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 feedback on an increasing number of proposals from quarterly consultations going back 2 years.
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 complaints in home credit, hiring, leasing and renting, and payday loans: putting to one side PPI, one in four new complaints related to […]
The FCA’s Director of Supervision, Jonathan Davidson, has delivered a talk on Building Societies and the Future of Retail Banking at the Building Societies annual conference. In his speech, Jonathan raised the issue of whether the historically low repossession rates was actually a concerning indication: whether forbearance should be offered in cases where the borrower […]
FCA is consulting on guidance for firms setting out what factors under the Consumer Rights Act they should take into account when they are drafting and reviewing variation terms. The draft guidance sets out a list of things FCA says firms should take into account, which would include: how valid the reason for variation is […]
FCA’s latest Policy Development Update promises over the next couple of months the overdue feedback on fees and levies policy proposals with consultation on rates proposals. No dates are set for any other key papers.
FCA has published its interim report into the mortgage market. Although it is pleased with how competition is working to the benefit of many people, it has made some suggestions for improvement. It found that there are generally high levels of choice for consumers and that consumers engage with their options, with evidence of switching […]
As part of the proposed process of transferring the regulation of Claims Management Companies to the FCA, HM Treasury is consulting on draft regulations that will form part of a final statutory instrument creating a new framework of regulation for Claims Management Companies (CMCs). The draft regulations set out the proposed permissions that CMCs will […]
The Department for Business, Energy and Industrial Strategy is consulting on proposals which, among other issues, seek to to improve the consumer experience in regulated markets for utilities, telecommunications and financial services and to ensure consumers buying and selling online benefit from new technology and business models, and have appropriate protection for their personal data. […]
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 uncertainties regarding the terms of Britain’s exit from the EU; cyber attacks; and climate change. The report urges firms and supervisory authorities to seek […]
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 area of concern for the forthcoming year, as well as ongoing programmes such as Brexit, and firms’ culture and governance (including […]
The FCA and PRA have, separately, published consultation papers on regulated fees and levies for 2018/19. In its consultation paper, the FCA sets out the proposed 2018/19 regulatory fees and levies for itself, the Financial Ombudsman Service, the Money Advice Service, the Pension Wise service and HM Treasury’s illegal money lending expenses. The FCA also […]
The Court of Appeal has recently upheld the judgements of lower courts in a case where a loan was entered into on the express representation from the borrower that the property would not be used as a residence. When the borrower defaulted, it sought to argue that, despite having completed a question on the application […]
The European Banking Authority (EBA) has published a Consultation Paper on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising new institutions under the Mortgage Credit Directive (MCD) and the Payment Services Directive (PSD2). The deadline for comments is 27 May 2018.
In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]
FCA has published a draft of its approach to enforcement and supervision. The documents follow its publication of its Mission, in which it committed to publishing a series of documents setting out how it carries out its main activities. The approach to supervision explains FCA’s commitment to being forward-looking and pre-emptive, focusing on firms’ cultures […]
The FCA has published a speech by Andrew Bailey, FCA Chief Executive, on transforming culture in financial services. Mr Bailey highlights the following issues: work on firm culture is an important priority for the FCA; essays in the FCA’s Discussion Paper on transforming culture in financial services indicate that culture is about encouraging and incentivising good things, […]
As part of its ongoing work on culture and governance, the FCA has published a discussion paper, comprising a series of essays from academics and industry thought leaders covering: what a ‘good’ culture might look like; the role of regulation and regulators; how firms might go beyond incentives; and how to change behaviour for the […]
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, following Brexit, can no longer rely on their passporting rights to do business in the UK. The FCA has published a survey to […]
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. However, it did fall slightly short on some applications, particularly consumer-credit related ones, and some of its work on passports.
