Responsible Lending & Affordability - What the FCA Expects

Introduction

As the compliance pendulum continues to swing towards consumer protection, it has become clear that it is majorly costly for firms who fail to manage their risks.

The impact on motor finance due to discretionary commissions is a clear example.

One major risk for firms is the quality of their affordability assessments which can be seen from the rise in challenges based on mis-lending.

The Consumer Duty continues to have an impact, with unaffordable lending a clear example of a breach of the cross-cutting rules.

Outcomes monitoring can help to draw out issues, so now is the time to reflect on the progress made to date, specifically the level to which the duty is truly embedded in your organisation’s culture and processes.

This new virtual classroom seminar focuses on the steps required to lend responsibly and the arrangements which monitor the success of such steps.

It is suitable for those with responsibility for lending procedures in firms, as well as senior managers in FCA regulated firms.

What You Will Learn

This live and interactive course will cover the following:

• CONC requirements in relation to creditworthiness
• Key messages and industry guidance relating to responsible lending
• The impact of the consumer duty
• How to form your own affordability assessments
• Examples of good/poor practices

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.