Matthew Gregory (UK)

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European Commission launches consultation on consumer protection – strengthened enforcement cooperation

On 28 September 2022, the European Commission launched a consultation on consumer protection-strengthened enforcement cooperation. The consultation aims to collect the views of various interested organisations and businesses on how to increase the efficiency of retail markets in the EU, how to ensure a level playing field among all traders operating in this market, from … Continue Reading

Global regulation and conduct series – Rising cost of living, vulnerable customers and consumer duty

In the first in our global series of regulatory podcasts focussing on conduct issues, financial services partners from Australia, United Kingdom and the United States cover the rising cost of living, vulnerable customers and consumer duty. (Apple Podcasts / Spotify)… Continue Reading

ESMA final report on guidelines on certain aspects of the MiFID II suitability requirements

On 23 September 2022, the European Securities and Markets Authority (ESMA) published its final report on guidelines on certain aspects of the MiFID II suitability requirements. The final report builds on the text of the 2018 ESMA guidelines, which have now been reviewed following the adoption by the European Commission of the changes to the … Continue Reading

The FCA’s new Consumer Duty: is your firm ready?

We have published a new webpage on the Norton Rose Fulbright website containing our materials to help firms prepare for the new Consumer Duty. The webpage can be found here. In particular, the webpage contains our new briefing note The FCA’s Consumer Duty: New milestones for firms ahead of implementation which includes details of our … 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 Consultation Paper on calculating redress for non-compliant pension transfer advice

On 2 August 2022, the Financial Conduct Authority (FCA) published Consultation Paper 22/15 ‘Calculating redress for non-compliant pension transfer advice’ (CP22/15). In CP22/15 the FCA is proposing to set up a redress scheme for people who transferred out of the British Steel Pensions Scheme (BSPS). This should see firms pay over £70 million of compensation … Continue Reading

FCA releases statement on switching in the mortgage market

Introduction On 2 August 2022, the Financial Conduct Authority (FCA) released its latest statement on switching in the mortgage market. Among other things the statement notes that the number of mortgage borrowers not switching their mortgage deal, when they could save money by doing so, has declined significantly since 2016. Given the rising cost of … Continue Reading

FCA releases Policy Statement on strengthening financial promotion rules for high-risk investments and firms approving financial promotions

Introduction On 1 August 2022, the Financial Conduct Authority (FCA) published Policy Statement 22/10 ‘Strengthening our financial promotion rules for high-risk investments and firms approving financial promotions’ (PS22/10). In PS22/10 the FCA sets out its final policy and Handbook rules for high-risk investments subject to its financial promotion rules and for firms communicating and approving … 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

Regulation Tomorrow Plus – HM Treasury’s proposals for buy-now-pay-later

A new Regulation Tomorrow Plus podcast episode covering HM Treasury’s proposals for buy-now-pay-later is out now to stream and download on Apple Podcasts and Spotify. In this episode, Of Counsel, Matthew Gregory shares his insights into HM Treasury’s recent response document bringing buy now pay later businesses within scope of regulation from the Financial Conduct … Continue Reading

Webinar | The Buy Now Pay Later global landscape and latest trends | Wednesday 6th July @8.30am and 3pm BST

Join our global Financial services regulation team to hear about the developing regulatory approaches and trends in the BNPL sector across the world. Register here  … Continue Reading

FCA Dear CEO letter – FCA Supervisory strategy for MCCL portfolio

On 27 June 2022, the FCA published a Dear CEO letter concerning its supervisory strategy for the mainstream consumer credit lenders (MCCL) portfolio. The Dear CEO letter follows an earlier letter published in December 2020 and: Provides an updated view of the key risks that MCCL firms pose to their consumers and the markets in … Continue Reading

EBA replies to European Commission’s call for advice on the Mortgage Credit Directive review

On 23 June 2022, the European Banking Authority (EBA) published an Opinion and Report in response to the European Commission’s call for advice (CFA) on the review of the Mortgage Credit Directive (MCD). The CFA covered 17 questions across 7 topical areas, which were the evaluation of the MCD, digitalisation, ways to facilitate the cross-border … Continue Reading

Government responds to BNPL consultation

Introduction On 20 June 2022, HM Treasury published the government’s response to its October 2021 consultation on the regulation of Buy-Now Pay-Later (BNPL) products. The consultation was preceded by an announcement from the government in February 2021, indicating that it wanted to bring unregulated interest-free BNPL products within the scope of regulation given the potential … Continue Reading

FCA Dear CEO Letter ‘The rising cost of living – acting now to support consumers’

On 16 June 2022, the FCA published a new webpage, Ensuring the fair treatment of customers in vulnerable circumstances. In the webpage the FCA states that, since the publication of Finalised Guidance 21/1 ‘Guidance for firms on the fair treatment of vulnerable customers’ (FG21/1) it has seen good examples of firms taking positive action to … Continue Reading

FCA Guidance Consultation 22/2 ‘Branch and ATM closures or conversions: Updated guidance for firms’

On 14 June 2022, the FCA published Guidance Consultation 22/2 ‘Branch and ATM closures or conversions: Updated guidance for firms’ (GC22/2). In GC22/2 the FCA proposes to update the current guidance on branch and ATM closures or conversions (Finalised Guidance 20/3 (FG20/3) and is the latest step the FCA has taken to protect access to … Continue Reading

Council adopts its position on new rules for consumer credit

On 9 June 2022, the Council of the EU issued a press release stating that it had adopted its general approach on the proposed revision of the Directive on consumer credit. Among other things the Council’s press release notes: The Council proposes to exclude from the scope of the revised directive crowdfunding and, under certain … Continue Reading

EBA consults on guidelines to resolution authorities on the publication of the write down and conversion and bail-in exchange mechanic

 On 7 June 2022, the European Banking Authority (EBA) launched a public consultation on its draft guidelines, addressed to Member State resolution authorities for the publication of their approach to implementing the bail-in tool. The draft guidelines aim to ensure that a minimum level of harmonised information is made public with regard to the mechanics … Continue Reading

EBA final technical standards on crowdfunding service providers

On 13 May 2022, the European Banking Authority (EBA) published a final report setting out draft Regulatory Technical Standards (RTS) per its mandate under Article 19(7) of the European Crowdfunding Service Providers Regulation specifying the: Elements to be included in the information to investors with respect to the description of the method to calculate credit … Continue Reading
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