Andrew Bailey has written to the Treasury Select Committee setting out a summary of the powers “FCA does not have”. It has been asked many questions in the context of the RBS GRG investigation. The letter sets out: FCA’s basic remit over regulated activities and its role as the UKLA as well as its powers […]
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 documentation and observance of Board and committee meetings. The report also sets out the following broad themes: aligning of activities into […]
The FCA has published a thematic review (TR18/1) on the fair treatment of existing interest-only mortgage customers. The FCA has been examining the fair treatment of customers with interest-only mortgages and has been looking at how lenders are working to help customers avoid the potential harm of non-repayment at maturity. In summary, the FCA found that: […]
FCA has opened a consultation on plans to provide more small businesses with access to FOS. The changes proposed would allow FOS complaints redress to approximately 16,000 SMEs, charities and trusts, by changing the eligibility criteria to access FOS. Under the proposals, eligible businesses would be those that satisfy the following criteria: Under 50 employees; […]
The Financial Services Compensation Scheme (FSCS) has published its Plan and Budget for 2018/2019. The Plan and Budget outlines the FSCS’s expected management costs and initial levy forecasts financial services firms will pay next year. The FSCS expects to levy the industry £336m, for the nine months to 31 March 2019, up from £320m in […]
The FCA has published an Insight article that considers who is driving consumer credit growth. Although regulators have relied upon aggregate data from larger lenders to monitor which lenders are driving credit growth, there are important gaps. For example, they do not include less-mainstream products that people with low incomes often rely on; and do not […]
Charles Randell CBE has been appointed the new chair of FCA and the PSR with effect from 1 April.
Treasury has published the Building Societies (Restricted Transactions) (Amendment to the Limit on the Trade in Currencies) Order 2017. This Order increases the limit set out in section 9A of the Building Societies Act 1997 at which building societies can convert currency from £100,000 to £3 million, in order to better reflect the nature and […]
The European Securities and Markets Authority has published three consultation papers on draft technical standards implementing the Securitisation Regulation that is expected to be published by the end of this year. The matters addressed by the draft technical standards include requirements for the content and format of underlying exposures and investor report templates, and operational […]
Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit
Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]
Payment Services Regulator requires change to Direct Debit rules regarding switching Facilities Management providers
The Payment Services Regulator (PSR) has published its decision to require the operator of the Bacs payment system, of which the Direct Debit scheme is a part, to change its rules to help clients switch Facilities Management (FM) service providers. Direct Debit FM service providers enable organisations which aren’t specifically approved or sponsored as Bacs […]
The Law Commission has announced the programme of reforms it will be working on over the next 3 years. The projects include: Electronic signatures: there is an absence of explicit case law or legislation confirming that documents executed with an electronic signature satisfy statutory requirements for documents to be in writing and/or signed and/or under […]
The European Securities and Markets Authority has published 2 new questions relating to the prohibition on dealings by persons discharging managerial responsibilities during a closed period in its updated MAR Questions and Answers. Please read our briefing for more.
