In this episode, following the FCA’s interim 31st October deadline, Jonathan Herbst, Matthew Gregory, Joe Bamford and Iain Hawthorn focus on where firm’s should be now, and the key things they need to consider in taking forward their implementation plans for the new Consumer Duty. The discussion includes the steps that firms need to take … Continue Reading
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: Obligation to register. Credit rating activities and exemptions from registrations. Private credit ratings. … Continue Reading
On 31 October 2022, the FCA published Handbook Notice No 103. The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 28 October 2022. Where relevant, it also refers to the development stages of that material, enabling readers to … Continue Reading
On 28 October 2022, the FCA published a new webpage on modification by consent: GEN: SYSC, TC, MIPRU, ICOBS, PROD and SUP. The webpage outlines the following: Which firms the modifications apply to. What is the purpose of the modification. How can firms make use of this modification.… Continue Reading
In order for the FCA to be confident that firms will be in a position to comply with the new Consumer Duty from 31 July 2023 (for existing products), the FCA has outlined two interim deadlines that it expects firms to meet. These include a requirement for manufacturers to be able to share information on … Continue Reading
On 7 September 2022, the Financial Ombudsman Service (FOS) published their quarterly complaints data for Q1 2022/23. Between April and June 2022, the FOS received 65,740 new enquiries and 35,029 new complaints about financial products. On average the FOS upheld 34% of these complaints. The most complained about account was current accounts, followed by credit … Continue Reading
On 19 August 2022, the Financial Conduct Authority (FCA) published a press release warning Buy Now Pay Later firms about misleading adverts. The FCA has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated, the financial promotions of all BNPL products must comply with the financial promotion rules. … Continue Reading
In the latest episode of our Consumer Duty series, Joe Bamford and Iain Hawthorn unpack the key takeaways from the FCA’s policy statement and finalised non-handbook guidance published on 27 July 2022 and summarise immediate next steps for firms. (Apple podcasts/ Spotify)… Continue Reading
On 27 July 2022, the FCA published Policy Statement 22/9 ‘A new Consumer Duty – Feedback to CP21/36 and final rules’ (PS22/9). This was accompanied by the FCA’s ‘Final non-Handbook Guidance for firms on the Consumer Duty’ (FG22/5). PS22/9 follows Consultation Papers 21/36 and 21/13 on the new Consumer Duty, which the FCA published in … Continue Reading
On 13 July 2022, the European Commission published: Delegated Regulation supplementing the Crowdfunding Regulation with regard to regulatory technical standards (RTS) on individual portfolio management of loans by crowdfunding service providers, specifying the elements of the method to assess credit risk, the information on each individual portfolio to be disclosed to investors, and the policies … Continue Reading
On 12 July 2022, the European Parliament published compromise amendments on the draft report on the Proposal for a Directive of the European Parliament and of the Council on consumer credits. Overall, MEPs want better protection for consumers applying for loans online. The new EU rules aim at protecting consumers online from credit card debt, … Continue Reading
On 8 July 2022, the European Securities and Markets Authority (ESMA) published a Consultation Paper on the review of the Guidelines on MIFID II product governance requirements. The Consultation Paper is primarily of interest to Member State competent authorities, firms that are subject to MIFID II and investors. The ESMA proposes updating its 2017 guidelines … Continue Reading
On 4 July 2022, HM Treasury published an updated advisory notice on money laundering and terrorist financing controls in high-risk third countries. The advisory notice explains that the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations will come into force on 11 July 2022. These Regulations will substitute the list of high-risk third … Continue Reading
On 24 June 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/975 of 17 March 2022 which amends Article 18 of Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) so that Article 14(2) applies until 31 December 2022 (instead of 1 July 2022). … Continue Reading
On 25 March 2022, the FCA published Policy Statement 22/2 ‘PRIIPs – Final scope rules and amendments to Regulatory Technical Standards’ (PS22/2). In PS22/2 the FCA summarises the feedback received to Consultation Paper 21/23 (CP21/23) and outlines its final policy position, Handbook rules and amendments to the onshored regulatory technical standards (RTS) under the Regulation … Continue Reading
On 17 March 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) as regards the extension of the transitional arrangement laid down in Article 14(2) of that Regulation and amending the RTS laid down in … Continue Reading
On 11 March 2022, the FCA published a letter (dated 15 February 2022) which it sent to firms in its retail mortgage lenders (RMLs) portfolio. The letter sets out: The FCA’s views on the key risks of harm for RMLs’ mortgage customers over the next 2 years. The key risks of harm are supporting mortgage … Continue Reading
On 11 March 2022, the FCA published a letter (dated 11 March 2022) to firms within its building societies portfolio. In the letter the FCA provides an: Updated view of the current key risks of harm and outlines its expectations of societies. Overview of its supervisory strategy and programme of work to ensure that firms … Continue Reading
On 23 February 2022, the FCA issued its first portfolio letter to all credit rating agencies (CRAs) in its portfolio setting out what it expects CRAs to do to minimise risks to consumers, market integrity or competition from failures to meet regulatory requirements. The portfolio letter sets out the FCA’s supervisory priorities under the following … Continue Reading
We have published a new client briefing note on FCA Consultation Paper 21/36 ‘A new Consumer Duty – Feedback to CP21/13 and further consultation’. The client briefing note follows our client webinar that was held on 12 January. Also, during February to May we will be running a series of podcasts on the Consumer Duty. … Continue Reading
On 19 January 2022, the FCA updated its webpage concerning Finalised Guidance 15/8 ‘FCA’s powers and procedures under the Competition Act 1998’ (FG15/8). The FCA states that it has made certain updates to FG15/8 including: Inserting a section clarifying the FCA’s competition powers following EU withdrawal. Making clear that since April 2019 the FCA’s competition … Continue Reading
The recording from our recent webinar ‘Financial Services in Focus: the new Consumer Duty series’ is now available and can be accessed here.… Continue Reading
3 November 2021 | 08:50 AM – 9:30 AM GMT FinTech is arguably the most innovative area within financial services. The nexus between technology and finance has opened new markets, created entirely new types of product and in doing so, presented unique and previously unforeseen challenges to financial regulators. From the growth of payment services … Continue Reading
A new episode of RT Plus is out now. In this latest episode we speak to Matthew Gregory and Joe Bamford about the Treasury’s consultation paper on the regulation of Buy Now Pay Later (BNPL) products. The consultation, published on Thursday 21 October, follows the Woolard review earlier in the year, which proposed the regulation … Continue Reading
