Related provisions for IFPRU 4.6.10

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PERG 4.17.1GRP
The cumulative effect of article 20(3) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (the 2013 Order) and Chapter 14A of Part 2 of the Regulated Activities Order is to essentially carve out regulated mortgage contracts from regulation under the CCA and from regulation as a credit-related regulated activity.11
PERG 4.17.4GRP
Unsecured loans are not subject to carve-out described above and may be regulated credit agreements for the purposes of the CCA and the credit-related regulated activities for which a person may need permission.121
PERG 4.17.15GRP
Article 17 of the 2013 Order has the effect that the controlled activity of providing relevant consumer credit for the purposes of the financial promotion regime does not include regulated mortgage contracts. 11
PERG 4.17.16GRP
For more detailed guidance concerning the application of1 the financial promotion regime to qualifying credit and relevant consumer credit1, see PERG 8.17.17 G.11
PERG 4.17.17GRP
2Whether a business decides that this chapter does or does not apply to its mortgage activities, it should go on to consider whether the activities are consumer credit regulated activities. PERG 2 has guidance on consumer credit regulated activities.
PERG 4.17.18GRP
2A number of Regulated Activities Order exclusions from the consumer credit regulated activities are relevant to lenders under loans secured on land. These include:(1) article 60C(2) (regulated mortgage contract is an exempt credit agreement, as summarised in PERG 2.7.19CG (1));(2) article 60C(3) (commercial lending, as summarised in PERG 2.7.19CG (2));(3) article 60D (loans secured on non-residential property, as summarised in PERG 2.7.19E G);(4) article 60F (loans with a limited
CONC 1.1.1GRP
(1) 1The Consumer Credit sourcebook (CONC) is the specialist sourcebook for credit-related regulated activities.(2) CONC applies as described in this chapter, unless the application of a chapter, section or a rule is described differently in the chapters, sections or rules in CONC.
CONC 1.1.2GRP
The purpose of CONC is to set out the detailed obligations that are specific to credit-related regulated activities and activities connected to those activities carried on by firms. These build on and add to the high-level obligations, for example, in PRIN, GEN and SYSC, and the requirements in or under the CCA.
CONC 1.1.3GRP
Firms are reminded that other parts of the FCA Handbook and PRA Handbook also apply to credit-related regulated activities. For example, the arrangements for supervising firms, including applicable reporting obligations, are described in the Supervision manual (SUP) and the detailed requirements for handling complaints are set out in the Dispute Resolution: Complaints sourcebook (DISP). The Client Assets sourcebook (CASS) also contains rules about client money that apply in certain
CONC 1.1.4GRP
The Principles for Businesses (PRIN) apply as a whole to firms with respect to credit-related regulated activities and ancillary activities in relation to credit-related regulated activities (see PRIN 3). In carrying on their activities, firms should pay particular attention to their obligations under: (1) Principle 1 (a firm must conduct its business with integrity);(2) Principle 2 (a firm must conduct its business with due skill, care and diligence);(3) Principle 3 (a firm must
PERG 8.17-A.1GRP
Section 21 of the Act applies to financial promotions in relation to relevant consumer credit and consumer hire. This section sets out guidance about such financial promotions.
PERG 8.17-A.4GRP
Providing relevant consumer credit is a controlled activity. This is defined as entering into a relevant credit agreement (other than an agreement under which qualifying credit is provided) as lender, or exercising or having the rights to exercise the rights of the lender under such an agreement.
PERG 8.17-A.8GRP
The controlled activities in PERG 8.17-A.6 G and PERG 8.17-A.7 G are substantially the same as the regulated activities of operating an electronic system in relation to lending, credit broking, debt adjusting and debt counselling (although 2an activity is not the controlled activity of credit broking to the extent that it constitutes the controlled activity of arranging qualifying credit). Guidance on these regulated activities is given in PERG 2.7.7E G (credit broking), PERG
PERG 8.17-A.9GRP
Financial promotions about relevant consumer credit or consumer hire are subject to the exemptions in Part IV of the Financial Promotion Order (Exempt communications: all controlled activities). A number of the exemptions in Part VI of the Financial Promotion Order (Exempt communications: certain controlled activities) also apply. Guidance on some of these (which apply to financial promotions about both qualifying credit and relevant consumer credit) is given in PERG 8.17.10 G
PERG 8.17-A.10GRP
(1) Article 46A of the Financial Promotion Order exempts a communication which relates to the controlled activities of operating an electronic system in relation to lending, providing relevant consumer credit or providing consumer hire. (2) This exemption applies only if the communication: (a) indicates clearly that a person is willing to engage in the investment activity for the purposes of another person's business; and (b) does not indicate (by express words or otherwise) that
CONC 12.1.1RRP
1This chapter applies to a firm with an interim permission.2
CONC 12.1.2GRP
The purpose of these rules is to provide that certain provisions of the Handbook or of a Regulatory Guide:3(1) that would otherwise apply to persons with an interim permission are not to apply; or(2) are to apply to those persons with the modifications specified in the table in CONC 12.1.4 R.
