| Handbook reference | Matters to be notified | Contents of notification | Trigger event | Time allowed |
|---|---|---|---|---|
| CONRED 2.4.9R | Information on the total number of scheme cases; opted-in scheme cases, and investments in Arch cru funds | (1) total number of scheme cases;
(2) The number of such investments resulting from the regulated activities for a customer in CONRED 2.1.3R; and the number of such investments falling outside the scheme with an explanation of the reason why, in each case;
(3) the total number of opted-in scheme cases. | None: notification required in all cases | Until 29 July 2013 |
| CONRED 2.9.2R | Information on the number of opted-in scheme cases; completed and incomplete templates and the results of such; the total number of redress cases; the total number of redress determinations sent to consumers; the total number of consumers paid redress and the amount of such; and the total amount of redress unpaid to date. | (1) the total number of opted-in scheme cases;
(2) the total number of completed templates;
(3) the total number of incomplete templates, with an explanation as to why the templates have not been completed;
(4) the total number of redress cases;
(5) the total number of redress determinations sent to consumers;
(6) the total number of consumers paid redress to date;
(7) the total amount of redress paid to date; and
(8) the total amount of redress unpaid to date. | None: notification required in all cases | Until 9 December 2013 |
CONRED Sch 2 Notification requirements
CONRED Sch 2 Notification requirements
| Handbook reference | Matters to be notified | Contents of notification | Time allowed | |
|---|---|---|---|---|
| CONRED 3.2.7R(1), (1A) and (4) | Outcome of the financial resilience assessment in CONRED 3.2.2R | Outcome of the financial resilience assessment in CONRED 3.2.2R | Before the end of 27 May 2022 or 28 February 2023, and immediately if the outcome changes | |
| CONRED 3.2.7R(7) | That N and CL, as calculated under CONRED 3.2.4AR and CONRED 3.2.6AR, are both zero | That N and CL, as calculated under CONRED 3.2.4AR and CONRED 3.2.6AR, are both zero | Promptly | |
| CONRED 3.3.6R | Where the firm wishes to obtain prior express consent from the FCA for payment of dividends or LLP members drawings | (a) | the value of the proposed dividend(s); | In advance (express consent required) |
| (b) | the date on which the firm intends to pay the proposed dividend(s); | |||
| (c) | the recipients of the proposed dividend(s); | |||
| (d) | a clear statement of the quantified effect of the payment of the proposed dividend(s) on the firm’s regulatory capital position; | |||
| (e) | a copy of the firm’s latest management accounts; | |||
| (f) | an express confirmation that the payment of the proposed dividend(s) is lawful under applicable company or partnership law and insolvency law; | |||
| (g) | demonstration that the dividend(s) will be paid in connection with services provided for or on behalf of the firm by a natural person; and | |||
| (h) | demonstration that the timing of the proposed payment and the value of the dividend(s) are consistent with the historical pattern of the payment of dividends for equivalent purposes over the immediately preceding 12 months. | |||
| CONRED 3.3.10R | Transactions in the ordinary course of business which do not fall within CONRED 3.3.5R Any contract change with connected persons which could result in payments above the de minimis threshold | (a) | an explanation of the transaction or contract change; | At least 15 business days in advance, unless urgent situation |
| (b) | an explanation of the quantifiable impact on the firm’s financial resilience assessment under CONRED 3.2.2R; | |||
| (c) | an explanation of why the firm considers that the transaction or contract change occurs in the ordinary course of business and is therefore permitted; | |||
| (d) | reference to any comparable historic payments or contract changes which support the firm’s view that this occurs in the ordinary course of business; and | |||
| (e) | in the case of a notification on an urgent basis under CONRED 3.3.10R(2), an explanation of the nature of the urgency and why it has not been possible to comply with the normal 15-business day notification requirement in CONRED 3.3.10R(1). | |||
| Handbook reference | Matters to be notified | Contents of notification | Time allowed | ||
|---|---|---|---|---|---|
| CONRED 4.8.2R(1) and (2) and CONRED 4.8.3R | Information about each case the firm has taken scheme steps for | (1) | consumer identifier; | By 6 weeks after the scheme effective date and then every 2 weeks | |
| (2) | the date the letter at CONRED 4 Annex 2R was sent; | ||||
| (3) | whether the consumer receiving the letter in (2) has opted out of the scheme and the date a firm received notification from the consumer of their decision to opt-out; | ||||
| (4) | where the firm has carried out the case review at CONRED 4.3.2R: | ||||
| (a) | the date the case review was completed; | ||||
| (b) | a copy of the completed FCA or BSPS DBAAT; | ||||
| (c) | whether the scheme case was rated suitable, unsuitable or ‘non-compliant due to a material information gap(s)’ or ‘not-compliant-unclear’ (in the case of the FCA DBAAT); | ||||
| (d) | for scheme cases rated as unsuitable, the result of the causation assessment; | ||||
| (5) | in a case where a firm has concluded that the advice was suitable: | ||||
| (a) | the date a firm sent the letter at CONRED 4 Annex 9R; | ||||
| (b) | the consumer’s name, address, telephone number(s) and, where available, email address (in the BSPS DBAAT or, where using an FCA DBAAT, in the Reg Data report); | ||||
| (c) | whether a firm is aware that the consumer has complained to the Financial Ombudsman Service about the determination communicated in (a); | ||||
| (d) | the date a firm became aware of any complaint in (c); and | ||||
| (e) | the outcome of the complaint (both suitability and causation as applicable) as notified to the firm by the Financial Ombudsman Service in accordance with DISP 3.6.6R(5); | ||||
| (6) | in a case where a firm has concluded that the advice was unsuitable and answered ‘no’ to the causation question, the date a firm sent the letter at CONRED 4 Annex 8R; | ||||
| (7) | in a case where a firm has concluded that the advice was unsuitable and answered ‘yes’ to the causation question the date a firm sent the letters at: | ||||
| (a) | CONRED 4 Annex 7R; and | ||||
| (b) | CONRED 4 Annex 10R; | ||||
