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Author - Caroline Stevenson

FCA consults on safeguarding

FCA is consulting on how firms can strengthen their safeguarding protections during the Covid-19 crisis. The consultation focuses on the provision of additional guidance for payments firms to strengthen the way they...

LSB publishes business plan and budget

LSB’s Business Plan and Budget for 2020/21 has been published.  It was drafted before the Covid-19 outbreak, and LSB wants to continue with it so far as possible, while accepting it may need to adapt some of the...

EVENT: Retail Banking Mixer

Our next Retail Banking Mixer will be held by webinar instead of in our London and Edinburgh offices.   We’d be delighted if you could join us on Thursday 23rd April at 10am.  Topics covered will be:  ...

Dear CEO Letter: SME Lending

The FCA published a Dear CEO Letter today setting out its expectations of Banks who lend to SMEs. Whilst SME lending sits mostly outside the FCA’s scope, the FCA has called out that any activity undertaken by a...

Overdrafts and Coronavirus: New Rules

As noted earlier, the FCA has published the new rules that firms require to implement by 14 April 2020.  In relation to the overdrafts, the FCA has implemented two measures (1) interest free overdrafts and (2) overdraft...

FCA Business Plan 20/21

The FCA published its business plan for the coming year this morning.  The plan focuses around 5 key priorities for the year.  It has been significantly reshaped because of coronavirus as it was intended to show the...

Contactless limit increasing

UK Finance announced today that the card transactional contactless limit will be increasing from £30 to £45 with the roll out starting on 1 April. The changes may take a while for retailers to implement, especially...

Change in Control: PRA Update

The PRA has updated its change in control website to ask that until further notice, any change in control notifications are only sent by email to ChangeinControl@bankofengland.co.uk (and not by post). This only applies...

CMA Annual Plan 20/21

The CMA published its annual plan for the year 20/21 today. The plan sets out the following 6 key objectives for the coming year: Protecting consumers, including in particular those in vulnerable circumstances Improving...

FCA latest Covid-19 advice for firms

Today, the FCA published its latest advice for firms in light of Covid-19. Regulatory Change – activity which is not critical to protect consumers and market integrity in the short-term will be delayed so that...

Covid-19: Business Continuity Planning

As the corona virus weaves its web around the globe, it’s time for regulated firms to look to their business continuity plans to ensure they are covered. Take a look at our article on the subject here and please...

Updated SEPA Rulebooks published

On 5 March 2020, the European Payments Council published  the updated rulebooks covering: SEPA Credit Transfers, SEPA Instant Credit Transfers, SEPA Direct Debits, and SEPA Direct Debits Business-to-Business. They...

APP Scams Interim Funding Extension

UK Finance confirmed on 27 February  that the payment service providers who have provided the interim funding arrangement  since May last year, have agreed to extend their funding to the end of the year (31/12/20). This...

ECB Speech: Climate Change in FS

Christine Lagarde made a speech on climate change and the financial sector on 27 February 2020.  Christine identified both the threat and significant opportunity caused by climate change. She urged central banks to...

Mental Health: Practical Guide

The Money and Mental Health Policy Institute and the Money Advice Trust have jointly created a practical guide to understanding and evidencing customers’ mental health problems. The guide is aimed primarily at...

Dormant Assets Scheme Consultation

This morning, HM Treasury published a consultation document setting out its proposals for expanding the dormant assets scheme. The consultation discusses the background to the current scheme and then sets out proposals...

FSB priorities published

The FSB published a letter addressed to all G20 Finance Ministers and Central Bank Governors on 18 February 2020. The letter sets out the areas that the FSB are focusing their efforts on.  All of the measures are to...

Latest current account data released

The FCA has today published the latest table of data provided to them by current account providers (both business and personal).  The data allows consumers and small businesses to compare the services provided by each...

FCA publishes annual sector views

The FCA has just published its annual sector views report which comprises a state of the nation in terms of the financial services industry. The report sets out the drivers for change in each financial services sector...

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...