FCA CP26-15: Simplifying CONC3 in light of the Consumer Duty

The FCA is consulting on a refresh of the consumer credit promotions rulebook. The headline is simplicity: fewer prescriptive rules, more reliance on the Consumer Duty, and more flexibility for firms to communicate clearly across modern channels. The consultation is open until 17 June 2026 and the FCA plans to publish the outcome later this year. The FCA is consulting on simplifying the financial promotion rules for consumer credit in CONC 3 and is inviting comments by 17 June 2026, with outcomes to follow later in the year.
The FCA emphasises that promotions shape consumer understanding and choices, and that communications must support consumer understanding under the Consumer Duty.

The FCA’s core proposals (Chapter 3)

The FCA’s proposed changes focus on cutting unnecessary prescription while preserving key protections. In practical terms, this means:

• Keeping the clear, fair and not misleading rule so consumers retain a private right of action, but removing overlapping, highly detailed rules where the Duty already sets the standard. The FCA proposes to retain the clear, fair and not misleading rule in CONC 3.3.1R to preserve the private right of action, while removing overlapping provisions addressed by the Duty;
• Updating and relocating guidance so firms can navigate the regime more easily, particularly on debt-solution communications. Guidance that relates to debt solutions in CONC 3.3.10G(6)–(8) would be moved to CONC 3.9 to consolidate debt-related provisions; and
• Reducing rules that no longer fit modern journeys and channels, especially where they complicate short-format media like social and audio. The FCA aims to remove overly prescriptive requirements that hinder modern communications, while relying on the Duty to support consumer understanding across channels.

Here are the key changes firms should note.

1) “Clear, fair and not misleading” requirements

The FCA would keep the overarching standard but remove detailed elements that duplicate the Duty’s consumer understanding outcome, including specific presentation and comparison rules. The FCA proposes to remove provisions such as CONC 3.3.1R(1A)(d)–(e), 3.3.1R(1B), 3.3.2R, 3.3.7G, 3.3.8G and related guidance, on the basis that the Duty already requires firms to ensure communications meet information needs, are likely to be understood, and avoid foreseeable harm
Debt-related examples currently embedded in the general guidance would be lifted into the specialist debt chapter to keep all such expectations in one place. The FCA proposes moving examples on debt-solution communications from CONC 3.3.10G(6)–(8) to CONC 3.9, while retaining guidance on refinancing where debt consolidation occurs.

2) Security and guarantors

The FCA wants promotions to flag a security or guarantor requirement when it is integral to the product, but not where this may or may not apply depending on a customer’s circumstances. The FCA proposes amending the rule on promotions for facilities requiring security so that products which inherently require a security or guarantor must say so, while removing the requirement where security is only contingent on circumstances.

3) Retiring restricted expressions and other legacy prescriptions

Rules that ban or condition the use of certain words and phrases in promotions would go, with firms instead expected to meet outcomes under the Duty and the clear, fair and not misleading standard. The FCA proposes to remove CONC 3.5.12R (restricted expressions) as unnecessarily prescriptive in an outcomes-focused regime.

Similarly, signposts to telecoms marketing rules and premium-rate call cost prompts would be removed as outdated or covered elsewhere. The FCA proposes to delete CONC 3.2.2G (signposting PECR) and CONC 3.3.9G (premium rate call cost prompts) as outdated.

4) Credit secured on land

The FCA proposes deleting the section on promotions for credit secured on land, noting that such lending is very rare and typically falls under the mortgages regime; high-level standards and the Duty would apply instead. The FCA proposes to remove CONC 3.6 on credit agreements secured on land, given rarity of use and overlap with high-level principles and the Duty

5) BNPL communications

The FCA would update guidance to reflect the DMCCA reforms, reinforcing that BNPL communications must not be unfair or misleading by omission and should include material risk information when promoting enticing features. The FCA proposes to amend guidance so that BNPL promotions referencing zero or low interest or promotional offers include fair and prominent material risk information, reflecting changes under the DMCCA.

6) Scope

Some areas will be addressed separately or later, including high-cost short-term credit risk warnings, credit broker and P2P promotion rules, and most debt counsellor/adjuster provisions beyond the relocation mentioned above. The review excludes CONC 3.4 (high-cost-short-term credit risk warnings), 3.7 (credit brokers), 3.7A (P2P agreements), and 3.9 (debt counsellors/adjusters) other than relocating certain guidance

Timing and next steps

• Stakeholders are asked to submit responses by 17 June 2026 via the FCA’s channels.
• Expect new rules approximately three months after they are made, with no additional transitional arrangements proposed. The FCA proposes a three‑month implementation period after making the rules, with no further transitional provisions.

How we can assist

If you would like assistance in terms of assessing the impact of these proposed changes to CONC 3 or more broadly implementing the Consumer Duty within your business, please contact FM Legal for a confidential discussion.