| (8) | where a firm has completed the redress assessment as required by CONRED 4.4.2R, the following in respect of the latest offer of redress made pursuant to the consumer redress scheme created by this chapter: | ||||
| (a) | the date on which the redress calculation was completed; | ||||
| (b) | the redress amount rounded to the nearest pound sterling; | ||||
| (c) | the date the letter at CONRED 4 Annex 13R was sent to the consumer; | ||||
| (d) | a copy of the redress calculation from the BSPS calculator; | ||||
| (e) | whether the consumer has accepted the offer of redress in (c); and | ||||
| (f) | the date on which any redress was paid. | ||||
| CONRED 4.8.2R(3) and CONRED 4.8.4R | Information about BSPS cases excluded from the scheme, consumer opt outs | (1) | the number of cases in relation to which a firm has sent a consumer a letter pursuant to: | By 6 weeks after the scheme effective date | |
| (a) | CONRED 4 Annex 1R; | ||||
| (b) | CONRED 4 Annex 2R; and | ||||
| (2) | in respect of (1)(a), a breakdown of the reasons such cases were excluded from the scheme with reference to the relevant condition or conditions at CONRED 4.2.2R. | ||||
Handbook reference | Matters to be notified | Contents of notification | Trigger event | Time allowed |
Complaint received by a credit broker in relation to the subject matter of the scheme | The consumer informed that the complaint has been forwarded to the lender. | Receipt by the credit broker of a complaint in relation to the subject matter of the scheme | n/a | |
Response by a credit broker to a lender’s request for information at the first and second scheme steps | After a thorough search of its systems, the credit broker must respond to a lender by either: (1) providing the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirming that it does not hold the requested information. | Receipt by the credit broker of a request for information from a lender under CONRED 5.2.25R or CONRED 5.2.27R | Within 1 month of the request. Where the lender sends a further communication under CONRED 5.2.27R, within the further 14 days of that communication. | |
Response by a credit broker to a lender’s request for information at the third scheme step | After a thorough search of its systems, the credit broker must respond to a lender by either: (1) providing the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirming that it does not hold the requested information. | Receipt by the credit broker of a request for information from a lender under CONRED 5.3.4R or CONRED 5.3.5R | Within 1 month of the request. Where the lender sends a further communication under CONRED 5.3.5R, within the further 14 days of that communication. | |
Response by a credit broker to a lender’s request for information for redress calculations | The credit broker must comply with CONRED 5.2.28R, namely, after a thorough search, it must either: (1) provide the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirm that it does not hold the requested information. | Receipt by the credit broker of a request for information from a lender under CONRED 5.4.27R(2) | Within 1 month of the request. Where the lender sends a further communication under CONRED 5.4.28R, within the further 14 days of that communication. | |
Response by a credit broker to a competent person’s request for information | After a thorough search of its systems, the credit broker must respond by either: (1) providing the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirming that it does not hold the requested information. | Receipt by the credit broker of a request for information from a competent person under CONRED 5.5.4R or CONRED 5.5.5R | Within 1 month of the request under CONRED 5.5.4R, or, where a further communication is sent under CONRED 5.5.5R, within the further 14 days provided by that communication. | |
Intention to implement any scheme steps during the implementation period, and identity of senior manager responsible | (1) whether the lender intends to implement any scheme steps during the implementation period; (2) name of the senior manager, or equivalent, responsible for oversight and overall delivery of the scheme; (3) contact details of that senior manager or equivalent. | Scheme effective date | Within 15 working days of the scheme effective date | |
Early start notification package | (1) date the lender intends to begin processing scheme cases under CONRED 5.2.1R; (2) one-off information set out in CONRED 5.9.6R; (3) scheme implementation plan containing the information set out in CONRED 5.9.7R; (4) forecast report containing the information set out in CONRED 5.9.9R; | Where the lender intends to implement any scheme steps before the end of the implementation period | No later than 15 working days before the lender begins identifying scheme cases under the first and second scheme steps | |
One-off information | (1) number of motor finance agreements in the lender’s starting population identified in accordance with CONRED 5.1.6R; (2) number of complaints relating to motor finance agreements received before the scheme effective date; (3) number of those complaints where complainants are represented by a professional representative, such as a claims management company or solicitor; (4) number of those complaints where complainants are represented by multiple professional representatives; (5) attestations from the senior manager responsible confirming that the lender has systems and controls to: (a) identify the starting population in accordance with CONRED 5.2.9R to 5.2.17R; (b) identify which of its own records and information are relevant to assessing motor finance agreements; and (c) obtain relevant records and information from third parties where these are not held by the lender | None: notification required in all cases | Within 6 weeks of the scheme effective date | |
Scheme implementation plan | A scheme implementation plan including: (1) the lender’s plan for complying with its obligations under the scheme; (2) the lender’s policies and procedures addressing: (a) data collection, including when the lender will contact brokers and the name and firm reference number of each broker it will contact; (b) grouping of cases and cohort or group-based decisions about cases outside scope, time-barred cases, identifying relevant arrangements, captive and white label exceptions, use of rebuttals under CONRED 5.3.14R and 5.3.22R, and any full and final early settlement offers under CONRED 5.2.7R(1); (c) build and use of automated processes, including decision-making tools, redress calculators and payments; (d) outsourcing arrangements, including the name of the outsourcer, if any; (e) quality assurance of cases and outcomes; (f) preventing and detecting scams, including consumer identification and verification; and (g) cases involving multiple professional representatives; (3) whether the lender intends to apply for a waiver, including any request for extension of time. If the plan later becomes materially inaccurate, the lender must notify the FCA and provide its updated approach. | None: notification required in all cases | At the same time as one-off information under CONRED 5.9.6R | |
