Joe Bamford (UK)

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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

Episode 7 of the Regulation Tomorrow Podcast is out now

Episode 7 of the Regulation Tomorrow podcast is now available to listen to and download. In this month’s podcast we speak to Celia Cohen in New York about recent enforcement trends in the US, with a focus on whistle-blowing; we hear from Anna Carrier in Brussels who discusses the new European commodities regime and we … Continue Reading

Update – Independent review of Interest Rate Hedging Products

In March 2012, the Financial Services Authority (predecessor regulator to the FCA) identified significant issues with the sale of Interest Rate Hedging Products (IRHPs) to UK Small and Medium Enterprises (SMEs). The FSA intervened and secured voluntary agreements with the banks to provide redress. Following the Treasury Select Committee’s recommendation in its report Conduct and … Continue Reading

Draft FCA Guidance: Mortgages and coronavirus: further updated tailored support guidance for firms

On 5 March 2021, the FCA set out proposals to update its January 2021 guidance “Mortgages and Coronavirus: Tailored Support Guidance”. The proposed updates to the earlier guidance are contained in paragraphs 1.2 and section 7 (repossessions).  In section 7 the FCA is proposing to introduce updated guidance for firms from 1 April 2021, to … Continue Reading

ESMA consults on draft technical standards under the ECSP Regulation

On 26 February 2021, the European Securities and Markets Authority (ESMA) issued a consultation document on draft technical standards on crowdfunding under the European crowdfunding service providers regulation (ECSPR). The ECSPR was published in the Official Journal of the European Union on 20 October 2020. The ECSPR requires ESMA to submit draft regulatory technical standards … Continue Reading

Dear Board of Directors letter to debt firms published by the FCA

On 18 January 2021, the FCA wrote to the board of directors at debt firms (being debt purchase, debt collection and debt administration firms) to set out they key risks associated with these types of firms, the FCA’s expectations of them and how it plans to supervise the sector. In spite of the impact of … Continue Reading

ESMA renews its decision requiring net short position holders to report positions of 0.1% and above

On 17 December 2020, the European Securities and Markets Authority (ESMA) has renewed its decision to temporarily require the holders of net short positions in shares traded on a European Union (EU) regulated market, to notify the relevant Member State competent authority (NCA) if the position reaches, exceeds or falls below 0.1% of the issued … Continue Reading

FCA portfolio letter to SIPP operators

On 2 December 2020, the FCA published a letter it had sent to the board of directors of firms assigned to the SIPP operators’ portfolio. The letter sets out the FCA’s key concerns and expectations for firms in the portfolio. The FCA’s key concerns are set out under four broad headings: financial resources, complaints handling, … Continue Reading

FCA updates web page on Policy Statement 20/11 ‘Mortgages: Removing barriers to intra group switching and helping borrowers with maturing interest only and part and part mortgages’

On 17 November 2020, the FCA updated its web page regarding Policy Statement 20/11 ‘Mortgages: Removing barriers to intra group switching and helping borrowers with maturing interest only and part and part mortgages’ (PS20/11). The update states that the FCA has issued an updated version of the guidance in relation to delaying the capital repayment … Continue Reading

The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020

On 11 November 2020, there was published on The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 together with an explanatory memorandum.  The Consumer Credit Act 1974 (the Act) created a consumer protection regime, which required creditors or owners to send notices to borrowers or hirers under regulated agreements before taking … Continue Reading