FIN.

Category - Consumer Finance

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 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...

Up next from FCA

FCA plans the following publications: consultation on exit fees in investment platforms and comparable firms (March); consultation on listing of OEICs (Q1); consultation on changes to DEPP, EG and the financial crime...

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...

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...

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 bans motor finance ads

FCA has banned a range of adverts for motor finance issued by Rix Motor Company Limited.  The ads, variously: did not include representative examples of the costs of credit, or included them in a way that made them...

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 writes strategy letter to platforms

FCA’s latest  portfolio strategy letter to CEOs has been sent to platforms. It starts by making the point that it expects firms will have used the SMCR to ensure clear accountability within senior management and...

DExEU updates on FS equivalence post-Brexit

The Department for Exiting the EU has published an updated communication from the European Commission on equivalence in the area of financial services.  The documentation notes that temporary equivalence decisions are...

Progress update on PSR’s work

Chris Hemsley, Managing Director of the Payment Systems Regulator (PSR) delivered a speech at last week’s Westminster Business Forum: Payments, policy and regulation – infrastructure, innovation and end-user...

FSCS announces Plan and Budget

FSCS has published its full Plan and Budget for 2020/2021. As well as the indicative levy of £635m (£87m more than the current year, mainly because of a rise in SIPP operator claims) and management expenses budget of...

Up next from FCA

FCA plans a number of important publications during Q1 2020 including: consultation on exit fees in investment platforms and comparable firms potential policy statement on general insurance value reporting measures and...

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 –...