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Author - Caroline Stevenson

FCA Update: Basic Bank Accounts

The FCA has published their findings today (11/02/20) following a review of how 5 of the 9 banks, who provide Basic Bank Accounts (BBAs), give information about them to their customers. The object was to understand how...

Goods Mortgages Bill: First Reading

The Goods Mortgages Bill which we talked about in a previous post, has now had its first reading in the House of Lords. If it becomes law it will: create a new form of non-possessory security that can be created over...

FCA: Overdraft Pricing Request

The FCA has written to firms today  requesting details about how they have reached their overdraft prices and the measures firms have put in place to protect consumers.  In particular the FCA is asking all firms to...

BOE updates on ISO 20022

The BOE has published the final ‘like-for-like’ message set for the Introductory Phase of the ISO 20022 CHAPS migration.  ISO 20022 will be the new international standard for payments messaging. The update includes the...

Dear CEO letter re FSA047/048 returns

Given the progress of the UK Withdrawal Bill, the PRA has confirmed through a Dear CEO letter that relevant financial institutions no longer need to submit FSA047/048 returns after 22 January 2020. This return had been...

PSR consults on COP exemption requests

The PSR is consulting on a potential variation to its Specific Direction 10 on Confirmation of Payee. It had previously told the members of the UK’s 6 largest banking groups that they must fully implement COP by...

EVENT: Retail Banking Mixer

Bringing together professionals in the insurance, banking and other financial services sectors, we will be hosting the first of our quarterly RETAIL BANKING MIXERS at our Edinburgh office on 9th January from 4pm –...

FUNDamentals Series: Event 2

This Tuesday we hosted the second seminar in our FUNDamentals series in our Edinburgh office.  The session was jointly hosted with NCM Fund Services and Aberdeen Standard Investments and focussed on exploring Real...

Financial Inclusion

On Tuesday night, we hosted our first ever Talking Money event in partnership with the Scotsman newspaper in our Edinburgh office.  The event focused on the topic of tackling financial exclusion in Scotland.  The...

Reserve your place: FUNDamental Series

Join us for our next FUNDamentals seminar in Edinburgh exploring Real Estate funds in more detail on 3rd December from 8.30am. This seminar will be hosted jointly with NCM Fund Services and Aberdeen Standard Investments...

CCA Unfair Relationships Ruling

 In the case of Promontoria (Henrico) Ltd v Jeavons and another [2019], the defendants ran a holiday let business in Cornwall.  Clydesdale Bank issued them with a tailored business loan, which they then assigned to the...

PSR Updates on card-acquiring services

The PSR is currently undertaking a review into the supply of card-acquiring services.  As part of its consultation, it published its proposed approach to the profitability analysis and set out two options – Gross...

PSR update on LINK interchange fees

On 9 September 2019, the PSR published a document setting out (1) the responses it had received to its call for views on the structure of LINK interchange fees and (2) a summary of the roundtable event which discussed...

Pay.UK call for information

Pay.UK has today published a call for information following a change request which was requested by UK Finance on behalf of seven of their members.  This change would introduce a new requirement to the Faster Payments...

CMA revokes Lloyds Directions

CMA has revoked the Directions it gave to Lloyds Banking Group on 1 April as part of the Retail Banking Market Investigation. The Directions had required Lloyds (among others) to take various actions to deliver App-to...

Reserve your place: FUNDamental Series

Join us for the first in our series of Funds seminars in Edinburgh on 3 September.   If you work with funds, are looking to set one up or even invest in one you’ll benefit from attending this seminar which is...

FCA announces BNPL rules

FCA has announced new rules for the Buy Now Pay Later market, taking effect later this year  The rules will protect consumers by: banning firms from charging backdated interest on amounts of money that have been repaid...

CMA issues Directions to 5 banks

The CMA has issued directions to 5 banks (Bank of Ireland, Santander, LBG, HSBC and Danske) who have not delivered all aspects of their App-to-App functionality. The directions explain what the banks are to do...