FIN.

Category - Consumer Credit

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...

£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...

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...

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...

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...

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 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 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 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 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 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...

FOS focuses on debt

The most recent edition of Ombudsman News focuses on enquiries FOS has received about debt collection – on credit cards, loans and mortgages. It took on over 1,000 complaints in the area during 2018. As a result...

Regulators consult on FSCS MELL

FCA and PRA are consulting on the management expenses levy limit (MELL) for FSCS for the 2019/2020 year. They propose an increase of 2.4% over the current year with a levy for FSCS management expenses of £74.6m and an...

FCA feeds back on RND and Plevin issues

FCA has published a detailed policy statement to back up the new rules on regular premium PPI complaints and recurring non-disclosure of commission. FCA stresses that one of the main purposes of its consultation and now...

FCA makes new rules

FCA’s latest Handbook Update lists rules made in December and January.  The key changes: amend the rules on PCAs and Overdrafts from 18 December 2019: these changes amend BCOBS and CONC to tackle low levels of...

Evaluation of Consumer Credit Directive

The European Commission has opened a consultation to invite views from a range of stakeholders on the functioning of the Consumer Credit Directive (CCD). The purpose of the evaluation is to consider whether the CCD is...

FCA publishes sector views

FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...

Up next from FCA

FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers;...

PRA consults on Brexit measures

As part of its preparation for onshoring EU legislation, the PRA has published CP32/18.  This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...

FCA final rules and guidance for CMCs

Following a consultation earlier this year, the FCA has published a policy statement setting out the new rules and fees that will apply to claims management companies (CMCs) from April 2019. From 1 April 2019, the FCA...

FOS consults on plans for 2019/20

The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes rules that: amend SUP 16 to address FCA’s concern that it does not always hold accurate “firm details” by requiring an annual accuracy check and...

CMA Consults on Annual Plan 2019/2020

The Competition and Markets Authority (CMA) is consulting on its proposed Annual Plan, which sets out its plans and priorities for 2019 to 2020. Subject to the outcome of the Brexit negotiations, the CMA plans to give...

FCA delays Credit Information Market Study

FCA announced today that it will be delaying the launch of its Credit Information Market Study Terms of Reference until June 2019. The delay is a result of the FCA having to prioritise the market study on general...

Treasury updates Brexit SIs

Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on :...

Up next from FCA

FCA’s latest policy development update promises various publications before the end of this year, including: policy statement on the approach to the final RTS and EBA guidelines under PSD 2, in December; policy...

FCA makes new rules

FCA has made three new rules instruments at its September board meetings: the Individual Accountability (Dual-Regulated Firms) Instrument 2018: this instrument makes significant changes to SYSC as well as to COCON...

FCA consults on applying SM&CR to CMCs

The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April...

ASA rules on RAPR prominence in TV ad

The ASA has published a ruling which upheld a complaint that the representative APR (RAPR) in an advertisement for Sunny Loans was insufficiently prominent.  The advert’s ‘incentives’ that triggered...