FCA Consumer Credit Sourcebook (CONC)
What is the FCA Consumer Credit Sourcebook (CONC)?
The FCA Consumer Credit Sourcebook (CONC) is a section of the FCA Handbook that sets out the rules and requirements for firms engaged in consumer credit activities in the United Kingdom.
Published by the Financial Conduct Authority, CONC defines how firms must conduct credit-related business, including lending, debt management, and credit broking, to ensure fair treatment of customers and regulatory compliance.
Who does CONC apply to?
CONC applies to all firms carrying out consumer credit-related regulated activities, including:
• Consumer credit lending
• Credit broking
• Debt counselling and debt adjusting
• Debt administration and debt collection
• Credit information and credit reference services
• Peer-to-peer lending platforms (electronic systems in relation to lending)
• Consumer hire agreements
CONC does not apply directly to appointed representatives. However, firms are responsible for the acts and omissions of appointed representatives operating under their authority.
What activities and rules are related to CONC?
Consumer credit firms must comply with additional parts of the FCA Handbook and related regulatory frameworks.
Key related sourcebooks include:
• Supervision Sourcebook (SUP)—Covers supervisory processes and regulatory reporting obligations
• Dispute Resolution: Complaints Sourcebook (DISP)—Defines requirements for handling customer complaints
• Client Assets Sourcebook (CASS)—Governs the handling of client money and assets
In addition, certain firms may be subject to requirements under the Prudential Regulation Authority (PRA) Rulebook.
What are the recordkeeping requirements under CONC?
CONC establishes recordkeeping requirements to ensure firms can demonstrate compliance and fair customer treatment.
Firms must maintain records such as:
• Customer communications, including information notices and confirmations
• Credit agreements and documentation
• Decision records, including evidence of approving or declining credit applications
• Customer interaction and transaction records
Records must be:
• Accurate and complete
• Retained for required periods
• Accessible for regulatory review
Strong recordkeeping is essential for audits, investigations, and dispute resolution.
Why CONC compliance matters?
Compliance with CONC helps firms:
• Ensure fair treatment of customers
• Reduce regulatory and enforcement risk
• Maintain accurate and auditable records
• Support complaint handling and dispute resolution
• Demonstrate accountability to regulators
Failure to comply can result in regulatory sanctions, fines, and reputational damage.
How Smarsh can help firms meet CONC requirements
Smarsh provides an AI-enabled communications compliance platform that helps firms meet CONC recordkeeping and supervision requirements.
With Smarsh, firms can:
• Capture every conversation. Archive communications across all your most important communications channels (email, messaging, voice, social, mobile) for complete visibility and compliance.
• Detect more real risk with AI. Use machine learning and customizable risk scenarios to surface suitability concerns, reduce false positives and flag misconduct faster.
• Customize and test supervision models. Build and refine risk detection logic with no-code tools like Scenario Builder and Scenario Evaluator.
• Scale with confidence. Trusted by global financial firms, Smarsh helps you meet regulatory expectations while managing growing communication volumes.