On 1 November 2022, the Implementation Act concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Act) entered into force. The Implementation Act implements Article 31 of the Fifth Anti-Money Laundering Directive and introduces a central beneficial ownership
A three-judge panel of the US Court of Appeals for the Fifth Circuit ruled on October 19 that the current funding mechanism for the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the court held that the CFPB’s independent funding through
On 4 November 2022, the FCA published financial promotions quarterly data for Q3 2022.
The data highlights that the FCA had intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data.
Retail lending, investments and banking are the sectors with the highest rate of
On 4 November 2022, HM Treasury published the Financial Services and Markets Bill, as amended in Public Bill Committee.
In a letter to the Interim Chair of the Treasury Select Committee, the Economic Secretary to the Treasury, Andrew Griffith MP states that in light of the appointment of the new Prime Minister the Government
On 3 November 2022, the FCA published a report on borrowers in financial difficulty following the Coronavirus pandemic – key findings. The report details findings from the FCA’s review of firms’ treatment of borrowers in financial difficulty after the pandemic and includes all areas firms must improve on.
Background
Following the outbreak of the Coronavirus
On 3 November 2022, the European Banking Authority (EBA) published a report on the application of the infrastructure supporting factor.
The report analyses the lending trends and riskiness of infrastructure loans which have benefited from a capital reduction due to the introduction of the so-called Infrastructure Supporting Factor (ISF) according to
On 2 November 2022, the FCA published a speech by Therese Chambers (Director of Consumer Investments, FCA) entitled ‘FCA’s key priorities for the financial advice industry’.
In her speech Therese Chambers discusses the Consumer Duty and its application to the consumer investments sector focussing on the four Consumer Duty outcomes:
On 2 November 2022, the Financial Ombudsman Service (FOS) published online guidance, providing information on the types of complaints the FOS sees and resolves about mobile phone and gadget insurance. The FOS also shares case studies that illustrate their approach.
The FOS has provided information for customers and businesses:
Consumers
The
On 1 November 2022, the FCA launched a new webpage on the cost of living consumer credit data collection.
The webpage sets forth that the FCA is asking a number of consumer credit firms, regulated by the FCA, to provide data on their credit activities in order to allow the regulator to monitor and assess
On 2 November 2022, the Financial Ombudsman Service (FOS) published its latest quarterly complaints data.
In Q2, the FOS received 38,470 new complaints, up from 35,029 new complaints in April- June 2022.
The following are the top five most complained about products.