Forecast report | (1) monthly forecast of the number of motor finance agreements to be processed, by type of relevant arrangement, until all required agreements have reached the end of the scheme; (2) number of agreements in the lender’s starting population; (3) number of full and final early settlement offers forecast to be issued under CONRED 5.2.7R(1); (4) number forecast to be excluded for exceeding the total amount of credit threshold; (5) number forecast to be time-barred; (6) number forecast to satisfy the conditions of a scheme case; (7) of those, number forecast to include one or more relevant arrangements, by type of relevant arrangement; (8) of those, number of cases where the lender intends to rely on: (a) the captive and white label exception; (b) rebuttal of the presumption of unfairness; or (c) rebuttal of the presumption of loss or damage; (9) number forecast to proceed to redress calculation, by type of relevant arrangement. (10) of those, number forecast to result in a £0 redress determination and number forecast to result in a determination of more than £0; (11) cash flow forecast for redress payments and early settlement payments. The report must, where applicable, report separately on complaint cases. | None: notification required in all cases | Within 6 weeks of the scheme effective date, and every 3 months thereafter until all motor finance agreements that the lender must process have reached the end of the scheme | |
Baseline monthly report | The information required by CONRED 5.9.9R(2), reported as actual numbers rather than forecasts or estimates, for the month prior to the month of submission, and, where applicable, separately reported for the number of cases involving a complaint, regardless of whether the complaint was received before or after the scheme effective date. | End of the implementation period | Within 1 month of the end of the implementation period, and then each month no later than 1 month after the previous baseline monthly report, until the lender has completed the scheme steps for its entire population of scheme cases | |
Detailed monthly report | The information required by CONRED 5.9.14R to CONRED 5.9.20R, for the month prior to the month of submission. | End of the implementation period | Within 1 month of the end of the implementation period, and then each month no later than 1 month after the previous detailed monthly report, until the lender has completed the scheme steps for its entire population of scheme cases | |
See above for CONRED 5.9.13R | The detailed monthly report must include the following information in relation to consumer decision-making: (1) the number of cases where: (a) a consumer was invited to opt in to the scheme at the second scheme step (in accordance with CONRED 5.2.11R); (b) of the number in (a), the number of scheme cases where a consumer did not opt in within the 6-month deadline set out in CONRED 5.2.11R(2)(c)(ii); and (c) of the number in (a), the number of scheme cases where a consumer did opt in to the scheme (within the 6-month deadline); (2) in relation to all motor finance agreements that must be assessed by the lender: (a) the number of agreements in respect of which the lender sent a provisional redress decision at any step of the scheme; (b) of the number in (a), the number accepted by a consumer, including: (i) the number of decisions that were accepted by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of decisions that were accepted by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (c) of the number in (a), the number objected to by a consumer, including: (i) the number of decisions that were objected to by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of decisions that were objected to by a consumer not represented by a professional representative, such as a claims management company or a solicitor (d) of the number in (a), the number of which that were responded to by a consumer, confirming they wished to opt-out of the scheme, including: (i) the number of consumers represented by at least one professional representative, such as a claims management company or a solicitor, who wished to opt-out; and (ii) the number of consumers not represented by a professional representative, such as a claims management company or a solicitor, who wished to opt-out; (3) in relation to the number of full and final early settlement offers issued by the lender at any stage of the scheme (as reported in the baseline monthly report), the number of offers which were: (a) accepted by a consumer, including: (i) the number of acceptances by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of acceptances by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (b) rejected by a consumer, including: (i) the number of rejections by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of rejections by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (4) in relation to the number of redress determinations sent by the lender at any step of the scheme, the number which were: (a) accepted by a consumer, including: (i) the number of acceptances by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of acceptances by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (b) rejected by a consumer, including: (i) the number of rejections by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of rejections by a consumer not represented by a professional representative, such as a claims management company or a solicitor. | See above for CONRED 5.9.13R | See above for CONRED 5.9.13R | |
See above for CONRED 5.9.13R | The detailed monthly report must include, in relation to credit brokers and in relation to all motor finance agreements that the lender must assess, the number of agreements in respect of which: (1) the lender requested relevant records and information from a credit broker (in accordance with CONRED 5.2.25R and CONRED 5.3.4R); (2) the credit broker did not respond before the deadline of 1 month (in accordance with CONRED 5.2.28R and CONRED 5.3.6R); (3) the lender sent a further request for relevant records and information from a credit broker (in accordance with CONRED 5.2.27R and CONRED 5.3.5R); (4) the credit broker did not respond before the 14-day deadline (in accordance with CONRED 5.2.27R and CONRED 5.3.5R); (5) the lender relied on the insufficient information provisions in CONRED 5.2.13R before sending a provisional redress decision stating that no redress was due. | See above for CONRED 5.9.13R | See above for CONRED 5.9.13R | |