CONC 12.1.3RRP
The modules or parts of the modules of the appropriate regulator'sHandbook of rules and guidance or of a Regulatory Guide3 listed in the table in CONC 12.1.4 R to this chapter:(1) do not apply, to the extent set out in the table, to a person with an interim permission with respect to the carrying on of a credit-related regulated activity or operating an electronic system in relation to lending5; or (2) are to apply to such a person with respect to the carrying on of a credit-related
CONC 12.1.4RRP
Table: Disapplied or modified modules or provisions of the Handbook ModuleDisapplication or modificationSenior Management Arrangements, Systems and Control sourcebook (SYSC)[FCA]SYSC 6.1.4C R (requirement of debt management firm or credit repair firm to appoint a compliance officer) does not apply to a firm with an interim permission.SYSC 6.3.8 R (responsibility for anti-money laundering systems and controls) does not apply to a firm with only an interim permission.SYSC 6.3.9
DISP 2.3.1RRP
7The Ombudsman can consider a complaint under the Compulsory Jurisdiction if it relates to an act or omission by a firm in carrying on one or more of the following activities:(1) regulated activities (other than auction regulation bidding and administering a benchmark20);10(1A) payment services;7(1B) [deleted]1312(1C) CBTL business;14(2) [deleted]11261126(3) lending money secured by a charge on land;(4) lending money (excluding restricted credit where that is not a credit-related
DISP 2.3.2-AGRP
1126In accordance with article 11 of the Regulated Activities Amendment Order, the Ombudsman can also consider under the Compulsory Jurisdiction:(1) a relevant existing credit-related complaint referred to the Financial Ombudsman Service before 1 April 2014 which was formerly being dealt with under the Consumer Credit Jurisdiction; and(2) a relevant new credit-related complaint referred to the Financial Ombudsman Service on or after 1 April 2014 which relates to an act or omission
DISP 2.3.2ARRP
7The Ombudsman can consider a complaint under the Compulsory Jurisdiction if it relates to an act or omission by a payment service provider in carrying on:(1) payment services; or(2) credit-related regulated activities;11261126or any ancillary activities, including advice, carried on by the payment service provider in connection with them.
DISP 2.3.2BRRP
925The Ombudsman can consider a complaint under the Compulsory Jurisdiction if it relates to an act or omission by an electronic money issuer in carrying on:(1) issuance of electronic money; or(2) credit-related regulated activities;11261126or any ancillary activities, including advice, carried on by the electronic money issuer in connection with them.
CONC 2.2.1RRP
This section applies to a firm with respect to credit-related regulated activities.
CONC 2.2.3RRP
A firm must not carry on a credit-related regulated activity under a name which is likely to mislead customers about the status of the firm or the nature of its business, or in any other way.[Note: section 25(1AD) of CCA]
CONC 2.2.6RRP
(1) 3A firm must not enter into an agreement with a customer under which a charge is, or may become, payable for an optional additional product unless the customer has actively elected to obtain that specific product. (2) A firm must not impose a charge on a customer for an optional additional product under an agreement entered into on or after 1 April 2016 unless the customer actively elected to obtain that specific product before becoming bound to pay the charge.(3) A firm must
CONC 2.2.7GRP
3An example of an omission by a customer which is not to be regarded as an active election is the failure by the customer to change a default option such as a pre-ticked box on a website.
