The Financial Ombudsman Service (FOS) has published issue 119 of Ombudsman News. Items of interest include:
The Financial Ombudsman Service (FOS) has published a report following its review of complaints relating to payday loans. Some of the issues contained in the report included complaints about fraud, payday loans, damage to credit records, debt-chasing, poor administration and customer service, high costs and charges, informing consumers of their referral rights, continuous payment authorities and the experience of vulnerable consumers. In order to tackle this, the FOS suggests the following remedies:
The European Banking Authority (EBA) has published a revised XBRL taxonomy (v.2.2) which will be used by competent authorities for the remittance of data under the EBA implementing technical standards on supervisory reporting under the Capital Requirements Regulation. The new taxonomy will be used for reports with reference dates as of 31 December 2014 and beyond.
The FCA has published four warning notice statements in relation to three employees and one trader of a bank. The FCA considers the individuals to have been knowingly concerned in the contravention of Principle 5 (Market Conduct) by the bank for significant failings in relation to an interest rate benchmark. The FCA considers that the individuals have variously been involved in:
The Department of Business, Innovation and Skills (BIS) has published guidance for businesses on the Consumer Protection (Amendment) Regulations 2014 (the Regulations).
The European Banking Authority (EBA) has updated its Q&As on the single rulebook, publishing one new answer to a question. The Q&As relate to the CRD IV package of reforms: the CRD IV Directive, the Capital Requirements Regulation and the related technical standards and guidelines developed by the EBA. The new question relates to credit risk.
The Financial Services Compensation Scheme (FSCS) has published a press release detailing the names of fifty firms that it has recently declared in default. The FSCS has already started paying out compensation in respect of the defaulted firms which include general insurance firms, investment firms, and life and pensions firms.
The FCA has published ‘Credit Ready’ checklists to help consumer credit firms ensure that they have all the relevant information and documentation when they apply for authorisation. The checklists also state that firms should have been emailed the date from which they can apply for authorisation.
The Global Financial Markets Association (GFMA) and other associations such as the Institute of International Finance, the International Swaps and Derivatives Association and the Commercial Real Estate Finance Council Europe (together, the Joint Associations) have written to the Basel Committee on Banking Supervision (BCBS) setting out their observations which the BCBS is asked to consider as it moves towards completing its work on the proposals set out in the second consultative document, Revisions to the Basel securitisation framework.
HM Treasury has also issued a short consultation intended to complete the consultation process on how the government should implement the Solvency II Directive. The Treasury published a consultation in November 2011 but has been unable to proceed before now due to the delay in adopting the Omnibus II Directive.