See above for CONRED 5.9.13R | The detailed monthly report must include the following information in relation to complaints and professional representatives, such as a claims management company or a solicitor: (1) As of the date on which the lender starts to assess motor finance agreements in accordance with the first scheme step set out in CONRED 5.2.9R, the number of complaints: (a) in relation to which the consumer is represented by either: (i) a claims management company or a solicitor; or (ii) multiple professional representatives (including a claims management company and a solicitor); (b) where a final response has not been issued by the lender; and (c) that have been referred to the Financial Ombudsman Service and which the Financial Ombudsman Service has: (i) upheld; and (ii) rejected. (2) After the lender has completed the first and second scheme steps pursuant to CONRED 5.2.9R and CONRED 5.2.11R, the number of scheme cases (as reported in the baseline monthly report) where the consumer is represented by either: (a) a claims management company or a solicitor; or (b) multiple professional representatives (including a claims management company and a solicitor). | See above for CONRED 5.9.13R | See above for CONRED 5.9.13R | |
See above for CONRED 5.9.13R | The detailed monthly report must include the following information in relation to redress: (1) in relation to all motor finance agreements which are determined to be scheme cases at the first and second scheme steps pursuant to CONRED 5.2.9R and CONRED 5.2.11R: (a) the number of provisional redress decisions issued (in accordance with CONRED 5.2.9R(2)(e)(i) where the consumer obtained no redress because the lender did not identify a relevant arrangement; (b) the number of scheme cases where one of the following relevant arrangement exceptions applied: (i) the total amount of commission was £150 or less, as set out in CONRED 5.2.19R(2)(a); (ii) the annual percentage rate for the motor finance agreement was 0%, as set out in CONRED 5.2.19R(2)(b); (iii) in relation to a discretionary commission arrangement, the interest rate that applied under the motor finance agreement was the lowest rate of interest in the range of interest rates that could have been selected by the credit broker, as set out in CONRED 5.2.19R(3); and (iv) in relation to a tied arrangement, the exception for captive and white label relationships described in CONRED 5.2.20R applied; (2) in relation to all scheme cases which proceed to the third scheme step in CONRED 5.3.1R: (a) the number of provisional redress decisions issued under CONRED 5.3.20R(2)(a) where the lender determined there was not an unfair relationship in accordance with CONRED 5.3.1R(1) because: (i) there was adequate disclosure as described in CONRED 5.3.10R (by type of relevant arrangement, see CONRED 5.9.23R); (ii) the lender applied the consumer knowledge rebuttal set out in CONRED 5.3.14R(1); or (iii) the lender applied the unused tie rebuttal set out in CONRED 5.3.14R(2); (b) in relation to (2)(a), the number of provisional redress decisions where the consumer has objected to the decision within 1 month; (c) in relation to (2)(b), the number of cases where the lender accepted the consumer’s objection and proceeded to the next stage or step in the scheme pursuant to CONRED 5.3.27R(6); (d) the number of provisional redress decisions issued under CONRED 5.3.26R(2)(a) where the lender determined that the unfair relationship did not cause loss or damage to the consumer because the presumption was rebutted in accordance with CONRED 5.3.22R(1); (e) in relation to (2)(d), the number of provisional redress decisions where the consumer has objected to the decision within 1 month; (f) in relation to (2)(e), the number of cases where the lender accepted the consumer’s objection and proceeded to the next stage or step in the scheme pursuant to CONRED 5.3.27R(6); (3) in relation to all scheme cases which proceed to the fourth and fifth scheme steps in CONRED 5.4: (a) the number of provisional redress decisions issued under CONRED 5.4.36R(2) where the lender calculated the redress payable to the consumer: (i) using the commission repayment remedy methodology set out in CONRED 5.4.4R; or (ii) using the hybrid remedy methodology set out in CONRED 5.4.22R; (b) of the number reported for (3)(a)(ii), the number of decisions where redress has been capped under: (i) the adjusted commission plus interest cap, as set out in CONRED 5.4.19R; (ii) the adjusted realised cost of credit cap, as set out in CONRED 5.4.20R; or (iii) the total cost of credit cap, as set out in CONRED 5.4.21R; (4) the total number of redress determinations issued by the lender at any step of the scheme; (5) of the number reported for (4), the number of redress determinations (by type of relevant arrangement, see CONRED 5.9.23R)issued where the lender made no offer of redress; (6) of the number reported for (4), the number of redress determinations which were referred to the Financial Ombudsman Service and which the Financial Ombudsman Service: (a) rejected; or (b) upheld; (7) the total value of redress paid: (a) under this chapter, within 1 month of the acceptance of the redress determination, in accordance with deadline for payment in CONRED 5.4.38R(3); (b) under this chapter, outside of the 1-month deadline referred to in (7)(a); or (c) following an award by the Financial Ombudsman Service (8) the total value of redress offered by the lender but not accepted by the consumer. | See above for CONRED 5.9.13R | See above for CONRED 5.9.13R | |
See above for CONRED 5.9.13R | The detailed monthly report must also include the following information in relation to financial resources: (1) the value of redress not paid yet; (2) the total liquid assets held (cash and cash equivalent); (3) the net assets (or liability) position; (4) a 3-month forecast of the total liquid assets held (cash and cash equivalent); and (5) the amount of redress due that has neither been paid out nor provisioned for. | See above for CONRED 5.9.13R The notification requirement in this rule (CONRED 5.9.18R) does not apply to a dual-regulated firm.
