This eLearning course provides detailed training on the financial promotions requirements that apply specifically to consumer credit, as set out in the FCA's Consumer Credit sourcebook (CONC). Consumer credit promotions are subject to additional rules beyond the general financial promotions requirements, reflecting the particular risks that credit products pose to consumers and the potential for harm if promotions are misleading or inadequate.
The course begins by explaining the regulatory framework for consumer credit promotions, including how CONC supplements the broader financial promotions rules in COBS. It covers the specific requirements around the disclosure of credit information, including the requirement to include a representative APR in credit advertising, the rules on how interest rates and credit charges must be presented, and the requirement for standard risk warnings.
The training addresses the rules around specific types of credit promotion, including those for credit cards, personal loans, hire purchase agreements, and peer-to-peer lending. It covers the requirements around prominence — ensuring that key information is not obscured by other content — and the rules around the use of examples and comparisons in credit promotions.
The course also covers the approval and sign-off process for consumer credit promotions, the record-keeping obligations, and the consequences of non-compliance, including FCA enforcement action and the requirement to withdraw or amend non-compliant promotions. Upon completion, learners will understand the CONC financial promotions requirements and be able to ensure that their consumer credit promotions comply with the rules.