Treasury has announced it is to offer financial support for the development of an application to allow those who rent properties to record and share their rent payment data, with a view to this helping them to improve their credit scores. It is inviting bids to its “Rent Recognition Challenge”, which will open to applications […]
There has been concern about the anticipated regulatory capital impact when International Financial Reporting Standard 9 is implemented from January 2018, resulting from some firms seeing a significant increase in expected credit loss provisions. In response, the EU Council has published the text of a Regulation that, amending the Capital Requirements Regulation, sets out a […]
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 PRA’s proposals; updating its financial penalty scheme; and how to treat consumer hire agreements in relation to credit-related income. FCA also […]
Following the appointment in 2016 by the House of Lords of a Select Committee to investigate financial exclusion and access to mainstream financial services, the Committee published its final report, ‘Tackling Financial Exclusion: A Country that works for everyone‘ in March 2017 (Report). This Report made 22 recommendations to address financial exclusion and access, including […]
On 8 November, the Treasury Committee announced the launch of a new inquiry that will examine problematic indebtedness, inter-generational issues, lifetime financial planning and the effectiveness of the market in financing solutions and products to low income households. The Chair of the Treasury Committee, Rt. Hon. Nicky Morgan, indicated that the scope will include: what […]
For the first time in more than 10 years the Bank of England (BoE) has raised interest rates. At its meeting on 1 November, the BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the official bank rate from 0.25% to 0.5%. Although households will face higher mortgage interest payments after the […]
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 effectively and is funded fairly. Proposals under consultation include: Merging the Life and Pensions and Investment Intermediation funding classes; Requiring product providers to […]
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 and conduct in the markets; how free-if-in-credit banking is paid for and its effects on different […]
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 vulnerable) consumers where firms fail to meet their needs. In 2014, FCA declared that debt management firms needed to “raise their game” if they […]
After collecting responses from over 13,000 UK consumers, FCA has revealed the results of its largest tracking survey of consumer behaviour and use of retail financial products and services. Aiming to tell the financial story for six age demographics (and key themes of each life stage), the survey found that 50% of the adult population shows one […]
Linda Woodall has spoken at an event to launch FCA’s Occasional Paper on the ageing population. FCA has for some years been aware that the financial services needs of older consumers are generally not being met. Not all older consumers are disadvantaged and not all have the same needs. But, while there is no “one-size-fits-all” […]
The Bond Dickinson financial services team is delighted to have achieved a Legal 500 ranking. The new directory described the team as providing ‘responsive, practical, commercial and cost-effective’ advice to a wide variety of clients within the retail sector of the financial services industry. It says that “‘Very knowledgeable’ team head Andrew Barber has ‘in-depth […]
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 the second part of FAMR implementation policy statement on the second IDD implementation consultation (in December, with the policy statement on the third […]
FCA has published an Occasional Paper looking at the ageing population and financial services. FCA’s research has found there is a risk that the financial services needs of older people are not being fully met, and thinks there is potential for firms to do more to help them. It has identified several issues which will […]
FCA’s latest Handbook Notice confirms it has made rules amending: TC to update the qualification table COBS and MCOB in respect of the smarter communications initiative, in particular to address the risks of over-disclosure COBS to enable governance bodies of relevant pension schemes to get information to allow them to assess transaction costs the Listing […]
FCA’s latest Quarterly Consultation Paper covers: amendments to FEES in respect of fees when firms apply for a VOP for provision of payment initiation and account services. FCA needs to charge fees as it has realised it will need to apply more resource to these applications than it does to standard VOPs. DEPP and EG in respect […]
Alex Brazier, Executive Director of BoE delivers a speech entitled: ‘Debt Strikes Back’ or ‘The Return of the Regulator’?
Alex Brazier, Executive Director (Financial Stability) at BoE has delivered a speech in which he considers the recent developments in household debt, how that debt can pose dangers to the wider economy, and the three lines of defence put in place by regulators to guard against those dangers. Mr Brazier observed that in the past […]
The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]
UK Finance (the new industry association including, among others, the BBA) has updated its Access to Banking Standards in relation to bank branch closures. It is hoped that these changes will help banks provide customers with clear, understandable, accessible documentation and information about that specific closure and how they can continue to bank after the branch has closed […]
On 17 July FCA published a thematic review on customers’ understanding of retail banking products. The review was undertaken amid growing concerns that some customers fail to understand the key features of many financial products and that this may expose them to harm. The review covered 18 firms, and involved FCA looking at the firms’ data […]
FCA’s latest policy development update includes: second consultation on the IDD due in July, with a policy statement on the first consultation due in September; consultation on current account services in July and no date yet for the promised consultation on a review of the crowdfunding rules
The Government presented the European Union (Withdrawal) Bill to Parliament on 13 July for its first reading. The Bill seeks to repeal the European Communities Act 1972 on the day when the UK leaves the European Union (EU). It also includes provisions for: EU legislation to continue to have effect in domestic law, on and after the […]
BoE’s has published its Annual Report and Accounts for 2016/2017 which sets out its main achievements for the year, including: Its One Bank strategy which aims to create a single, unified, institution across all its functions, with a single mission to ‘promote the good of the people of the United Kingdom by maintaining monetary and […]
FCA’s Annual Report and accounts for 2016/17 sets out its highlights from the past year, and includes specific sectoral reports for competition, enforcement, AML and diversity. FCA regards the year’s highlights as: its asset management market study its PPI work, leading up to proposals for a time limit on claims MIFID 2 and MAR implementation […]
Treasury has published the responses it received to its consultation on creating a single financial guidance body. The new body has now been legislated for under the Financial Guidance and Claims Bill and will: be a non-departmental body sponsored by DWP to replace the MAS, TPAS and Pension Wide provide money guidance, and pensions guidance […]
The Creditworthiness Assessment Bill is making its way through Parliament. The Bill requires certain matters to be taken into account when assessing a borrower’s creditworthiness by mandating that FCA rules oblige firms carrying on credit or home purchase related activities to take into account rental and council tax payment history.