PERG 8.17.1GRP
Section 21 applies to financial promotions concerning agreements for qualifying credit and relevant consumer credit.4PERG 8.17.1A G to PERG 8.17.18 G has guidance about the treatment of financial promotionsconcerning agreements for qualifying credit. PERG 8.17-AG has guidance about financial promotions concerning relevant consumer credit.42424
PERG 8.17.1AGRP
Section 21 also applies to financial promotions concerning home reversion plans,3home purchase plans and regulated sale and rent back agreements3. Guidance on these activities and related financial promotions is given in PERG 14 (Guidance on home reversion, home purchase and regulated sale and rent back3activities).2
PERG 8.17.19GRP
4Rights under a relevant credit agreement are also a controlled investment. A relevant credit agreement is a credit agreement other than a regulated mortgage contract or a regulated home purchase plan. Entering into a relevant credit agreement as lender, or exercising or having the rights to exercise the rights of the lender under such an agreement, is a controlled activity under paragraph 10BA of Schedule 1 to the Financial Promotion Order, except where the agreement is for the
PERG 8.17.20GRP
4CONC 3 contains rules about financial promotions relating to credit-related regulated activity. CONC 3 does not apply, however, to the communication, or approval for communication, of a financial promotion to the extent it concerns qualifying credit. MCOB 3A5 applies to the communication or approval of a financial promotion of qualifying credit. This means that a financial promotion about credit will not usually be subject to both MCOB 3A5 and CONC 3 unless it is about secured
CONC 6.1.1RRP
1This chapter applies, unless otherwise stated in a rule, or in relation to a rule, to a firm with respect to consumer credit lending.
CONC 6.1.2GRP
(1) CONC 6.2, CONC 6.5 and CONC 6.7 apply to firms with respect to consumer credit lending.(2) CONC 6.3 applies to current account agreements that would be regulated credit agreements if the customer overdraws on the account.(3) CONC 6.4 and CONC 6.6 apply to firms which carry on consumer credit lending in relation to regulated credit agreements and firms which carry on consumer hiring in relation to regulated consumer hire agreements.(4) CONC 6.7.17 R to CONC 6.7.26 R also apply
CONC 15.1.1RRP
This chapter applies to:(1) a firm with respect to consumer credit lending in relation to regulated credit agreements secured on land; and (2) a firm with respect to credit broking in relation to credit agreements secured on land.
CONC 15.1.2GRP
Firms which carry on consumer credit lending or credit broking should comply with all rules which apply to that regulated activity in CONC and other parts of the Handbook. For example, CONC 7 applies to matters concerning arrears, default and recovery (including repossession) and applies generally, including to agreements to which this chapter applies. This chapter sets out specific additional requirements and guidance that apply in relation to credit agreements secured on land
CONC 15.1.5RRP
In good time before a credit agreement is made and, where section 58 applies, before an unexecuted agreement is sent to the customer for signature a firm must:(1) disclose key contract terms and conditions of the prospective credit agreement;(2) disclose any features of the prospective credit agreement which carry a particular risk to the customer;(3) inform the customer of the consequences of missing payments or of making underpayments, including the imposition of default charges,
DISP 1.10.1RRP
616(1) Unless (2) applies, twice a year a firm must provide the FCA with a complete report concerning complaints received from eligible complainants.10616(2) If a firm has permission to carry on only credit-related regulated activities or operating an electronic system in relation to lending and has revenue arising from those activities that is less than or equal to £5,000,000 a year, the firm must provide the FCA with a complete report concerning complaints received from eligible
DISP 1.10.1-AGRP
A firm with only a limited permission to whom DISP 1.10.1R(1) and (2) do not apply is required to submit information to the FCA about the number of complaints it has received in relation to credit-related activities under the reporting requirements in SUP 16.12 (see, in particular, data item CCR007 in SUP 16.12.29CR). A firm with limited permission to whom DISP 1.10.1R (1) and (2) do not apply is also subject to the complaints data publication rules in DISP 1.10A.10616
DISP 1.10.4ARRP
If a firm has permission to carry on only credit-related regulated activities or operating an electronic system in relation to lending and has revenue arising from those activities that is less than or equal to £5,000,000 a year, the relevant reporting period is the year immediately following the firm'saccounting reference date.10
CONC 1.2.1RRP
Subject to CONC 1.2.8R and MCOB 14.1.5R, 2CONC applies to a firm with respect to carrying on credit-related regulated activities and connected activities, unless otherwise stated in, or in relation to, a rule.1
CONC 1.2.4GRP
The credit-related regulated activities comprise consumer credit lending, credit broking, debt counselling, debt adjusting, debt administration, debt collecting, providing credit information services, providing credit references, operating an electronic system in relation to lending (but, other than in FEES and SUP, only insofar as it relates to a borrower or prospective borrower under a P2P agreement)1 and consumer hiring.
