What has changed?
On 1 April 2014, regulation of consumer credit in the UK passed from the Office of Fair Trading to the Financial Conduct Authority (FCA). As a result, consumer credit firms must:
- Comply with the relevant provisions of the FCA Handbook
- Ensure that they meet the FCA’s expectations in relation to staff awareness and training
Our new consumer credit suite of courses
To help you meet these two challenges, Eukleia Training has launched a new suite of e-learning courses specifically for UK consumer credit firms (including those who deal with hire purchase, credit card issuance, “short term, low cost” loans, pawn-broking, debt management/collection and debt advice).
‘All Change! Consumer Credit Regulation 2014’
The course, in modular format so that firms can select the areas of most interest to them, is suitable for employees who need to rapidly become familiar with the regulatory background; key FCA concepts like Treating Customers Fairly and the new requirements of the CONC Sourcebook, including financial promotions, affordability and specific rules for those firms now described as “short term, low cost” lenders.
It can be easily tailored to meet the needs of a specific firm and business model and covers four key topic areas:
- Being Regulated
- Key Concepts
- The New Rules
- Specialist Areas
It also references combating financial crime, where the regulator takes a more prescriptive approach than its predecessor, and client money requirements.
The course is written in straightforward language and avoids technical jargon. Learners have the opportunity to consolidate their knowledge through five sample case studies and an end of course assessment.
‘UK Consumer Credit Firms – Senior Management Responsibilities’
This course explains the regulatory expectations and responsibilities placed upon senior managers of consumer credit firms. It covers the key areas of the FCA Handbook, focusing specifically on risk and internal controls.
‘UK Consumer Credit Firms – The Role of Directors’
This short course is aimed specifically at the directors of consumer credit firms and summarises both their legal and regulatory responsibilities.
‘CCA – Primer’
This awareness course discusses the regulation of consumer credit activities and the steps firms need to take to meet the Financial Conduct Authority’s expectations in relation to consumer protection.