FCA has announced the names of the 17 firms who have to date participated in its advice unit . There have been two cohorts of firms, representing deposit-takers, pension firms, IFAs and wealth managers and has included firms that provide web-based services. The unit is now expanding to include also firms that are developing automated […]
Andrew Bailey has spoken at BBA’s retail banking conference on FCA’s perspective on retail banking. He highlighted 3 points: the importance of understanding business models, in the light of Northern Rock. FCA needs to understand where banks earn their returns and how stable they are. He noted that, before the financial crisis, the pressure was […]
PRA has published a policy statement on risk weights in the residential mortgages sector (PS13/17). The statement applies to banks and building societies who use an internal rating based (IRB) method to calculate credit risk capital requirements relating to residential mortgage portfolios. The statement contains the final amendments to the ‘IRB approaches’ supervisory statement, which includes […]
John Griffith – Jones has confirmed that he will leave both the FCA and the PSR at the end of his term of office on 31 March 2018.
In a speech by James Proudman (Executive Director, UK Deposit Takers Supervision, Prudential Regulation Authority, Bank of England), it was discussed that the key component of the ring-fence is to provide ‘efficient resilience’ for domestic banking services (critical functions of lending, deposit-taking and payment services for retail and small corporate customers) ‘on which UK households and companies […]
FCA has updated information on its regulatory sandbox. It says the sandbox’s popularity is increasing and larger numbers of firms both applied for and were accepted for testing in cohort 2. FCA has named the 24 firms that are ready to begin testing shortly and describes the services they are testing. A wide range of […]
FOS has published its annual review for 2016/17, a period which it described as ‘immensely demanding’. Similarly to previous years, FOS reported that much of its activity focused on PPI complaints, but this should finally reduce with the August 2019 time limit for potential claims. The rules and guidance following the Plevin judgement will come into […]
FCA’s latest quarterly consultation proposes changes to: TC to update the list of appropriate qualifications; SUP to clarify how the requirement to have a client assets report applies to loan-based crowdfunding platforms – primarily to clarify FCA’s expectation that these firms appoint an auditor to prepare and submit a client assets report; and also to […]
The EP has published a draft report on the Action Plan for retail financial services. The report: says the EU retail financial services market is still underdeveloped and fragmented, but recognises that such a market will work only if it delivers real customer value; welcomes the Commission’s action plan working towards a single technology-enabled market; […]
FCA’s latest Policy Development Newsletter promises only a policy statement on enhancing COB rules for firms providing CFDs to retail clients following before the end of June. Many other papers are due later in the year, or with a publication date to be confirmed. Strangely (in the version published on 5 May), there is no […]
FCA has published the first set of complaints data (covering the second half of 2016) that firms have reported since last year’s rule changes that give firms 3 days to address a complaint to a consumer’s satisfaction but the data reflects all complaints. Because of the change in complaints captured, the figure (3.04m) is higher […]
FCA has finalised its guidance on the treatment of customers with mortgage payment shortfalls. The guidance addresses how firms should remediate for customer who may have suffered because of the way some firms calculate monthly payments. FCA made few changes following its consultation on the guidance, which effectively stops firms from using “automatic capitalisation” of […]
FCA’s latest Mission and Business Plan contain few surprises, but indicate a lot of work in diverse areas. The Mission, which takes into account stakeholder views, seeks to explain to firms how and why FCA prioritises its focus to meet its statutory objectives. It stresses that it regulates to promote the public interest and with […]
