Related provisions for CONC 5A.2.11

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CONC 5A.3.7RRP
The amount of credit provided under an agreement for high-cost short-term credit for the purposes of CONC 5A.3.3 R (Initial cost cap) is the amount of credit outstanding on the day in question under the agreement, disregarding for the purposes of that rule the effect of the borrower discharging all or part of the borrower's indebtedness in accordance with section 94 of the CCA (right to complete payments ahead of time) by repayment of credit before the date provided for in the
CONC 5A.3.10RRP
A firm must not impose one or more charges by way of an agreement that varies or supplements an earlier agreement for high-cost short-term credit if the amount of the charge or charges payable by the borrower taken together with such charges imposed under the earlier agreement or in a connected agreement to any of those agreements, exceed or are capable of exceeding the amount of credit provided (determined in accordance with CONC 5A.3.6 R) under the combined effect of the varying
CONC 5A.3.11RRP
A firm must not impose one or more charges by exercising a contractual power to vary or supplement an agreement for high-cost short-term credit if the amount of the charge or charges payable by the borrower taken together with such charges imposed under the agreement or in a connected agreement to that agreement, exceed or are capable of exceeding the amount of credit provided (determined in accordance with CONC 5A.3.6 R) under the agreement as varied or supplemented.
CONC 5A.3.12RRP
A firm must not impose one or more charges in connection with a breach of the agreement by the borrower by way of an agreement that varies or supplements an earlier agreement for high-cost short-term credit if the amount of the charge or charges payable by the borrower, taken together with such charges imposed under the earlier agreement or in a connected agreement to any of those agreements, exceed or are capable of exceeding £15.
CONC 5A.3.13RRP
A firm must not impose one or more charges in connection with a breach of the agreement by the borrower by exercising a contractual power to vary or supplement an agreement for high-cost short-term credit if the amount of the charge or charges payable by the borrower, taken together with such charges imposed under the agreement or in a connected agreement to any of those agreements, exceed or are capable of exceeding £15.
CONC 5A.3.14RRP
A firm must not impose one or more charges under an agreement for high-cost short-term credit that replaces an earlier agreement for high-cost short-term credit if the charge or charges under the replacement agreement, taken together with the charges under the earlier agreement or a connected agreement to any of those agreements, exceed or are capable of exceeding the amount of credit provided (determined in accordance with CONC 5A.3.6 R) under the combined effect of the replacement
CONC 5A.3.15RRP
A firm must not impose one or more charges in connection with a breach of the agreement by the borrower under an agreement for high-cost short-term credit that replaces an earlier agreement for high-cost short-term credit if the charge or charges under the replacement agreement payable by the borrower, taken together with such charges imposed under the earlier agreement or in a connected agreement to any of those agreements, exceed or are capable of exceeding £15.
CONC 5A.3.17RRP
A firm must not count any amount provided to the borrower to repay any amount of credit outstanding under an earlier agreement for high-cost short-term credit or any amount provided to pay any charge outstanding under the earlier agreement: (1) in calculating the amount of credit provided for the purposes of CONC 5A.3.10 R, CONC 5A.3.11 R or CONC 5A.3.14 R; or (2) where the firm replaces an earlier agreement for high-cost short-term credit, in calculating the amount of credit
CONC 5A.3.18RRP
A firm must not impose, on a borrower under an agreement for high-cost short-term credit: (1) one or more charges payable by the borrower in connection with a breach of the agreement by the borrower, which charges alone or in combination (and whether in relation to one breach or in combination relate to multiple breaches of the agreement) exceed or are capable of exceeding £15;(2) a charge by way of interest on a charge of a type in (1) that exceeds or is capable of exceeding
CONC 5A.3.20RRP
Where a borrower or a prospective borrower pays a charge: (1) to a firm, that carries on or has carried on credit broking in relation to an agreement or prospective agreement for high-cost short-term credit, which is in the same group as the firm which is to provide, provides or has provided credit under the agreement for high-cost short-term credit; or (2) to a firm, that carries on or has carried on credit broking in relation to an agreement or prospective agreement for high-cost
CONC 5A.3.23GRP
Where an agreement passes to another firm by assignment or by operation of law, any charges imposed in connection with the provision of credit under the agreement for high-cost short-term credit before the agreement passed to the firm are included within the charges referred to in CONC 5A.3.
CONC 5A.3.24RRP
A firm must not impose a charge under an agreement for high-cost short-term credit, which provides for a charge by way of interest, unless the charge is by way of simple interest.
CONC 5A.4.2RRP
A firm must not facilitate an individual becoming a borrower under an agreement for high-cost short-term credit that provides for the payment by the borrower of one or more charges that, alone or in combination with any other charge under the agreement or a connected agreement, exceed or are capable of exceeding the amount of credit provided under the agreement.
