Jurisdiction(s):
United Kingdom

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Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

UK FCA consumer credit arrears, default and recovery: CONC 7 obligations, 2024 TSG-derived rule changes, CCA 1974 NOSIAs and default notices, and enforcement

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note provides an overview of the applicable Rules and guidance on Arrears, default and recovery in the Financial Conduct Authority (FCA)’s Consumer Credit sourcebook (CONC). It also identifies separate obligations under the Consumer Credit Act 1974 (CCA 1974) that must be met before a lender may enforce an agreement, including serving a notice of sums in arrears (NOSIA) and issuing a default notice.

Background

Firms undertaking consumer credit activities must adhere to Chapter 7 of CONC, which sets out the relevant standards on arrears, default and recovery. In broad terms, these provisions prescribe the conduct expected when collecting debts and dealing with borrowers in arrears or forbearance, covering how firms communicate and how they intend to support customers in difficulty.

During the coronavirus pandemic, the FCA introduced its Tailored Support Guidance (TSG) for Consumer Credit, Mortgages and Overdrafts, clarifying how firms could help customers experiencing financial hardship, having regard to their individual circumstances. Although created for a period of crisis, the FCA sought to retain parts of the TSG as binding rules. In PS24/2: Strengthening protections for borrowers in financial difficulty: Consumer credit and mortgages (published in April 2024), the FCA confirmed final rules that incorporate elements of the...

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Web page updated on 22/05/2026

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