| See above for CONRED 5.9.13R | |
See above for CONRED 5.9.13R | The detailed monthly report must also include the following information in relation to timeliness: (1) the number of provisional redress decisions (sent in accordance with CONRED 5.3.20R(2)(a) and CONRED 5.3.26R(2)(a)) that were issued: (a) within 4 weeks of starting the third scheme step; and (b) within 6 weeks of starting the third scheme step; (2) the number of provisional redress decisions (sent in accordance with CONRED 5.4.6R(2)(a) and CONRED 5.4.36R) that were issued: (a) within 4 weeks of starting the fourth scheme step; and (b) within 6 weeks of starting the fourth scheme step; (3) the number of consumer responses to provisional redress decisions that (in accordance with CONRED 5.3.27R(2), CONRED 5.3.27R(3) and CONRED 5.3.27R(4)(a)) were responded to in the third scheme step by the lender: (a) within a 7-day period beginning on the day the response was received; and (b) outside of the 7-day period in (3)(a), including: (i) the number of responses that were sent to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of responses that were sent to a consumer not represented by a professional representative, such as a claims management company or a solicitor; (4) the number of consumer responses to provisional redress decisions that (in accordance with CONRED 5.4.37R(2), CONRED 5.4.37R(3) and CONRED 5.4.37R(4)(a)) were responded to in the (fourth and fifth scheme steps in CONRED 5.4) by the lender: (a) within a 7-day period beginning on the day the response was received; and (b) outside of the 7-day period in (4)(a), including: (i) the number of responses that were sent to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of responses that were sent to a consumer not represented by a professional representative, such as a claims management company or a solicitor; (5) the number of redress determinations that (in accordance with CONRED 5.3.27R(5)(a) and CONRED 5.4.37R(5)) were: (a) where the lender received further details of the consumer’s objection to the provisional redress decision: (i) issued by the lender within 2 months of the day the lender received the further details from the consumer; and (ii) issued by the lender outside of the 2-month period in (5)(a)(i), including: (A) the number of redress determinations that were issued to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (B) the number of redress determinations that were issued to a consumer not represented by a professional representative, such as a claims management company or a solicitor. (b) where the lender received no further details of the consumer’s objection within 1 month of the lender’s acknowledgement requesting further details from the consumer: (i) issued by the lender within 2 months of the date of expiry of that 1-month period; and (ii) issued by the lender outside of the 2-month period in (5)(b)(i), including: (A) the number of redress determinations that were issued to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (B) the number of redress determinations that were issued to a consumer not represented by a professional representative, such as a claims management company or a solicitor; (6) the number of redress determinations that (in accordance with CONRED 5.3.27R(7) and CONRED 5.4.37R(6)) were sent by the lender when the consumer did not respond to the provisional redress decision within 1 month: (a) within 1 month of the expiry of that period; and (b) outside of the 1-month period in (6)(a); (7) the number of redress payments made under the scheme: (a) within 1 month of the consumer’s acceptance of a redress determination (or provisional redress decision in CONRED 5.4.37R(3); and (b) outside of the 1-month period in (7)(a). | See above for CONRED 5.9.13R | See above for CONRED 5.9.13R |
Handbook reference | Matters to be notified | Contents of notification | Trigger event | Time allowed |
Complaint received by a credit broker in relation to the subject matter of the scheme. | The consumer informed that the complaint has been forwarded to the lender. | Receipt by the credit broker of a complaint in relation to the subject matter of the scheme | n/a | |
Response by a credit broker to a lender’s request for information at the first and second scheme steps. | After a thorough search of its systems, the credit broker must respond to a lender by either: (1) providing the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirming that it does not hold the requested information. | Receipt by the credit broker of a request for information from a lender under CONRED 6.2.25R or CONRED 6.2.27R | Within 1 month of the request. Where the lender sends a further communication under CONRED 6.2.27R, within the further 14 days of that communication. | |
Response by a credit broker to a lender’s request for information at the third scheme step. | After a thorough search of its systems, the credit broker must respond to a lender by either: (1) providing the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirming that it does not hold the requested information. | Receipt by the credit broker of a request for information from a lender under CONRED 6.3.4R or CONRED 6.3.5R | Within 1 month of the request. Where the lender sends a further communication under CONRED 6.3.5R, within the further 14 days of that communication. | |
Response by a credit broker to a lender’s request for information for redress calculations. | The credit broker must comply with CONRED 6.2.28R, namely, after a thorough search, it must either: (1) provide the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirm that it does not hold the requested information. | Receipt by the credit broker of a request for information from a lender under CONRED 6.4.27R(2) | Within 1 month of the request. Where the lender sends a further communication under CONRED 6.4.28R, within the further 14 days of that communication. | |
Response by a credit broker to a competent person’s request for information. | After a thorough search of its systems, the credit broker must respond by either: (1) providing the requested information in the format requested or, if that is not reasonably practicable, a reasonable format; or (2) confirming that it does not hold the requested information. | Receipt by the credit broker of a request for information from a competent person under CONRED 6.5.4R or CONRED 6.5.5R | Within 1 month of the request under CONRED 6.5.4R, or, where a further communication is sent under CONRED 6.5.5R, within the further 14 days provided by that communication | |
