Introduction to debt management and not-for-profit firms
Introduction to debt management and not-for-profit firms

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Introduction to debt management and not-for-profit firms
  • Debt management regulation
  • What is a debt management firm?
  • Debt management firm
  • A not-for-profit debt advice body
  • Supervisory approach
  • Prudential standards for debt management firms (CONC 10)
  • Determining the prudential resources requirements for debt management firms
  • Client money requirements for debt management firms (CASS 11)
  • Complaints handling

Introduction to debt management and not-for-profit firms

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Debt management regulation

This Practice Note examines the fundamental principles and regulatory requirements of the regulated activity of debt management applicable to debt management firms and not-for-profit organisations, with emphasis on the requirements of Financial Conduct Authority (FCA) Consumer Credit Sourcebook (CONC), CONC 8, 10 and 14.

The purpose of CONC is to set out the detailed obligations that are specific to all credit related regulated activity and any ancillary activities connected to those regulated activities, that are carried on by firms. CONC builds the high-level obligations contained in the FCA Sourcebooks for Principles for Business (PRIN), General Provisions (GEN) and Systems and controls (SYSC), and the requirements under the Consumer Credit Act 1974 (CCA 1974). In relation to debt management firms and not-for-profit bodies, CONC introduces:

  1. approved persons requirements (APER)—for further information on approved persons see: SIF interviews and FCA—Statements of Principle and Code of Practice

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