CONC 5A.4.3RRP
A firm must not facilitate an individual becoming a borrower under an agreement for high-cost short-term credit that provides for the payment by the borrower of one or more charges that, alone or in combination with any other charge under the agreement or a connected agreement, exceed or are capable of exceeding 0.8% of the amount of credit provided under the agreement calculated per day from the date on which the borrower draws down the credit until the date on which repayment
CONC 5A.4.7RRP
The amount of credit provided under an agreement for high-cost short-term credit for the purposes of CONC 5A.4.3 R (Initial cost cap) is the amount of credit outstanding on the day in question under the agreement, disregarding for the purposes of that rule the effect of the borrower discharging all or part of the borrower's indebtedness in accordance with section 94 of the CCA (right to complete payments ahead of time) by repayment of credit before the date provided for in the
CONC 5A.4.10RRP
A firm must not facilitate an individual becoming a borrower under an agreement for high-cost short-term credit that replaces an earlier agreement for high-cost short-term credit if the replacement agreement provides for the payment by the borrower of one or more charges that, taken together with the charges under the earlier agreement or a connected agreement to any of those agreements, exceed or are capable of exceeding the amount of credit provided (determined in accordance
CONC 5A.4.11RRP
A firm must not facilitate an individual becoming a borrower under an agreement for high-cost short-term credit that replaces an earlier agreement for high-cost short-term credit if the replacement agreement provides for the payment by the borrower of one or more charges in connection with a breach of the agreement by the borrower that, taken together with such charges provided for by the earlier agreement or in a connected agreement to any of those agreements, exceed or are capable
CONC 5A.4.12RRP
If the effect of a replacement agreement is to repay an amount outstanding under an earlier agreement for high-cost short-term credit before the date on which the earlier agreement requires repayment, any charge imposed under the earlier agreement which never becomes payable as a result of the early settlement is disregarded for the purposes of CONC 5A.4.10 R.
CONC 5A.4.13RRP
No amount is to be counted which is provided to the borrower to repay any amount of credit outstanding under an earlier agreement for high-cost short-term credit or any amount provided to pay any charge outstanding under the earlier agreement: (1) in calculating the amount of credit provided for the purposes of CONC 5A.4.10 R; or (2) where an earlier agreement for high-cost short-term credit is replaced, in calculating the amount of credit provided for the purposes of CONC 5A.4.3
CONC 5A.4.14RRP
A firm must not facilitate an individual becoming a borrower under an agreement for high-cost short-term credit if: (1) it provides for one or more charges payable by the borrower in connection with a breach of the agreement by the borrower, which alone or in combination (and whether in relation to one breach or cumulatively in relation to multiple breaches of the agreement) exceed or are capable of exceeding £15; or(2) it provides for the payment by the borrower of interest
CONC 5A.4.16RRP
Where a borrower or a prospective borrower pays a charge: (1) to a firm, that carries on or has carried on credit broking in relation to an agreement or prospective agreement for high-cost short-term credit, which is in the same group as the firm which is to facilitate, facilitates or has facilitated the provision of credit under the agreement for high-cost short-term credit; or (2) to a firm, that carries on or has carried on credit broking in relation to an agreement or prospective
CONC 5A.4.17RRP
Where a person imposes, on a borrower or a prospective borrower under an agreement for high-cost short-term credit, a charge for an ancillary service to the agreement, the reference to a charge in CONC 5A.4.2 R (Total cost cap), CONC 5A.4.3 R (Initial cost cap) and CONC 5A.4.14 R (Default cap) includes this charge and, if the charge is not provided for under the agreement for high-cost short-term credit, the agreement providing for the charge is a connected agreement.
CONC 5A.4.19RRP
A firm must not facilitate an individual becoming a borrower under an agreement for high-cost short-term credit which provides for a charge by way of interest, unless the charge is by way of simple interest.
CONC 5A.2.10RRP
A firm must not enter into an agreement for high-cost short-term credit that replaces an earlier agreement for high-cost short-term credit if the replacement agreement provides for the payment by the borrower of one or more charges that, taken together with the charges under the earlier agreement or a connected agreement to any of those agreements, exceed or are capable of exceeding the amount of credit provided (determined in accordance with CONC 5A.2.6 R) under the combined
CONC 5A.2.12RRP
If the effect of a replacement agreement is to repay an amount outstanding under an earlier agreement for high-cost short-term credit before the date on which the earlier agreement requires repayment, any charge imposed under the earlier agreement which never becomes payable as a result of the early settlement is disregarded for the purposes of CONC 5A.2.10 R.
CONC 5A.2.13RRP
A firm must not count any amount provided to the borrower to repay any amount of credit outstanding under an earlier agreement for high-cost short-term credit or any amount provided to pay any charge outstanding under the earlier agreement: (1) in calculating the amount of credit provided for the purposes of CONC 5A.2.10 R; or (2) where the firm replaces an earlier agreement for high-cost short-term credit, in calculating the amount of credit provided for the purposes of CONC
CONC 5A.2.14RRP
A firm must not enter into an agreement for high-cost short-term credit if: (1) it provides for one or more charges payable by the borrower in connection with a breach of the agreement by the borrower, which alone or in combination (and whether in relation to one breach or cumulatively in relation to multiple breaches of the agreement) exceed or are capable of exceeding £15; or(2) it provides for the payment by the borrower of interest on a charge of a type in (1) that exceeds
CONC 5A.2.19RRP
A firm must not enter into an agreement for high-cost short-term credit, which provides for a charge, by way of interest, other than a charge by way of simple interest.
