7.19 apply only to firms operating electronic systems in relation to lending in relation to borrowers under P2P agreements as set out in those sections.
- (1)
In accordance with CONC 1.2.2 R firms must ensure that their employees and agents comply with CONC and must take reasonable steps to ensure that other persons acting on the firm's behalf act in accordance with CONC.
- (2)
The rule in CONC 1.2.2 R is particularly important in relation to the requirements in CONC 7, for example, in dealing with an individual from whom the person referred to in the rule is seeking to collect a debt.
- (3)
In this chapter the expression “arrears” includes any shortfall in one or more payment due from a customer under an agreement to which the chapter applies.