FIN.

Category - Consumer Finance

FCA confirms new rules

FCA has issued a Handbook Notice summarising rule changes finalised over recent months.  Key among them are: the new section on COBS (22.6) to ban derivatives and ETNs that reference certain cryptoassets to be marketed...

FSB issues final report on CIRR toolkit

The Financial Stability Board (FSB) has published its final report on a toolkit of effective practices for financial institutions’ cyber incident response and recovery (CIRR). The toolkit aims to assist financial...

Lords responds to HMT on equivalence

Baroness Donaghy, chair of the House of Lords EU Services Sub-Committee, has responded to HMT’s letter of 21 September which set out the Government’s responses to previous queries of the Sub-Committee on UK...

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...

HMT writes to House of Lords on equivalence

The Economic Secretary to HM Treasury, John Glen MP, has responded to the House of Lords EU Services Sub-Committee’s queries on UK-EU regulatory cooperation for UK financial services post-Brexit. In its letter to...

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...

FCA skilled persons reports update

In July – September 2020, FCA commissioned 14 skilled persons reports – of which half were on the retail side and half the wholesale side.  3 related to retail banking and payments and 2 to retail lending...

Up next from FCA

FCA’s latest Policy Development Update promises, by the end of the calendar year: consultation on amendments to CONC and MCOB to accommodate the Breathing Space Regulations consultation on the new regulatory...

FCA reports on regulatory perimeter

FCA has published its second report on the regulatory perimeter. The report looks at: consumer confusion about the perimeter – and when FCA has the power to act. It also notes that customers may be confused as to...

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...

Up next from FCA

The latest Policy Development Update notes a reinvigoration of FCA in publishing consultation and discussion papers before the end of the calendar year.  It plans: consultation on amendments to accommodate the Breathing...

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...

FOS focuses on Covid-19 complaints

The latest edition of Ombudsman News focuses on complaints arising from Covid-19 and its impact on consumers and SMEs. FOS notes that some of the issues are new, but others are common issues made worse by the pandemic...

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...

FCA consults on consumer refund guidance

FCA has published a guidance consultation on how firms should be helping customers with rights and routes to refunds.  The guidance builds on FCA’s previous statements on consumers’ rights when their trips...

FCA updates on sandbox

FCA has announced its acceptance of 22 businesses into cohort 6 of its sandbox.  It had received 68 applications, mainly from the retail banking, payments and retail lending sectors. More than half were seeking to...

Up next from FCA

Over the rest of 2020, FCA plans the following: consultations on mortgage borrowing and mortgage prisoners (now overdue), debt advice levy rates and exist fees in investment platforms (Summer 2020) and on financial...

Consumer Panel mulls digital advertising

The Financial Services Consumer Panel has published a discussion paper on digital advertising in financial services.  It is deeply concerned about the use of “adtech” to create detailed profiles of...

Barnier speaks on Brexit

Michel Barnier has spoken at the Eurofi General Assembly on UK/EU relations.  He noted the desire to give the EU/UK negotiations “every chance of succeeding”.  He noted he had rescheduled many other meetings...

FCA updates on Covid-19 delayed activities

FCA has confirmed some further delays to projects and extensions to proposed deadlines, in light of Covid-19. Various deadlines now postponed until later in 2020-or to 2021 include: The Directory of Certified Persons...

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...

EBA extends payment moratoria deadline

EBA will extend the application date of its guidelines on payment moratoria to 30 September, as economies gradually re-open. It says the extension will ensure that adequate treatment for borrowers is available across...

FCA updates mortgages Covid-19 page

FCA has updated its website on its finalised guidance for firms on mortgages and Covid-19. The updates are minor, making a few clarifications only, mainly to confirm that firms that could not provide personalised...

FCA publishes equity release review

FCA has published the results of its review into how the equity release market is working for consumers. The review found that equity release can be an attractive option for some consumers, and that it is working well...

Randell speaks on supporting the recovery

Charles Randell has spoken to a virtual roundtable of bank chairs on how the financial services industry can work to support recovery from the Covid-19 pandemic. He noted the great efforts that banks and other market...

£38m support for debt advice

The Government has announced a nearly £38m support package for debt advice providers, to help them to provide essential services to people who have struggled with their finances because of Covid-19. The Money and...

FCA publishes Covid-19 guidance for SMEs

FCA has added to its suite of guidance on Covid-19 issues with a pages setting out help available to SMEs. The guidance explains what BBLS and CBILS do, and explains the guidance FCA has given to banks and insurers on...

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...

FOS publishes 2019/20 data

FOS has published details of the complaints it received and dealt with in 2019/2020.  It received around 270,000 complaints and dealt with nearly 300,000, with the Ombudsman making nearly 30,000 decisions.  As ever, the...

