Joe Bamford (UK)

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FOS quarterly complaints data: Q1 2022/23

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

FCA warns Buy Now Pay Later firms about misleading adverts

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

FCA publishes policy statement on new Consumer Duty

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

Commission adopts Delegated Regulations under the Crowdfunding Regulation

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

European Parliament draft report on the proposed Directive on consumer credits

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

ESMA Consultation Paper – Review of the Guidelines on MiFID II product governance requirements

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

HM Treasury updated advisory notice on money laundering and terrorist financing controls in high-risk third countries.

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

Published in OJ – Commission Delegated Regulation amending PRIIPs KID Delegated Regulation and related Delegated Regulation concerning extension of transitional arrangements

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

FCA PS22/2 ‘PRIIPs – Final scope rules and amendments to Regulatory Technical Standards’

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

Commission adopts Delegated Regulation amending PRIIPs KID Delegated Regulation and related Delegated Regulation concerning extension of transitional arrangements

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

FCA portfolio letters – retail mortgage lenders and non-bank (mortgage lenders)

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

New client briefing note – The FCA’s latest consultation on the new Consumer Duty: What does it mean for firms?

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

FCA updates webpage on FG15/8 ‘FCA’s powers and procedures under the Competition Act 1998

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

Finance of the future – Hot topics and prevailing themes from the innovative world of FinTech

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

New episode of RT Plus – HMT consult on the regulation of Buy Now Pay Later

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

HM Treasury consultation on the regulation of Buy-Now Pay-Later

On 21 October 2021, HM Treasury issued its long anticipated consultation on the regulation of Buy-Now Pay-Later (BNPL) products. Background In February the government announced its intention to bring unregulated interest-free BNPL products within the scope of regulation given the potential risk of consumer detriment highlighted in the Woolard Review. Following the announcement the government … Continue Reading

New Delegated Regulation under the PRIIPs Regulation

On 7 September 2021, the European Commission adopted:  Commission Delegated Regulation amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on … Continue Reading

The future of the UK retail investment market: a post-Brexit and COVID-19 outlook

8 September 2021 | 08:50 AM – 09:30 AM BST In retail – the front line of the financial sector – things have moved on significantly since the start of the COVID-19 pandemic with the introduction of new technology and investment opportunities. With these changes new risks have emerged, increasing vulnerability among consumers – particularly younger consumers … Continue Reading

FCA publishes letter to loan-based peer-to-peer (P2P) crowdfunding platforms

On 26 August the FCA published a letter (dated 25 May 2021) previously sent to the board of directors at loan-based peer-to-peer (P2P) crowdfunding platforms. In the letter the FCA seeks to set out its views and expectations in a number of areas, specifically: set out our view of the key risks P2P platforms pose … Continue Reading
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