CONC Consumer Credit Sourcebook Assessment

Consumer Credit Sourcebook Assessment Quiz

Please be advised you are required to achieve an 80% pass to successfully complete this assessment.

Question Title

Name

Question Title

Which of the following breach the clear, fair and not misleading rules? (select 3 answers)

A manager helping to fabricate endorsements and testimonials for our website

Carrying out a full assessment of a customers financial position when they enquire about a loan

An online calculator saying how much a customer could borrow without any assessment of the customer's financial position

A lender rescheduling repayments due to arrears but not mentioning the customer would have to pay back more in the long term

Question Title

Consumers have the right to cancel which of the following agreements? (select 2 answers)

A credit card agreement signed in your own home

A consumer hire agreement

An agreement exceeding £60,260

A payday loan

None of the above

Question Title

What is CONC?

CONC is a set of rules that only applies to regulated firms

CONC is a set of standards that applies to all firms engaging in credit-related regulated activities

CONC is a rigid rulebook that applies to all firms whether they engage in credit-related activities or not

Question Title

What information must be provided with Pre-Contract information? (select 3 answers)

How much the customer is expected to pay in instalments and in total under the agreement

Consequences of failing to make payments under the terms of the agreement

The number of customers taking out similar loans

Cancellation rules that apply

General contact details for pay-outs

Question Title

What does CONC stand for?

Consumer Credit Sourcebook

Consumer Credit Survey

Continual Credit Services

Question Title

An account manager tells a customer that specific financial promotion is only available until the end of the week. How do you assess this?

It's only acceptable if the time limit is genuine

There is nothing wrong with exerting a little time pressure to speed up decision making

The account manager must never refer to any time limit in their communications or financial promotions

None of the above

Question Title

Which of the following activities are 'credit-related' activities for firms under CONC rules? (select 3 answers)

Not-for-profit debt counselling

Debt-counselling, collecting and administration

Credit Card companies

A car sales dealer where the main business is providing goods rather than financial services

Credit Broking where the main business is to introduce customers to lenders

Question Title

There are a number of credit agreements available for consumers. Which one does not apply to the granting of consumer credit?

Hire Purchase Agreement

Store Card

Credit Card

Load Over Load

Question Title

Which of the following indicators suggest that a credit agreement is sustainable? (select 3 answers)

Customer can make repayments without undue financial difficulties

Customer needs to borrow or realise assets to make repayments

Customer cannot afford to meet other reasonable commitments

Repayments are affordable over the life of the agreement

Customer makes repayments out of income or savings without having to realise security or assets

Question Title

A customer took out a loan but one week later has changed their mind and now wants the agreements cancelled. Which of the following statements are true? (select 2 answers)

They are entitled to cancel within 14 days of signing the agreement

They may cancel the agreement at any time, provided they can give a good reason

They have no right to cancel the agreement under any circumstance

They have 30 days to repay any advance given to them by the Lender

Question Title

A firm sells luxury goods and the provision of credit to customers is secondary. To what extent is it affected by the CONC rules?

This is classified as a high-risk activity

This is classed as a limited permission activity

This is not covered at all by the CONC rules

Question Title

Which of the following would contravene Principle 6 for treating customers fairly? (select 3 answers)

Approving a loan without completing a full income and affordability assessment

Not providing details on how to make a complaint when asked

Lender seizing a customers car without notice when they are 3 months in arrears

The customer learns that if they miss payments there will be a £20 charge

Explaining options to someone who has fallen behind in payments but not mentioning writing off the loan

Question Title

Which of the following rules apply to all financial promotions and communication for credit-related activities? (select 3 answers)

Must use clear, plain, and intelligible language

Communications should clearly state the name of the firm on whose behalf they are appearing

Communications must advertise the benefits without mentioning the risks

Communications must not diminish or obscure important information

All financial promotions in respect of credit agreements are prohibited

CONC Consumer Credit Sourcebook Assessment

Consumer Credit Sourcebook Assessment Quiz

Question Title

* Name

Question Title

* Which of the following breach the clear, fair and not misleading rules? (select 3 answers)

Question Title

* Consumers have the right to cancel which of the following agreements? (select 2 answers)

Question Title

* What is CONC?

Question Title

* What information must be provided with Pre-Contract information? (select 3 answers)

Question Title

* What does CONC stand for?

Question Title

* An account manager tells a customer that specific financial promotion is only available until the end of the week. How do you assess this?

Question Title

* Which of the following activities are 'credit-related' activities for firms under CONC rules? (select 3 answers)

Question Title

* There are a number of credit agreements available for consumers. Which one does not apply to the granting of consumer credit?

Question Title

* Which of the following indicators suggest that a credit agreement is sustainable? (select 3 answers)

Question Title

* A customer took out a loan but one week later has changed their mind and now wants the agreements cancelled. Which of the following statements are true? (select 2 answers)

Question Title

* A firm sells luxury goods and the provision of credit to customers is secondary. To what extent is it affected by the CONC rules?

Question Title

* Which of the following would contravene Principle 6 for treating customers fairly? (select 3 answers)

Question Title

* Which of the following rules apply to all financial promotions and communication for credit-related activities? (select 3 answers)

Name

Which of the following breach the clear, fair and not misleading rules? (select 3 answers)

Consumers have the right to cancel which of the following agreements? (select 2 answers)

What is CONC?

What information must be provided with Pre-Contract information? (select 3 answers)

What does CONC stand for?

An account manager tells a customer that specific financial promotion is only available until the end of the week. How do you assess this?

Which of the following activities are 'credit-related' activities for firms under CONC rules? (select 3 answers)

There are a number of credit agreements available for consumers. Which one does not apply to the granting of consumer credit?

Which of the following indicators suggest that a credit agreement is sustainable? (select 3 answers)

A customer took out a loan but one week later has changed their mind and now wants the agreements cancelled. Which of the following statements are true? (select 2 answers)

A firm sells luxury goods and the provision of credit to customers is secondary. To what extent is it affected by the CONC rules?

Which of the following would contravene Principle 6 for treating customers fairly? (select 3 answers)

Which of the following rules apply to all financial promotions and communication for credit-related activities? (select 3 answers)