CONC 6.7.20RRP
Before a firm agrees to refinance high-cost short-term credit, it must: (1) give or send an information sheet to the customer; and(2) where reasonably practicable to do so, bring the sheet to the attention of the customer before the refinance;in the form of the arrears information sheet issued by the FCA referred to in section 86A of the CCA with the following modifications:(3) for the title and first sentence of the information sheet substitute:“High-cost short-term loansFailing
CONC 6.7.22GRP
A firm should not allow a customer to enter into consecutive agreements with the firm for high-cost short-term credit if the cumulative effect of the agreements would be that the total amount payable by the customer is unsustainable.[Note: paragraph 6.25 (box) of ILG]
CONC 5A.1.2GRP
(1) A variation or supplement of, or an exercise of a contractual power to vary or supplement, an agreement for high-cost short-term credit made before 2 January 2015 will be covered by this chapter if it has the result that a new charge, or an increase in an existing charge, is payable. (2) An example of where a charge results from a variation or supplement is where the duration of an agreement made before 2 January 2015 is extended and a further charge by way of interest or
CONC 5A.1.5GRP
In accordance with that duty, the purpose of this chapter is:(1) to specify the descriptions of regulated credit agreement appearing to the FCA to involve the provision of high-cost short-term credit to which this chapter applies by using the definition of high-cost short-term credit set out in the Glossary;(2) to secure an appropriate degree of protection for borrowers against excessive charges; and (3) as a result, to restrict the charges for such high-cost short-term credi
CONC 5A.1.6GRP
Examples of the sorts of charge (which expression is defined in CONC 5A.6) applied in connection with the provision of credit covered by this chapter include, but are not limited to:(1) interest on the credit provided;(2) a charge related to late payment by, or default of, the borrower;(3) a charge related to the transmission of credit or for using a means of payment to or from the borrower;(4) a charge related to early repayment, or refinancing or changing the payment date or
CONC 5A.5.2RRP
Where:(1) a firm enters into an agreement for high-cost short-term credit in contravention of a rule in CONC 5A.2; or(2) a firm facilitates an individual becoming a borrower under an agreement for high-cost short-term credit in contravention of a rule in CONC 5A.4; or(3) a firm within CONC 5A.5.1 R (1) imposes a charge in contravention of a rule in CONC 5A.3; or(4) a firm within CONC 5A.5.1 R (4) imposes a charge on behalf of a lender in contravention of a rule in CONC 5A.3; or(5)
CONC 5A.5.3RRP
Where an agreement for high-cost short-term credit provides for or imposes one or more charges that alone or in combination exceed or are capable of exceeding an amount set out in CONC 5A.2 or CONC 5A.3:(1) the agreement is unenforceable against the borrower to the extent that such a charge or such charges exceed or are capable of exceeding that amount; and (2) the borrower may choose not to perform the agreement to that extent and if that is the case at the written or oral request
CONC 7.6.13RRP
(1) Where:(a) high-cost short-term credit provides for repayment in instalments; and(b) a firm has on two previous occasions made a payment request, under a continuous payment authority, to collect (in whole or in part) the same instalment due under the agreement, which have been refused;subject to (3) and (4), the firm must not make a further payment request under the continuous payment authority to collect that instalment.(2) The firm must not make a further payment request
CONC 5A.6.1RRP
In this chapter: (1) "ancillary service" is a service in connection with the provision of credit under the agreement for high-cost short-term credit and includes, but not limited to, an insurance or payment protection policy;(2) "borrower" is an individual and includes: (a) any person providing a guarantee or indemnity under the regulated credit agreement; and (b) a person to whom the rights and duties of the borrower under the regulated credit agreement or of a person falling
CONC 5A.6.2GRP
The meaning of the expression "impose one or more charges on a borrower under an agreement for high-cost short-term credit" is set out in CONC 5A.6.1 R (5). The meaning of "impose" in relation to a charge in this chapter is broad and includes, but is not limited to, situations including where a firm:(1) enters into an agreement containing a clause obliging the borrower to pay a charge;(2) varies or supplements an agreement and this has the result that there is:(a) an increase
CONC 4.2.15RRP
The following information must be provided by the lender or a credit broker as part of, and in addition to that provided under, the adequate explanation required by CONC 4.2.5 R, where applicable, in the specified cases: (1) for credit token agreements:(a) different rates of interest and different charges apply to different elements of the credit provided (for example, a higher cost of withdrawing cash);(b) the implications of only making minimum repayments; (c) interest rates
CONC 4.6.2RRP
(1) Before entering into a regulated credit agreement or regulated consumer hire agreement, or before a P2P agreement is entered into, under which the customer may grant a continuous payment authority, the firm must provide the customer with an adequate explanation of the matters in (2).(2) The matters referred to in (1) are:(a) what a continuous payment authority is and how it works;(b) how the continuous payment authority will be applied by the firm, including where the firm