CONC 1.2.8RRP
2Subject to CONC 1.2.10R:(1) the following provisions of CONC apply to an MCD article 3(1)(b) creditor and to an MCD article 3(1)(b) credit intermediary:(a) CONC 1.2 and CONC 1.3 (application and purpose and guidance on financial difficulties); (b) CONC 2.2 (general principles for credit-related regulated activities);(c) CONC 2.7 (distance marketing);(d) CONC 2.8 (e-commerce); and(e) CONC 2.9 (prohibition of unsolicited credit tokens);(2) the following provisions of CONC additionally
CONC 5.1.1RRP
This chapter applies to a firm with respect to consumer credit lending, unless otherwise stated in, or in relation to, a rule.
CONC 2.1.1GRP
1This chapter applies as stated in the sections which follow.
FEES 3.1.6GRP
Applications for Part 4A permission (and exercises of Treaty rights) other than in respect of credit-related regulated activities7 are categorised by the 9FCA for the purpose of fee raising as straightforward, moderately complex and complex7 as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the 9FCA's risk assessment of the applicant (or Treaty firm).979
FEES 3.1.8AGRP
Application fees for applications for and variations of Part 4A permission in respect of credit-related regulated activities are also set out in FEES 3 Annex 1F. Applications for Part 4A permission in respect of credit-related regulated activities are categorised by the 9FCA for the purposes of fee raising as straightforward, moderately complex and complex as identified in FEES 3 Annex 1, unless the application is for a limited permission.799[Note: PRA-authorised persons may also
FEES 13.2.4RRP
The amount payable by a firm with respect to a particular activity group is calculated as follows:(1) for a firm in activity group CC1, a £5 flat rate is the amount payable by the firm with respect to that activity group;(2) for a firm in activity group CC2:(a) up to and including £250,000 consumer credit income: £10 is the amount payable by the firm with respect to that activity group; and(b) over £250,000 consumer credit income: £10 + £0.2021 per £ thousand or part £ thousand
SUP 8A.2.1GRP
Under section 60(3) of the CCA, if, on an application made to the FCA by a firm carrying on a consumer credit business or a consumer hire business, it appears to the FCA impracticable for the firm to comply with any requirement of the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) or the Consumer Credit (Agreements) Regulations (SI 2010/1014) in a particular case, it may direct that the requirement be waived or varied in relation to the regulated agreement and subject
SUP 8A.2.3GRP
An application may be made under section 60(3) of the CCA only if it relates to: (1) a consumer credit agreement secured on land; or(2) a consumer credit agreement under which a person takes an article in pawn; or(3) a consumer credit agreement under which the creditor provides the debtor with a credit that exceeds £60,260; or(4) a consumer credit agreement entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on,
CONC 7.1.1RRP
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.
CONC 7.1.2GRP
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.
SUP 16.10.4ARRP
(1) A firm other than: 88(a) a credit union; or8(b) an FCA-authorised person with permission to carry on only credit-related regulated activity;8must submit any corrected firm details13 under SUP 16.10.4R (3) using the appropriate online systems available from the FCA’s website.9816161677(2) A credit union or a firm with permission to carry on only credit-related regulated activity8must submit any corrected firm details13 under SUP 16.10.4R (3):12161616(a) to 14firm.details@fca.org.uk
MCOB 1.3.1ARRP
(1) 7The provisions of MCOB listed in MCOB 1.3.1AR(2) apply to a UKfirm where it carries on MCD credit intermediation activity for a customer who is resident in another EEA State through an establishment maintained by the firm in that State.(2) The provisions mentioned in MCOB 1.3.1AR(1) are:(a) MCOB 2A.1.1R(2);(b) MCOB 2A.1.4R;(c) MCOB 2A.2.1R and 2A.2.2G; and(d) MCOB 7.6.28R.[Note: article 34(2) of the MCD]
MCOB 1.3.1BRRP
(1) 7The application of MCOB to an incoming EEA firm that is an MCD credit intermediary is modified to the extent necessary to be compatible with European law.(2) MCOB 1.3.1BR(1) overrides every other rule in this sourcebook.[Note: article 34 of the MCD]