Intention to implement any scheme steps during the implementation period, and identity of senior manager responsible | (1) whether the lender intends to implement any scheme steps during the implementation period; (2) name of the senior manager, or equivalent, responsible for oversight and overall delivery of the scheme; (3) contact details of that senior manager or equivalent. | Scheme effective date | Within 15 working days of the scheme effective date | |
Early start notification package | (1) date the lender intends to begin processing scheme cases under CONRED 6.2.1R; (2) one-off information set out in CONRED 6.9.6R; (3) scheme implementation plan containing the information set out in CONRED 6.9.7R; (4) forecast report containing the information set out in CONRED 6.9.9R. | Where the lender intends to implement any scheme steps before the end of the implementation period | No later than 15 working days before the lender begins identifying scheme cases under the first and second scheme steps | |
One-off information | (1) number of motor finance agreements in the lender’s starting population identified in accordance with CONRED 6.1.6R; (2) number of complaints relating to motor finance agreements received before the scheme effective date; (3) number of those complaints where complainants are represented by a professional representative, such as a claims management company or solicitor; (4) number of those complaints where complainants are represented by multiple professional representatives; (5) attestations from the senior manager responsible confirming that the lender has systems and controls to: (a) identify the starting population in accordance with CONRED 6.2.9R to 6.2.17R; (b) identify which of its own records and information are relevant to assessing motor finance agreements; and (c) obtain relevant records and information from third parties where these are not held by the lender. | None: notification required in all cases | Within 6 weeks of the scheme effective date | |
Scheme implementation plan | A scheme implementation plan including: (1) the lender’s plan for complying with its obligations under the scheme; (2) the lender’s policies and procedures addressing: (a) data collection, including when the lender will contact brokers and the name and firm reference number of each broker it will contact; (b) grouping of cases and cohort or group-based decisions about cases outside scope, time-barred cases, identifying relevant arrangements, captive and white label exceptions, use of rebuttals under CONRED 6.3.14R and 6.3.22R, and any full and final early settlement offers under CONRED 6.2.7R(1); (c) build and use of automated processes, including decision-making tools, redress calculators and payments; (d) outsourcing arrangements, including the name of the outsourcer, if any; (e) quality assurance of cases and outcomes; (f) preventing and detecting scams, including consumer identification and verification; and (g) cases involving multiple professional representatives; (3) whether the lender intends to apply for a waiver, including any request for extension of time. | None: notification required in all cases | At the same time as one-off information under CONRED 6.9.6R | |
Forecast report | (1) monthly forecast of the number of motor finance agreements to be processed, by type of relevant arrangement, until all required agreements have reached the end of the scheme; (2) number of agreements in the lender’s starting population; (3) number of full and final early settlement offers forecast to be issued under CONRED 6.2.7R(1); (4) number forecast to be excluded for exceeding the total amount of credit threshold; (5) number forecast to be time-barred; (6) number forecast to satisfy the conditions of a scheme case; (7) of those, number forecast to include one or more relevant arrangements, by type of relevant arrangement; (8) of those, number of cases where the lender intends to rely on: (a) the captive and white label exception; (b) rebuttal of the presumption of unfairness; or (c) rebuttal of the presumption of loss or damage; (9) number forecast to proceed to redress calculation, by type of relevant arrangement; (10) of those, number forecast to result in a £0 redress determination and number forecast to result in a determination of more than £0; and (11) cash flow forecast for redress payments and early settlement payments. The report must, where applicable, report separately on complaint cases. | None: notification required in all cases | Within 6 weeks of the scheme effective date, and every 3 months thereafter until all motor finance agreements that the lender must process have reached the end of the scheme | |
Baseline monthly report | The information required by CONRED 6.9.9R(2), reported as actual numbers rather than forecasts or estimates, for the month prior to the month of submission, and, where applicable, separately reported for the number of cases involving a complaint, regardless of whether the complaint was received before or after the scheme effective date. | End of the implementation period | Within 1 month of the end of the implementation period, and then each month no later than 1 month after the previous baseline monthly report, until the lender has completed the scheme steps for its entire population of scheme cases | |
Detailed monthly report | The information required by CONRED 6.9.14R to CONRED 6.9.20R, for the month prior to the month of submission. | End of the implementation period | Within 1 month of the end of the implementation period, and then each month no later than 1 month after the previous detailed monthly report, until the lender has completed the scheme steps for its entire population of scheme cases | |
