Home FCA Handbook CONC CONC 7 CONC 7.5 Pursuing and recovering repayments
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CONC 7.5 Pursuing and recovering repayments

01/04/2014G
  1. (1)

    Failure to comply with CONC 6.5.2 R, which sets out when a firm must give notice to a customer where a regulated credit agreement has been assigned to a third party, will be taken into account by the FCA in taking decisions about a firm's permission or about taking other action.

    [Note: paragraph 3.7g of DCG]

  2. (2)

    CONC 6.5.2 R makes it clear that where arrangements for servicing the credit change at the time of the assignment of a regulated credit agreement, notice must be given to the customer as soon as reasonably possible. A firm should give notice as required under that rule in order that any change should not adversely impact on a customer's existing repayment arrangements. In addition, if arrangements for servicing the debt otherwise change so far as the customer is concerned, the firm should notify the customer on or before that change.

    [Note: paragraph 3.7h of DCG]

01/04/2014R

A firm must not pursue an individual whom the firm knows or believes might not be the borrower or hirer under a credit agreement or a consumer hire agreement.

[Note: paragraph 3.5f of DCG]

01/04/2014R

A firm must not ignore or disregard a customer's claim that a debt has been settled or is disputed and must not continue to make demands for payment without providing clear justification and/or evidence as to why the customer's claim is not valid.

[Note: paragraph 3.7o of DCG]

01/04/2014R

A firm acting on behalf of a lender or owner must, unless the firm has authority from the lender or owner to accept such an offer, refer a reasonable offer by the customer to pay by instalments to the lender or owner.

[Note: paragraph 3.9f of DCG]

01/04/2014R

A firm acting on behalf of a lender or owner must pass on payments received from a customer and/or details of a customer's outstanding balance to the lender or owner in a timely manner or, provided the effect of the agreement does not impact adversely on the customer, in accordance with an agreement between the firm and lender or owner in question

[Note: paragraph 3.9g of DCG]

01/04/2014G

A timely manner in CONC 7.5.5 R would normally be within five working days of receipt of payment by the firm.

[Note: paragraph 3.9g of DCG]