CONC 5.4 Conduct of business: credit brokers

This section applies to a firm with respect to credit broking.

1. (1)

   In giving explanations or advice, or in making recommendations, a firm must pay due regard to the customer's needs and circumstances.

2. (2)

   In complying with (1) a firm must pay due regard to whether the credit product is affordable and whether there are any factors that the firm knows, or reasonably ought to know, that may make the product unsuitable for that customer.

   [Note: paragraphs 4.32 to 4.36 of CBG]

A firm which undertakes to search the product market or a part of it before effecting an introduction must, before doing so, search the product market to the extent stated to the customer.

[Note: paragraph 4.41j of CBG]