Emma RadmoreFCA has published its final changes to CONC to clarify how its rules apply where the Breathing Space Regulations also apply. Its aim is to avoid any unnecessary duplication of requirements. The Regulations allow individuals in England or Wales with problem debt a moratorium period of 60 days once they have been advised and assessed as eligible by a suitable assessor. The changes focus on CONC 6 (the persistent debt rules), CONC 5 (repeat overdraft use) and CONC 7 (suspending debt or recovery of debt) and there are no changes to CONC 8 or to any of MCOB. FCA notes that it has no powers to supervise or enforce compliance with the Regulations, but that systematic non-compliance is likely to concern it. The changes will take effect from 4 May.