Compulsory FCA survey coming to firms

FCA is to send a survey by email with a link to 13,000 solo regulated firms,  aimed to helping FCA understand the impact of Covid 19 on regulated firms and their financial resilience, where the greatest impacts are for...

PRA publishes FAQs on property valuations

PRA has published a set of Q&A on CRR requirements for property valuations during the disruption caused by Covid-19.  Firms have been asking questions on how they shoudl deal with the difficulties in conducting...

Regulator Covid-19 update 22 May

After a relatively quiet week, on 22 May: FCA announced further support for customers struggling to pay mortgages due to Covid-19. It is consulting on what options firms will need to provide to customers reaching the...

Government publishes draft EU/UK FTA

The Government has published a draft Comprehensive Free Trade Agreement between the UK and EU. Chapter 17 of the agreement relates to financial services, which it defines as “any service of a financial nature...

FCA updates on Covid-19 and complaints

FCA has updated its webpage on  how firms should be handling consumers’ complaints during Covid-19. The page explains that FCA has asked firms to prioritise making payments where consumers have accepted offers or...

FCA gives lending application guidance

FCA has updated its webpages giving guidance to applicants for authorisation,  The latest updated page includes a sample business plan for consumer credit business, with guidance for different types of firms, and...

FCA sets out planned initiatives

FCA has published a grid prepared by the Financial Services Regulatory Initiatives Forum setting out the regulatory pipeline for the next 12 months.  The forum comprises FCA, PRA, BoE, the PSR and the CMA, with Treasury...

Government sets out equivalence views

John Glen has written to the Chair of the European Scrutiny Committee explaining the Government’s stance on equivalence in financial services.  The Government cannot provide great detail given the early stage of...

FCA updates on CBILS and BBLS expectations

On 4 May: FCA updated its statement about the CBILS and BBLS confirming that its position that lenders who comply with CBILS do not also have to comply with  the creditworthiness rules in CONC 5.2A.4-34 where the...

Regulator Covid-19 update 1 May

On 1 May, FCA: announced proposals for a Court declaration on business interruption claims proposed guidance for insurers on assessing whether products still offer value and appropriate action to take where they do not...

FCA publishes skilled person data

FCA has publicised the number of skilled persons reports commissioned in January to March 2020. It commissioned 24 in total, of which 9 related to retail banking and 6 to retail lending.  6 of the reports were on...

Regulator Covid-19 update 22 April

On 22 April FCA published a new webpage on PII cover for financial advisers. It recognises that firms may be concerned about their ability to renew their PII during the Covid-19 crisis, which may impact on their...

FCA publishes complaints figures for H2 2019

The FCA has today published the complaints figures for regulated firms for the second half of 2019. The data showed an increase in complaints from 4.29m in the first half of 2019 to 6.02m in the second half of 2019. In...

FOS updates on Covid-19 activities

The latest edition of Ombudsman News focuses on: how it is working to help complainants during the Covid-19 crisis, including on how it has changed its helpline hours – for which it apologises but asks that it...

FCA consults on fees

FCA has published its fees and levies proposals for 2020/2021.  Covid-19 has affected FCA’s plans, and it is taking action to protect small and medium sized firms from the burden of regulatory fees.  Comments are...

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...

Regulator Covid-19 update 3 April

On 3 April: PRA and FCA updated dual-regulated firms on how their should deal with furloughing and compliance with the SMCR; EBA published guidelines on the criteria for public and private moratoria applied before 30...

Regulator Covid-19 Update 2 April

On 2 April, the main regulatory initiative was FCA’s emergency consultation on consumer protection measures in the regulated lending markets.  Also: PRA and Treasury confirmed the delay of Basel 3.1 by one year...

FCA updates mortgage firm Covid-19 guidance

FCA had provided additional guidance to mortgage firms on payment holidays relating to Covid-19. We reported in this post on the original guidance. FCA has previously required firms to offer payment holidays if they...

Regulator Covid-19 Update 26 March

On 26 March: FCA, while confirming its intention to be flexible to allow firms to keep operating, noted that they should also be planning ahead and ensuring sound management of their financial resources. It says buffers...

Government confirms extension of TTP

In a statement to Parliament, Lord Agnew of Oulton, the Minister of State, has noted a statement from Treasury that it expects “in general” the same laws and rules to apply as the transition period ends, it...

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...

FOS looks at insurance coverage

FOS’s latest Ombudsman News looks at: coronavirus: so far, FOS has not seen many complaints on the impact of the virus, but expects it will see more complaints particularly in relation to travel insurance, medical...

FCA publishes mortgage switching research

FCA has released its latest report on mortgage switching, from which it concludes there is a case for intervening to help customers who do not switch. It has found that the reasons people have for not switching...