FIN.

Category - Consumer Finance

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...

FCA updates change in control pages

FCA has updated its guidance on how to submit an application for change in control. The page now includes useful tips on what FCA needs to know to deal with the application quickly, and links to all the required forms.

Government responds on regulatory perimeter

The Government has published its response to the Treasury Committee’s report on the regulatory perimeter and how it could be refined and should be policed. The report had criticised the lack of a formal system for...

Up next from FCA

FCA’s latest Policy Development Update heralds the following publications before the end of the year: consultation on investment platforms market study remedies; policy statement on OPBAS fees; consultation on...

FCA updates on consultations and feedback

The latest Policy Development Update highlights a number of papers due before the end of 2019: feedback on the investment platforms market study remedies; policy proposals on regulatory fees and levies; permitted links...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October,  and also other miscellaneous amendments including: minor...

CMA takes action over PPI reminder failures

CMA has ordered RBS and Santander to take remedial action after they did not send, or sent inaccurate annual PPI reminders to customers. The banks must now appoint independent bodies to audit their PPI processes and put...

FCA updates skilled persons statistics

FCA has released the figures for skilled persons reports it commissioned in Q1 2019/20. It commissioned 9 reports in total – of which 3 related to each of retail lending and wholesale financial markets, 2 to...

Up next from FCA

The latest version of FCA’s Policy Development Update highlights: expected feedback on Investment Platforms Market Study Remedies by the end of the year; potential policy statement on general insurance value...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

Commission adopts unfair terms guidance

The European Commission has adopted a guidance note on the Unfair Contract Terms Directive.  The note covers: the objectives and scope of the directive; key terminology such as “supplier” and...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...

CMA launches digital advertising market study

The CMA has launched a study into online platforms and digital advertising. The study will focus on harm caused by consumers in connection with three areas of digital advertising: the extent online platforms (such as...

FCA summarises new rules

FCA’s latest Handbook Notice confirms the following rule changes: the changes to, mainly MIPRU, MCOB and SUP that took effect on 4 June in relation to crowdfunding platforms that offer home finance products, where...

EU Council adopts crowdfunding position

The Council of the EU has adopted a position it hopes will make it easier for crowdfunding platforms to provide services across the EU, by setting minimum requirements that the platforms must meet and harmonising...

FCA publishes first perimeter report

FCA has published the first of what will be an annual report on its regulatory perimeter. Among other things, the report is designed to explain what challenges the perimeter is presenting and whether there might be a...

CMA updates on loyalty penalty work

CMA has updated on its work on the loyalty penalty. It says key decisions are due shortly and that two enforcement cases are underway. It says it expects regulators to take strong action where they find problems and...

FCA consults on financial resources

FCA is consulting on the approach it takes to assessing adequate financial resources – and what it means by the term. The paper has been prompted by the levels of compensation FSCS has paid out relating to firms...

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...

Up next from FCA

FCA’s latest Policy Development Update heralds a few interesting papers on the near horizon, including: a consultation in June on alternatives to high cost credit; perhaps, a policy statement on general insurance...

FCA publishes unfair term undertaking

FCA has published an undertaking from Capital Financial Management Limited. It considered two term in the company’s debt management contract gave the firm sole discretion on what it could charge customers who...

FOS Annual Review 2018/2019

The Financial Ombudsman Service (FOS) has published its Annual Review 2018/2019. The Annual Review highlights that FOS has: received more than 388,000 complaints over the past 12 months, which is up 14% on 2017/2018...

FCA consults on fees

FCA’s consultation on fees and levies for 2019/20. Among key proposals are: an increase of minimum fees and flat fees of 2% for the A, and CC1  and 2 fee blocks; unchanged variable fee rates for consumer credit...

Complaint levels fall

FCA’s data for complaints against regulated firms for H2 2018 show that complaints decreased by 5%, with PPI complaints falling by 8% – although PPI still accounted for 40% of all complaints. In part this...

FCA makes new rules

FCA’s latest handbook notice outlines all the rules adopted by FCA in its February and March Board meetings, including some not reported on in other FIN items. It includes a fill its of all the Brexit instruments...

FCA publishes final no-deal Brexit rules

Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...

ESMA fines CRAs for conflicts breaches

ESMA has fined 3 CRAs in the Fitch group a total of €5,132,500 for a series of failures to comply with the requirements of the CRA Regulation relating to conflicts of interest.  It found that Fitch UK, Fitch France and...

FCA extends temporary permissions window

In light of the current short extension to Brexit, FCA has decided to extend the notification window for EEA firms to apply for temporary permissions. The window was due to close on 28 March, but will now close on 11...

FCA looks at life beyond Brexit

In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019.  Firms that...

FCA Update on Digital Regulatory Reporting

The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...

FCA confirms FOS increase

FCA has issued a policy statement confirming the increase in the FOS award limit.  From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about...

FCA makes Directory rules

FCA has made its final rules on its “Directory“. The new public register will enable searches on all directors and senior managers, certification staff and other individuals who require qualifications to...

FCA targets high-cost credit firms

FCA has written a “portfolio strategy letter” to firms that provide high-cost lending products such as guarantor loans, high cost short-term credit and unsecured loans for sub-prime customers, home-collected...

FCA reviews credit card fees and charges

The FCA has written to credit card firms to request they review their policies and procedures in relation to fees and charges, to ensure they result in fair consumer outcomes and comply with CONC. The letter follows the...

FCA introduces rent-to-own price cap

FCA confirmed today that it would be introducing a price cap in the rent-to-own (RTO) market.  The regulator said that it wanted to “bring down prices on RTO agreements where the overall costs to consumers are...

FCA updates rules

FCA has made a number of amendments to various parts of its rulebook, including: amendments to COBS on information relating to pensions savings, taking effect from November 2019 and April 2020; introducing a Devolved...

Up next from FCA

FCA is running behind schedule on some expected publications.  Its latest Policy Development Update highlights the following: consultation and discussion on the Investment Platforms Market Study remedies due in March...

BoE and FCA update on Brexit approach

BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...

ESMA creates Brexit page

ESMA has created a new web-page on Brexit, setting out how it is preparing for it.  Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository.  It aims to recognise all UK CCPs...