FCA has published an occasional paper that looks at the behaviour of consumers and the consequences it has on their reaction to financial promotions. The paper considers: how consumers will look for and find promotions how ways of presenting information may play on consumers’ behavioural biases and have the potential to mislead how certain techniques […]
FSCS has announced its levy for 2017/18. The £363m is less than forecast in the FSCS’ 2017/18 Plan and Budget in January, but more than the 2016/17 levy. The 2017/18 levy includes: no change to the £100m levy on life and pensions advisers; £5m more to be paid general insurance intermediaries than FSCS forecast in January; and […]
FCA has published the Progress Report reporting on the progress towards implementing the FAMR recommendations. The FAMR final report set out 28 recommendations which are addressed in the progress report. The Financial Advice Market Review (FAMR) was launched in August 2015 to explore ways in which government, industry and regulators can take individual and collective steps […]
On 10 April 2017, Christopher Woolard, the FCA’s Executive Director of Strategy and Competition delivered a speech at the Innovate Finance Global Summit in London. The speech considers the work of the FCA’s Project Innovate to date including the Regulatory Sandbox initiative. Mr Woolard explained the FCA’s commitment to supporting innovation and its desire for […]
The FCA has published a discussion paper on distributed ledger technology (DLT). The discussion paper describes DLT and acknowledges blockchain as a type of DLT. The FCA invites a discussion on two sets of issues: What new risks and opportunities does DLT present to the FCA’s statutory objectives of market integrity, consumer protection and competition? Can DLT […]
FOS’ latest Ombudsman news highlights its plans for the year ahead and current statistics. Its case updates focus on complaints where mistakes or misunderstandings led to consumer loss, and where financial services providers have helped customers in difficulties when their products did not to what the customer expected.
FCA made several changes to its rulebook at its Board Meeting on 30 March. Key changes include: changes to fees relating to the FOS and periodic fees for exchanges and benchmark administrators; changes to the FSCS management expenses levy limit; implementing the policy proposal for PSR fees; allowing FCA to set fees relating to MiFID […]
The new trade body, which will be formed from the merger of the BBA, CML, Payments UK, the UK Cards Association, the Asset Based Finance Association and Financial Fraud Action UK, is to be called UK Finance. Bog Wigley has now commenced his role as chair, and the new body will launch in the summer.
NUMBER OF CONSUMER COMPLAINTS MADE TO REGULATORS RISES – BONDS AND OTHER DEBT SECURITIES NOW MOST COMPLAINED ABOUT
ESMA’s recent report on trends, risks and vulnerabilities (TRV) reveals that the total number of complaints reported across the EU was 7,026 in 1H16 compared to 5,152 in 2H15. The three most common causes among complaints reported directly to national regulators in 1H16 were on: execution of orders (31%); quality/lack of information (19%); and unauthorised […]
European Commission releases public consultation on FinTech as part of Consumer Financial Services Action Plan
In a statement released today, the European Commission has presented an Action Plan that sets out ways to provide European consumers with greater choice and better access to financial services across the EU. At its heart is a focus on technology, given that innovative online services will drive progress towards a more integrated market for financial services. This […]
FCA’s latest quarterly consultation, quarterly consultation no.16 proposes changes to: DEPP and EG reflecting the FCA’s powers following the Bank Recovery and Resolution Order 2016: these would set out the decision-making procedure to be followed for decisions made under the amended sections of FSMA by the BRR order around removal of directors, senior executives and managers; MAR […]
PRA and FCA have published a policy statement and finalised guidance respectively on loan to income (LTI) ratios in mortgage lending with immediate effect. In June 2014, the Financial Policy Committee issued a recommendation to PRA and FCA advising that they should “ensure that mortgage lenders do not extend more than 15% of their total […]
FCA is to consult on the extension of the SMR to all authorised firms during the second quarter of 2017.
