FIN.

Category - Consumer Finance

FCA updates on complaints data

FCA has published its latest firm-specific and aggregate complaints data from firms for H1 2020.  It specifically notes: the lowest levels of recorded complaints since H2 2016 – firms received 2.96m; the largest...

BoE Financial Stability Report

The Bank of England published the Financial Stability Report for December. The report sets out the Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or...

Up next from FCA

FCA’s latest policy development update highlights as due before the end of the year consultation on changes to accommodate the Breathing Space Regulations.
Most other consultations are due in the New Year

FCA pleased with RTO price cap

FCA has published an evaluation, which it says shows its rent-to-own price cap, which took effect in April 2019 has been effective in reducing the prices RTO firms charge.  It says the prices of the two largest firms in...

FCA makes new rules

FCA’s latest Handbook Notice confirms it has made the following rules at its last 3 board meetings: changes to reflect the extension of various SMCR deadlines as a result of the pandemic (made in October); the...

HM Treasury extends consultation deadlines

Financial Services Future Regulatory Framework Review Phase II Consultation – further to the consultation document published on 19 October 2020, the consultation has been extended by one month to 19 February 2021...

Ombudsman News looks at trends and stats

The latest edition of Ombudsman News looks at its recently published complaints data (previously featured in  detail in FIN), which saw a rise in complaints from people who borrowed money and then felt the debt was...

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...

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...

FCA writes supervision letter to PCWs

FCA has written a portfolio supervision letter to CEOs of price comparison websites.  The letter notes the key priority that customers buying products through PCWs should buy products consistent with their demands and...

FOS publishes Q2 information

FOS has published complaints figures for July – September 2020 (Q2 2020). It: received 69,000 complaints in total received over 5,900 Covid-related complaints referred over 9,000 complaints to an Ombudsman upheld...

Up next from FCA

Before the end of the year, FCA expects to publish:

consultation on amendments to take account of Breathing Space Regulations;
consultation on fees policy; and
feedback on the debt advice levy rate.

FCA updates on EEA regulator Brexit guidance

FCA has put together an information page sharing links to the websites of EEA regulators on which they have published guidance about the effects of Brexit on UK firms operating in their jurisdictions.  Some of the pages...

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...

Covid-19 measures weekly summary

It’s been a while since we needed to do a digest of these.  In the light of the new English lockdown and the expiry of various measures, the last week has seen: FCA consultation on updated guidance for consumer...

EBA urges consumers first in POG supervision

EBA has published a report encouraging firms to put consumers’ interests first when they are applying product oversight and governance arrangements. It has found this focus is lacking in many firms. This report...

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...

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)...

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...