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.
On 2 November 2022, the European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far away from adequately managing climate and environmental risks.
The thematic review aimed to check whether EU banks adequately identify and manage climate risks as well as environmental risks such as
On 1 November 2022, the FCA published Policy Statement 22/12 ‘Pensions Dashboards rules for pension providers – feedback on CP22/3 and our final rules and guidance’ (PS22/12).
Pensions dashboards have the potential to benefit consumers in several ways. By equipping people with basic information about the pensions they have, consumers may find it
On 31 October 2022, the European Securities and Markets Authority (ESMA) announced that six central counterparties (CCPs) established in India will have their recognition decisions withdrawn in accordance with the European Market Infrastructure Regulation (EMIR).
ESMA had to tier and review the recognition of all third country CCPs (
On 31 October 2022, the European Securities and Markets Authority (ESMA) published guidelines on the scope of the Credit Rating Agency (CRA) Regulation.
The purpose of the guidelines is to clarify the scope of the CRA Regulation, in particular the provisions concerning: