Category Consumer Credit

Bills of Sale Acts to go

One of the few financial services-related measures discussed in the Queen’s Speech confirmed the Government will act on Law Commission proposals to repeal the Bills of Sale Acts and replace them with a Goods Mortgage Bill.  Among other things, this will increase protections for borrowers who have taken out a mortgage on goods they own […]

John Griffith – Jones leaving the FCA

John Griffith – Jones has confirmed that he will leave both the FCA and the PSR at the end of his term of office on 31 March 2018.

Lending Standards Board considers enhancements to take account of technological advancements

The Lending Standards Board (LSB) published a report (dated May 2017) setting out the findings of its Standards Development Project (SDP) on digital. The SDP included credit card, loan and overdraft products. In the report, the LSB notes that, in the context of the Standards, the most significant areas of digital development for firms are […]

BOE speaks on effects of ring-fencing for customers

In a speech by James Proudman (Executive Director, UK Deposit Takers Supervision, Prudential Regulation Authority, Bank of England),  it was discussed that the key component of the ring-fence is to provide ‘efficient resilience’ for domestic banking services (critical functions of lending, deposit-taking and payment services for retail and small corporate customers) ‘on which UK households and companies […]

FCA updates on sandbox

FCA has updated information on its regulatory sandbox.  It says the sandbox’s popularity is increasing and larger numbers of firms both applied for and were accepted for testing in cohort 2.  FCA has named the 24 firms that are ready to begin testing shortly and describes the services they are testing. A wide range of […]

FOS publishes annual review

  FOS has published its annual review for 2016/17, a period which it described as ‘immensely demanding’. Similarly to previous years, FOS reported that much of its activity focused on PPI complaints, but this should finally reduce with the August 2019 time limit for potential claims. The rules and guidance following the Plevin judgement will come into […]

Up next from FCA

FCA’s latest policy development update  provides information on its recent and upcoming publications. Only one key publication is shown as scheduled for June –  a policy statement on enhancing conduct of business rules for firms providing cfd products to retail clients. The policy statement on the first CP on IDD implementation is due in September, but there is […]

LSB looks at digital developments

LSB has reviewed its Standards to assess whether any amendments are needed to take account of various digital developments.  It considered the effects of digitalisation of the customer experience on the whole customer journey apart for credit card, loan and overdraft products. Key findings included: firms increasingly use third parties to supply the required technology, […]

ECON publishes draft retail FS plan

The EP has published a draft report on the Action Plan for retail financial services. The report: says the EU retail financial services market is still underdeveloped and fragmented, but recognises that such a market will work only if it delivers real customer value; welcomes the Commission’s action plan working towards a single technology-enabled market; […]

EBA finalises PAD terminology and disclosure Annex

EBA finalised its technical standards on standard terminology and disclosure under the PAD and submitted it to the Commission in early May.  It has now published the Annex which contains the 8 terms in all official languages. The terms, in English, are: maintaining the account providing a debit card providing a credit card arranged overdraft sending […]