See above for CONRED 6.9.13R | The detailed monthly report must include the following information in relation to consumer decision-making: (1) the number of cases where: (a) a consumer was invited to opt in to the scheme at the second scheme step (in accordance with CONRED 6.2.11R); (b) of the number in (a), the number of scheme cases where a consumer did not opt in within the 6-month deadline set out in CONRED 6.2.11R(2)(c)(ii); and (c) of the number in (a), the number of scheme cases where a consumer did opt in to the scheme (within the 6-month deadline); (2) in relation to all motor finance agreements that must be assessed by the lender: (a) the number of agreements in respect of which the lender sent a provisional redress decision at any step of the scheme; (b) of the number in (a), the number accepted by a consumer, including: (i) the number of decisions that were accepted by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of decisions that were accepted by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (c) of the number in (a), the number objected to by a consumer, including: (i) the number of decisions that were objected to by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of decisions that were objected to by a consumer not represented by a professional representative, such as a claims management company or a solicitor (d) of the number in (a), the number of which that were responded to by a consumer, confirming they wished to opt-out of the scheme, including: (i) the number of consumers represented by at least one professional representative, such as a claims management company or a solicitor, who wished to opt-out; and (ii) the number of consumers not represented by a professional representative, such as a claims management company or a solicitor, who wished to opt-out; (3) in relation to the number of full and final early settlement offers issued by the lender at any stage of the scheme (as reported in the baseline monthly report), the number of offers which were: (a) accepted by a consumer, including: (i) the number of acceptances by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of acceptances by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (b) rejected by a consumer, including: (i) the number of rejections by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of rejections by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (4) in relation to the number of redress determinations sent by the lender at any step of the scheme, the number which were: (a) accepted by a consumer, including: (i) the number of acceptances by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of acceptances by a consumer not represented by a professional representative, such as a claims management company or a solicitor; (b) rejected by a consumer, including: (i) the number of rejections by a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of rejections by a consumer not represented by a professional representative, such as a claims management company or a solicitor. | See above for CONRED 6.9.13R | See above for CONRED 6.9.13R | |
See above for CONRED 6.9.13R | The detailed monthly report must include, in relation to credit brokers and in relation to all motor finance agreements that the lender must assess, the number of agreements in respect of which: (1) the lender requested relevant records and information from a credit broker (in accordance with CONRED 6.2.25R and CONRED 6.3.4R); (2) the credit broker did not respond before the deadline of 1 month (in accordance with CONRED 6.2.28R and CONRED 6.3.6R); (3) the lender sent a further request for relevant records and information from a credit broker (in accordance with CONRED 6.2.27R and CONRED 6.3.5R); (4) the credit broker did not respond before the 14-day deadline (in accordance with CONRED 6.2.27R and CONRED 6.3.5R); (5) the lender relied on the insufficient information provisions in CONRED 6.2.13R before sending a provisional redress decision stating that no redress was due. | See above for CONRED 6.9.13R | See above for CONRED 6.9.13R | |
See above for CONRED 6.9.13R | The detailed monthly report must include the following information in relation to complaints and professional representatives, such as a claims management company or a solicitor: (1) As of the date on which the lender starts to assess motor finance agreements in accordance with the first scheme step set out in CONRED 6.2.9R, the number of complaints: (a) in relation to which the consumer is represented by either: (i) a claims management company or a solicitor; or (ii) multiple professional representatives (including a claims management company and a solicitor); (b) where a final response has not been issued by the lender; and (c) that have been referred to the Financial Ombudsman Service and which the Financial Ombudsman Service has: (i) upheld; and (ii) rejected. (2) After the lender has completed the first and second scheme steps pursuant to CONRED 6.2.9R and CONRED 6.2.11R, the number of scheme cases (as reported in the baseline monthly report) where the consumer is represented by either: (a) a claims management company or a solicitor; or (b) multiple professional representatives (including a claims management company and a solicitor). | See above for CONRED 6.9.13R | See above for CONRED 6.9.13R | |
See above for CONRED 6.9.13R | The detailed monthly report must include the following information in relation to redress: (1) in relation to all motor finance agreements which are determined to be scheme cases at the first and second scheme steps pursuant to CONRED 6.2.9R and CONRED 6.2.11R: (a) the number of provisional redress decisions issued (in accordance with CONRED 6.2.9R(2)(e)(i) where the consumer obtained no redress because the lender did not identify a relevant arrangement; (b) the number of scheme cases where one of the following relevant arrangement exceptions applied: (i) the total amount of commission was £120 or less, as set out in CONRED 6.2.19R(2)(a); (ii) the annual percentage rate for the motor finance agreement was 0%, as set out in CONRED 6.2.19R(2)(b); (iii) in relation to a discretionary commission arrangement, the interest rate that applied under the motor finance agreement was the lowest rate of interest in the range of interest rates that could have been selected by the credit broker, as set out in CONRED 6.2.19R(3); and (iv) in relation to a tied arrangement, the exception for captive and white label relationships described in CONRED 6.2.20R applied; (2) in relation to all scheme cases which proceed to the third scheme step in CONRED 6.3.1R: (a) the number of provisional redress decisions issued under CONRED 6.3.20R(2)(a) where the lender determined there was not an unfair relationship in accordance with CONRED 6.3.1R(1) because: (i) there was adequate disclosure as described in CONRED 6.3.10R (by type of relevant arrangement, see CONRED 6.9.23R); (ii) the lender applied the consumer knowledge rebuttal set out in CONRED 6.3.14R(1); or (iii) the lender applied the unused tie rebuttal set out in CONRED 6.3.14R(2); (b) in relation to (2)(a), the number of provisional redress decisions where the consumer has objected to the decision within 1 month; (c) in relation to (2)(b), the number of cases where the lender accepted the consumer’s objection and proceeded to the next stage or step in the scheme pursuant to CONRED 6.3.27R(6); (d) the number of provisional redress decisions issued under CONRED 6.3.26R(2)(a) where the lender determined that