What does conc mean in a court case?
CONC Concurrent : sentences to be served at the same time or to run together. CONS Consecutive: sentences to be served one after another. CWOF or CWF Continued without a finding: not considered a conviction.
What does conc stand for in finance?
Consumer Credit Sourcebook
What does conc consist of?
The FCA’s Consumer Credit Sourcebook (CONC) applies to all credit-related regulated activities, including consumer loans, credit cards, consumer hire, credit broking, and debt-related services.
Who is responsible for administering conc?
With effect from , the OFT was closed and its functions largely divided between the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA), which has assumed responsibility for regulating consumer credit (see ‘The FCA and principles-based regulation’ module).
When did conc come into force?
What is an approved person?
An ‘approved person’ is an individual who we approve to do one or more activities – what we call ‘controlled functions’ (senior management functions are a sub-set of controlled functions) – for an authorised firm. This person has to know and meet our regulatory requirements, as well as understand how we apply them.
What is consumer credit activity?
What are regulated consumer credit activities? These include activities such as entering into a regulated credit agreement as lender, credit broking, debt adjusting, debt counselling, debt collecting, debt administration, providing credit information services and providing credit references.
What are the FCA’s threshold conditions?
The PRA’s Threshold Conditions In broad terms, they require firms to have an appropriate amount and quality of capital and liquidity, to have appropriate resources to measure, monitor and manage risk, to be fit and proper, conduct their business prudently and be capable of being effectively supervised by the PRA.
How do you become FCA compliant?
To be approved to perform a controlled function, you must:satisfy the FCA that you can meet, and maintain, the criteria for approval (the Fit and Proper Test FCA) and then.perform that controlled function in line with a set of standards (the Statements of Principle and Code of Practice for Approved Persons (APER))
How long does it take to become FCA Authorised?
12 months
Do I need to be FCA Authorised?
Being authorised by the FCA (or registered with) is a mandatory requirement for any business that intends to carry out activities specified by the Regulated Activities Order 2001 or the Payment Services Regulations 2017. If your business fits one of these profiles, you must register.
What is FCA qualification?
Becoming FCA Qualified: An Overview The FCA is responsible for authorising and regulating financial firms and individuals in the UK. To become an FCA ‘approved person’, an individual must meet the requirements of the FCA’s ‘fit and proper’ test (a benchmark, not an exam), amongst other stipulations.
Who can apply for FCA?
Fellow Chartered Accountant (FCA) CA who has practiced the profession with any of the government or private commercial organizations for 5 years or more can apply for membership to ICAI. There is a level above ACA i.e. FCA. The Fellow Chartered Accountant can use FCA initials after his name.
Who has to be FCA regulated?
We are bound by the Financial Services and Markets Act 2000 (FSMA) to regulate certain financial activities. You’ll probably need to be authorised by us if you’re a financial services firm carrying on regulated activities, or if you’re a firm offering loans, car financing deals or other consumer credit.
What are the 4 main objectives of the FCA?
protect consumers – we secure an appropriate degree of protection for consumers. protect financial markets – we protect and enhance the integrity of the UK financial system. promote competition – we promote effective competition in the interests of consumers.
What powers does FCA have?
Our enforcement powers prohibiting individuals from carrying on regulated activities. suspending firms and individuals from undertaking regulated activities. issuing fines against firms and individuals who breach our rules or commit market abuse. issuing fines against firms breaching competition laws.
What is an FCA check?
An FCA Screening check is a background screening standard which is set out to determine a person’s honesty, integrity and reputation and confirm that they are ‘fit and proper’ for the role they are undertaking.
What is the FCA fit and proper test?
The fit and proper test is a benchmark we use to assess whether you are suitable to perform a controlled or senior management function (SMF), not an exam you have to pass. We approve an individual only when we are satisfied they are fit and proper to perform the SMFs that they have applied for.
What are financial checks?
A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. Checks are generally written against a checking account, but they can also be used to negotiate funds from a savings or other type of account.
What does the FCA and PRA do?
The FCA now acts as watchdog for the conduct of all regulated and authorised firms and individuals alike, whilst the PRA, under the watchful eye of the Bank of England (BoE) and Financial Policy Committee (FPC), will be responsible for prudential matters ensuring financial stability of the larger organisations.
