Approved before it goes out. Evidenced after.
Pre-publication review of every channel against the financial promotion rules, an approval record for each version, and checks that old versions are not still live.
What we check, for consumer credit
- Clear, fair and not misleading (CONC 3.3.1R)
- Prohibited expressions such as “pre-approved”, “loan guaranteed” and “no credit checks” (CONC 3.3.3R, CONC 3.6.8R)
- The representative example and APR where they are triggered (CONC 3.5.3R, CONC 3.5.7R, CONC 3.5.9R)
- The high-cost short-term credit risk warning (CONC 3.4.1R)
- Legal name (CONC 3.7.5R) and broker status (CONC 3.7.7R)
- Affiliate and broker promotions made on your behalf
Questions
Short answers, with the provision each one rests on.
When must a consumer credit promotion show a representative APR?
A promotion must include the representative APR if, among other triggers, it states or implies that credit is available to people who might otherwise consider their access to credit restricted, includes a favourable comparison, or includes an incentive to apply (CONC 3.5.7R). A promotion that indicates a rate of interest or an amount relating to the cost of credit must include a representative example (CONC 3.5.3R).
Talk to someone who has done your job.
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