About the FCA Arrears Assessment Checklist
The Financial Conduct Authority (FCA) provides rules under handbook module CONC 7.2 regarding arrears and defaults. It states that clear, effective and appropriate arrears policies and procedures must be in place within any firm regulated under the Consumer Credit Act who take payments from customers. Such controls help to inform staff and customers of the rights, obligations and guidance in relation to financial difficulties.
The FCA Arrears Self Assessment Checklist contains 50 questions to audit your firm’s compliance with the CONC 7 requirements. Quickly identify gaps in your compliance and use the checklist responses to implement the appropriate actions. Our checklists are used by thousands of organisations to analyse gaps and self assess compliance with regulatory requirements.
We provide the UK’s largest range of FCA Templates. With over 6000 organisations using our products, we can help to accelerate your regulatory compliance.
The arrears checklist consists of 50 assessment questions across 10 main business areas: –
- Arrears & Default Overview
- Policies & Processes
- Training & Competency
- Internal Controls
- Written Materials
- Website Content
- Charges & Interest
- Affordability Assessments
- Management Information
- Audits & Monitoring
- Ready to Use Assessment – The checklist covers the main CONC arrears and defaults rules and requirements, aiding compliance with the FCA handbook. The assessment questions will improve your understanding of the regulatory standards and requirements when it comes to dealing with account defaults and customers in arrears. The checklist is ready to use, but also fully customisable for simple business integration.
- FCA Compliant – The arrears checklist criteria and questions have been developed using the CONC 7 requirements and the FCA’s guidance on arrears and defaults. Firms who have obligations under the Consumer Credit Sourcebook can use the checklist to aid compliance with their mandatory responsibilities. The arrears rules also tie in with FCA Principle 6 on customers’ interests and the fair treatment of those with financial difficulties.
- Straightforward Audits – There are no difficult to use dashboards or complicated formulas with our checklists. What you see is what you get! Simple to use, straightforward questions that will help you to assess your compliance with the mandatory regulations and standards.
- Gap Analysis – Our self assessment checklists are invaluable for carrying out gap analysis on essential regulatory business areas. Answering the questions will provide information on which areas are compliant and which need improvements.
- Market Leading Checklists – Thousands of organisations already use our checklists to assess their ongoing compliance. Delivered in a Excel format, our self assessment checklists are flexible and user-friendly. We also provide detailed instructions to guide you through using and customising the checklist tool.
- Developed by Experts – The team at Know Your Compliance Limited have been writing regulatory policies and checklists for nearly 20 years. Our compliance expertise means that you can accelerate your compliance audits and still save time and money.
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