CML has given its support to the Guardianship (Missing Persons) Bill. It says the Bill would help lenders make pragmatic arrangements with guardians of missing borrowers to act in the best interests of those borrowers until they are found. It has some suggestions for improvements to the Bill, for example to clarify that lender liability would […]
A new body is to launch later in 2017, designed to be the authoritative voice for the finance sector in the UK. The name and brand of the body is to be announced in summer 2017. Bob Wigley will oversee the appointment of the chief executive and the integration of the existing trade associations later […]
We’ve written an article on FCA’s recent MiFID 2 application and notification guide.
If you, like us, have views on FCA’s recently revamped website, you have a chance to let FCA know. It has invited views, in an online survey.
A recent case heard in the ECJ states that courts have a duty under the Unfair Terms in Consumer Contracts Directive to assess all terms in a contract for fairness, even if one specific term has already been considered in court. In a case referred by a Spanish Court, the ECJ held that, although a court […]
The latest edition of Ombudsman News looks at the types of complaints FOS addresses from people under 25. PPI is not a concern for them, with the majority of “millennial and post millennial” complaints relating to packaged and current bank accounts (babyboomers make the same proportion of complaints on packaged bank accounts, with Generation X […]
The Government has published its White Paper on building a new relationship with the EU after Brexit. The paper looks at the basis on which the Government wants to address the 12 principles Theresa May set out on 17 January. However, the Government says it has respected Parliament’s wish that it does not publish detail […]
FCA has published the figures showing the number of skilled persons reviews it initiated in Q3 2016. Of the 15 reviews, 5 concerned asset management and 5 concerned insurers/
FCA’s latest “Regulation Round up” focuses on: some big issues FCA plans to address in 2017, such as the progress of the FAMR, the extension of the SMR and the closure of lending reviews; the interim report on the Asset Management Market Study, reminding that the consultation period for responding on the remedies FCA proposed […]
Industry has reacted to Theresa May’s speech of 17 January, when she confirmed Britain would leave the single market. In her speech, the Prime Minister reiterated that it is for the Government alone to invoke Article 50 and take responsibility for negotiations with the EU, working with the devolved administrations. She confirmed the plan, soon, to […]
FCA and PRA have issued a joint consultation paper on the management expenses levy limit (MELL) for the FSCS for 2017/18. The MELL provides the FSCS with adequate resources to process compensation claims resulting from the failure of financial services firms. The MELL proposed is £75.54 million, which is the maximum amount the FSCS can […]
The first report of the committee on exiting the EU calls for the Government to publish its Brexit plan by mid-February, and says that plan should set out the Government’s position on membership of the single market and should commit that Parliament will be able to vote on the final Treaty. Among the priorities the […]
The House of Commons Library has published a report looking at how many EU laws are directly applicable in the UK (around 5,000), and will therefore cease to apply in the UK once the European Communities Act 1972 is repealed, unless other provision is made for them. The Government says the so called “Great Repeal […]
FCA has published initial feedback from the consultation process into its proposed mission statement. Key themes include: a desire for a clearer rationale for FCA decisions, and what FCA chooses to do and not to do; more protection for vulnerable consumers but there are different views on who a vulnerable consumer is. FCA welcomes views […]