FIN.

Author - Caroline Stevenson

Treasury Select Committee letter to FOS

Rt Hon. Mel Stride MP has written to Caroline Wayman at FOS to ask her to produce evidence and answers to a number of questions. The questions focus on case handling and costs, complaints against FOS and FOS funding and...

MFN strikes again

The CMA has published an infringement decision against Compare The Market for imposing wide most favoured nation clauses on home insurance providers using its price comparison platform.  The fine, in the sum of £17.9...

Memo of Understanding: FSCS and SFO

A memorandum of understanding between the Serious Fraud Office and the FSCS has been published. The MoU sets out the parties’ intentions to work together in the public interest to achieve appropriate outcomes in...

FCA Regulatory Round-up

The FCA has published its latest regulatory round up. The publications summarises the latest FCA publications, most of which we have already covered in FIN and also reminds firms that they should not use the FCA logo on...

FOS approach to CCA complaints

The FOS has published a website setting out its general approach to complaints about consumer credit products. The website sets out details of the types of complaints the FOS will consider, their approach to reviewing...

FCA updates on regulatory returns

The FCA has confirmed that any regulatory returns due after 1 October 2020 must be submitted by their usual deadlines.  Failing which, a late fee will be charged. This confirmation comes on the back of the Covid-19...

Covid-19 support update: mortgages

The FCA yesterday announced updated guidance for  mortgage customer facing financial difficulties as a result of Covid-19.  Under the extension, eligible customers will have until 31 March 2021 to apply for an initial...

Nikhil Rathi Speech

Nikhil Rathi, CEO of the FCA gave a speech yesterday at the Address to the City Regulators, Mansion House. The speech kicked off by focusing on the current environment.  He confirmed that more than 4.4. million payment...

PRA Statement on Covid Guidance

The PRA has reiterated its position on Covid and suggested that firms continue to monitor GOV.UK/coronavirus for guidance on: who should work from home, ensuring safe workplaces; use of face coverings (inc for branch...

EC report on CCD

The European Commission published a report yesterday to the European Parliament and Council of the EU on the implementation of CCD. The key outcomes of the evaluation fall into the following headings: Effectiveness...

Pay.UK: Consumer Protection Landscape

Pay.UK published a paper yesterday providing an overview of the UK consumer protection landscape relating to disputed payment transactions. The paper sets out the payments landscape, the consumer protection landscape...

Delay to ESEF standard reporting

The FCA has published information about changes to the way issuers file their annual financial reports to the FCA for publication on the National Storage Mechanism (supporting implementation of the European Single...

Feedback to CP20/18 on eIDAS published

The FCA today published PS20/13: Amendments to the open banking identification requirements (eIDAS) certificate).  This policy statement sets out the feedback to CP20/18 and sets out the near final rules amending...

Breathing Space Consultation Launched

The FCA has published its consultation on the handbook changes required as a result of implementation of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales)...

Climate-related financial risks speech

Mr Kevin J Stiroh, co-chair of the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision and Executive Vice President of the Federal Bank of New York gave a speech on 14 October...

Current accounts for expats post-Brexit

The Treasury Committee recently wrote to the FCA seeking clarification on the notice period that should be given to current account customers who are being told their accounts will be closed once the transition period...

Mortgage Market Disruptions

The FCA today published Occasional Paper No. 57 on mortgage market disruptions.  The paper uses data to document the trends associated with COVID-19 and compares them to the financial crisis of 2007-09. The summary...

Brexit Dear CEO Letter

The PRA and the FCA have written to firms preparing for the end of the transition period. The letter urges firms to continue their preparatory work to ensure they, and their clients, are ready for a range of scenarios...

New Debt Letter Rules

HM Treasury has announced this morning that the current form of debt letters, including default notices will be changed from December 2020. The changes are expected to include making the notices more user friendly, with...

CMA letter re PPI Order breaches

The CMA has written to Cardiff Pinnacle about two breaches of the PPI Order: breach 1: 77 customers did not receive their Annual Reviews on time; and breach 2: 167 customers did not receive accurate information in their...

FCA finalises access to cash guidance

FCA has published its finalised guidance on what firms should do if considering closing branches or ATMs, or starting to charge for ATM use.  The guidance makes it clear firms must keep FCA informed of any relevant...

FCA confirms new mortgages guidance

FCA has finalised its additional guidance to firms in the mortgage markets, setting out how they should provide tailored support to borrowers who have had payment deferrals but continue to struggle, and to those whose...

Breathing Space: Updated Regulations

A new version of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 has been published today.  This version of the Regulations have been laid...

Bundling warning from the CMA

The CMA has published a letter which highlights an issue related to implementation of the Bounce Back Loan Scheme at pace. In 2002, a number of banks entered into undertakings with the CMA which confirmed that they...

EVENT: In Conversation on Debt

Join us on Thursday 10 September 2020 at 10am for our next Retail Banking Mixer – In Conversation. This webinar will focus on debt in the retail banking sector (including breathing space) and you will have the...

UK Finance backs FCA mortgage plans

UK Finance is supportive of FCA’s plans for additional guidance to firms on mortgages and COVID-19. It says the industry has always said it is better fora  customer who can afford payments to continue to make...

COVID 19: Mortgage Consultation

The FCA has published its supplementary guidance note which sets out its expectations of firms dealing with mortgage customers who: are unable to resume payments after 2 payment deferrals; have benefitted from an...

ECB publishes report on ICAAP

The ECB today published its report on banks’ ICAAP practices.  The report summarises the results of the ECB’s analysis of ICAAP practices within samples provided by 37 banks.  It further highlights gaps...

FCA publishes high cost credit review

FCA has published the findings of a review into relending by firms that offer high cost credit. It carried out the review before the current pandemic. The results highlight concerns about poor practices by some firms...

FCA consults on debt advice levy rates

FCA is consulting on additional funding by way of debt levy advice rates.  The DWP has told it that an additional £14.2m for MaPS to provide debt advice in England in 2020/21.  Treasury has also asked for a further £2...

EVENT: Open Banking Webinar

Our next retail banking mixer by webinar will focus on open banking. Our session will include a brief introduction to the topics followed by a discussion that you’d be welcome to join in with: Open banking from a...

Draft Debt Respite Scheme Regulations

Following the announcement in June last year, a draft of the new Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium (England and Wales) Regulations 2020 were published yesterday. The...

CMA Update on Loyalty Penalty

Following its last publication in January, the CMA has once again published an update on their investigation into the loyalty penalty, noting that its progress has been significantly impacted by COVID-19. Mortgages The...

FCA Update on Mortgage Prisoners

The FCA has updated their webpage relating to the implementation group on changes to deliver switching options for mortgage prisoners. The update includes details of a meeting held on 1st May 2020 which confirmed that...

EVENT: Retail Banking Mixer Webinar

Our next r=Retail Banking Mixer will be held by webinar on 18th June at 10am.  We are delighted to be joined by Rosemary Ford and Amber Andrade from Deloitte this time. The webinar continues the focus on COVID-19.  Our...

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...