FIN.

Category - Consumer Credit

FSB launches peer review of LEIs

The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders...

FCA bans individuals for misleading consumers

FCA has banned the 4 former directors of a now-dissolved credit broker, Secure My Money Limited. It found the firm misled customers into thinking they had been approved for short term loans and as a result took fees of...

FCA publishes Annual Report

FCA has published its Annual Report and Accounts for 2017/18. The report includes details of: FCA’s work preparing for Brexit; key regulatory changes such as MiFID 2 and PSD 2; work on SMCR extension; thematic...

The FCA’s Approach to Consumers

Following its consultation in November 2017, the FCA has today published its Approach to Consumers document which aims to address the concerns raised in the feedback to the consultation. The consultation took place...

FCA thinks about price discrimination

FCA has published a paper looking at how it should approach fairness in price discrimination in financial services. It notes that price discrimination is not in itself unfair as practices such as student discounts are...

FCA Financial Lives Survey

The FCA have published a report on its Financial Lives Survey 2018. The survey is the FCA’s largest tracking survey of adults and their finances, covering  13,000 face-to-face and online interviews. Key findings...

Up next from FCA

FCA’s latest Policy Development Update heralds a policy statement on fees and levies rates in July. Otherwise its timetable is quiet, with a policy statement on the MMF Regulation due at some point together with...

FCA’s high-cost credit review published

The FCA has concluded its review into high-cost credit, and based on issues it found has published two consultations: CP18/12 on rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to...

FOS Annual Review published

The FOS has published its Annual Review for 2017/2018. Many of the complaints statistics highlight products that are the subject of ongoing regulatory scrutiny and activity: the FOS notes significant increases in...

GOVERNMENT SCRAPS NEW GOODS MORTGAGES BILL

HM Treasury has published the response to its September 2017 consultation on the proposed Goods Mortgages Bill and has announced that it is no longer planning to introduce new legislation on this subject at this time...

FCA makes new rules

FCA (in one case together with FOS) has made several instruments amending the Handbook. Changes include: changes to FEES (from 1 April) to ensure better mapping of tariff data and that Directive and non-Directive...

Wyman report on debt advice funding published

Peter Wyman’s report on a review of debt advice funding has been published. The report makes several recommendations, including: face-to-face advice should still be widely available but there should be general and...

ESAs report on key risks for H2 2017

The Joint Committee of the European Supervisory Authorities has published its report for the second half of 2017.  This report highlights the following potential sources of instability: repricing of risk premia...

FCA and PRA publish business plans

The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an...

FCA speaks on affordability

Jonathan Davidson has spoken on getting affordability right in consumer credit. He said that as the UK consumer credit sector is growing, so are concerns about excessive debt. FCA does not consider the sector has yet...

BSB publishes annual review

The Banking Standards Board has published its annual review.  Its key point is that, last year, it carried out the largest ever survey of behaviours, competence and culture in UK banking. It noted that the scores to its...

FCA updates on motor finance

FCA has updated on its work reviewing the motor finance sector. So far, it has drawn several comforting conclusions, including around general default rates. But the 3% of customers who have the lowest credit ratings...

FCA outlines approach to authorisation

Sarah Rapson has spoken of FCA’s approach to authorising firms. She focused on FCA’s use of authorisation as a way to prevent harm, and its focus on using it proportionately. As a result, the information it...

FCA looks back on past 5 years

John Griffith-Jones has reflected on FCA’s first 5 years of operation, since it took over from the FSA.  He outlined: highlights – specifying FCA’s engagement with pension exit charges, general...

FCA surveys firms passporting into UK

As part of its preparation for Brexit, the Government announced in December 2017 that it would, if necessary, introduce legislation to enable a ‘temporary permission’ scheme for EEA firms and funds which...

FCA updates on consumer credit landscape

Andrew Bailey has spoken to the FLA on the current consumer credit landscape. He noted the constant fall in the real cost of debt which has supported the rise in household borrowing, and the growth in consumer credit...

FCA updates on service standards

FCA’s new-look update on its service standards shows that it met most of its targets for various regulatory tasks, including authorisations, passport notifications, dealing with queries and customer satisfaction...

FCA review of Board Effectiveness

The FCA has published a report of the independent review into the effectiveness of its Board. The review was undertaken by Independent Audit Limited. The review involved interviews with Board members, a review of...

FCA updates on high-cost credit sector

Following a Feedback Statement in which FCA identified key areas of concern in the high-cost credit sector, it has published an update on the work undertaken since the July 2017 publication. This presents an emerging...

FCA updates on persistent debt

FCA has updated its consultation paper on its proposals for rules to help customers in persistent credit card debt. The revised proposals follow feedback on its April consultation. Respondents were in favour of...

FCA roundtables on high-cost credit

The FCA has issued a paper summarising the issues and ideas raised by participants in the FCA roundtables, held in September and October. The roundtables covered discussions on (i) alternatives to high-cost credit and...

Up next from FCA

FCA’s latest Policy Development Update promises the following publications before the end of 2017: Policy Statement on formalisation of the debt concession for smaller credit unions Policy Statement on market...

Financial Stability Report, November 2017

The Bank of England (BoE) has published its financial stability report, issue number 42.  The report sets out the Financial Policy Committee’s (FPC), a sub-committee of the BoE’s Court of Directors, views of...

Law Commission finalises Goods Mortgages Bill

The Law Commission has published its final report on the Goods Mortgages Bill. This marks the end of a project that started in 2014, aimed at addressing the problems the outdated Bills of Sale Acts cause for borrowers...

FCA consults on fees

FCA has published its annual consultation paper on regulatory fees and levies. Key proposals include: the proposed tariff data FCA will use to calculate insurers’ FCA periodic fees and the FOS levies, building on...

FCA’s future approach to consumers

The FCA has today published its Approach to Consumers paper, which is intended to explore the FCA’s approach to regulating retail consumers. The paper follows the publication of the FCA’s Mission Statement...

FCA consults on FSCS funding

Following its December 2016 consultation for views on how FSCS funding could be reformed, FCA has published a further consultation paper seeking to ensure FSCS continues to provide the right protections, works...

FCA updates on retail banking model review

FCA has published a paper on the purpose and scope of its review of the business models used in the retail banking sector. It is now considering what evidence it can best gather to understand: the state of competition...

FCA begins debt management sector review

In line with its 2017/18 Business Plan, FCA has begun its thematic review of the debt management sector. FCA has taken a particular interest in this sector, owing to the increased risks faced by (particularly...

Up next from FCA

FCA’s latest Policy Developments Update lists several key publications due before the end of the year: policy proposals for next year’s fees and levies policy statement on FSCS funding policy statement on...

FPC updates on stability

FPC has reviewed developments since its last meeting on 21 June and assess the outlook for UK financial stability. Its conclusion was that ‘overall risks to UK financial stability from the domestic environment are...

FOS updates complaints data

FOS has published individual complaints data for H1 2017, relating to businesses in relation to which FOS both received and settled at least 30 cases during the period. FOS says these firms comprise around 95% of the...

MoJ publishes Plevin guidance for CMCs

The Ministry of Justice has published guidance for claims management companies when they handle cases relating to Plevin. The guidance mainly explains what FCA’s expectations are and stresses that CMCs must not...

FCA Regulation round – up for August

This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the...

FCA sets out its supervisory approach to PPI

The FCA has today announced that it will soon be launching a campaign to inform people of the 29 August 2019 deadline for making a complaint about PPI.  The campaign will contribute to the regulatory and supervisory...