the unfair relationship did not cause loss or damage to the consumer because the presumption was rebutted in accordance with CONRED 6.3.22R(1); (e) in relation to (2)(d), the number of provisional redress decisions where the consumer has objected to the decision within 1 month; (f) in relation to (2)(e), the number of cases where the lender accepted the consumer’s objection and proceeded to the next stage or step in the scheme pursuant to CONRED 6.3.27R(6); (3) in relation to all scheme cases which proceed to the fourth and fifth scheme steps in CONRED 6.4: (a) the number of provisional redress decisions issued under CONRED 6.4.36R(2) where the lender calculated the redress payable to the consumer: (i) using the commission repayment remedy methodology set out in CONRED 6.4.4R; or (ii) using the hybrid remedy methodology set out in CONRED 6.4.22R; (b) of the number reported for (3)(a)(ii), the number of decisions where redress has been capped under: (i) the adjusted commission plus interest cap, as set out in CONRED 6.4.19R; (ii) the adjusted realised cost of credit cap, as set out in CONRED 6.4.20R; or (iii) the total cost of credit cap, as set out in CONRED 6.4.21R; (4) the total number of redress determinations issued by the lender at any step of the scheme; (5) of the number reported for (4), the number of redress determinations (by type of relevant arrangement, see CONRED 6.9.23R) issued where the lender made no offer of redress; (6) of the number reported for (4), the number of redress determinations which were referred to the Financial Ombudsman Service and which the Financial Ombudsman Service: (a) rejected; or (b) upheld; (7) the total value of redress paid: (a) under this chapter, within 1 month of the acceptance of the redress determination, in accordance with deadline for payment in CONRED 6.4.38R(3); (b) under this chapter, outside of the 1-month deadline referred to in (7)(a); or (c) following an award by the Financial Ombudsman Service (8) the total value of redress offered by the lender but not accepted by the consumer. | See above for CONRED 6.9.13R | See above for CONRED 6.9.13R | |
See above for CONRED 6.9.13R | The detailed monthly report must also include the following information in relation to financial resources: (1) the value of redress not paid yet; (2) the total liquid assets held (cash and cash equivalent); (3) the net assets (or liability) position; (4) a 3-month forecast of the total liquid assets held (cash and cash equivalent); and (5) the amount of redress due that has neither been paid out nor provisioned for. | See above for CONRED 6.9.13R. The notification requirement in this rule (CONRED 6.9.18R) does not apply to a dual-regulated firm. | See above for CONRED 6.9.13R | |
See above for CONRED 6.9.13R. | The detailed monthly report must also include the following information in relation to timeliness: (1) the number of provisional redress decisions (sent in accordance with CONRED 6.3.20R(2)(a) and CONRED 6.3.26R(2)(a)) that were issued: (a) within 4 weeks of starting the third scheme step; and (b) within 6 weeks of starting the third scheme step; (2) the number of provisional redress decisions (sent in accordance with CONRED 6.4.6R(2)(a) and CONRED 6.4.36R) that were issued: (a) within 4 weeks of starting the fourth scheme step; and (b) within 6 weeks of starting the fourth scheme step; (3) the number of consumer responses to provisional redress decisions that (in accordance with CONRED 6.3.27R(2), CONRED 6.3.27R(3) and CONRED 6.3.27R(4)(a)) were responded to in the third scheme step by the lender: (a) within a 7-day period beginning on the day the response was received; and (b) outside of the 7-day period in (3)(a), including: (i) the number of responses that were sent to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of responses that were sent to a consumer not represented by a professional representative, such as a claims management company or a solicitor; (4) the number of consumer responses to provisional redress decisions that (in accordance with CONRED 6.4.37R(2), CONRED 6.4.37R(3) and CONRED 6.4.37R(4)(a)) were responded to in the (fourth and fifth scheme steps in CONRED 6.4) by the lender: (a) within a 7-day period beginning on the day the response was received; and (b) outside of the 7-day period in (4)(a), including: (i) the number of responses that were sent to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (ii) the number of responses that were sent to a consumer not represented by a professional representative, such as a claims management company or a solicitor; (5) the number of redress determinations that (in accordance with CONRED 6.3.27R(5)(a) and CONRED 6.4.37R(5)) were: (a) where the lender received further details of the consumer’s objection to the provisional redress decision: (i) issued by the lender within 2 months of the day the lender received the further details from the consumer; and (ii) issued by the lender outside of the 2-month period in (5)(a)(i), including: (A) the number of redress determinations that were issued to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (B) the number of redress determinations that were issued to a consumer not represented by a professional representative, such as a claims management company or a solicitor. (b) where the lender received no further details of the consumer’s objection within 1 month of the lender’s acknowledgement requesting further details from the consumer: (i) issued by the lender within 2 months of the date of expiry of that 1-month period; and (ii) issued by the lender outside of the 2-month period in (5)(b)(i), including: (A) the number of redress determinations that were issued to a consumer represented by at least one professional representative, such as a claims management company or a solicitor; and (B) the number of redress determinations that were issued to a consumer not represented by a professional representative, such as a claims management company or a solicitor; (6) the number of redress determinations that (in accordance with CONRED 6.3.27R(7) and CONRED 6.4.37R(6)) were sent by the lender when the consumer did not respond to the provisional redress decision within 1 month: (a) within 1 month of the expiry of that period; and (b) outside of the 1-month period in (6)(a); (7) the number of redress payments made under the scheme: (a) within 1 month of the consumer’s acceptance of a redress determination (or provisional redress decision in CONRED 6.4.37R(3); and (b) outside of the 1-month period in (7)(a). | See above for CONRED 6.9.13R | See above for CONRED 6.9.13R |