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Topic: Retail

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FCA Dear CEO letter to CMCs

On 4 June 2019, the FCA published a Dear CEO letter setting out its expectations of claims management companies (CMCs) when they carry out financial promotions and/or act for their customers. The FCA notes that recently it has seen a number of issues regarding: CMCs acting for their customers without getting their appropriate consent or … Continue Reading

FCA confirms new rules for P2P platforms

On 4 June 2019, the FCA published Policy Statement 19/14: Loan-based (‘peer-to-peer’) and investment-based crowdfunding platforms: Feedback to CP18/20 and final rules (PS19/14). In PS19/14 the FCA summarises the feedback it received to its consultation last year on loan-based crowdfunding platforms (P2P platforms) (our blog is here) and sets out the final policy positions it … Continue Reading

HM Treasury consults on regulating the funeral sector

On 3 June 2019, HM Treasury published a consultation on its proposed regulation of pre-paid funeral plans. Under the current regulatory framework, entering into a funeral plan contract as a provider is a regulated activity. However, a provider is excluded from carrying on this regulated activity if the plans into which it enters are either … Continue Reading

ESMA plans to overhaul PRIIPs KID rules

The European Securities and Markets Authority (ESMA) has initiated work on a broad review of Delegated Regulation (EU) 2017/653 on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs). In a speech delivered by Evert van Walsum, Head of Investors and Issuers Department at ESMA, on 13 May 2019, it was announced … Continue Reading

Updated information on FCA Discussion Paper on price discrimination in the cash savings market

On 14 May 2019, the FCA updated its webpage on Discussion Paper 18/6 regarding price discrimination in the cash savings market. The Discussion Paper set out a range of options to address issues faced by longstanding customers in the easy access cash savings market. Whilst a Feedback Statement to the Discussion Paper is not yet available, the … Continue Reading

HoC Treasury Committee report on consumers

On 10 May 2019, the House of Commons’ Treasury Committee (the Committee) published its twenty-ninth report of session 2017 – 19 on consumers’ access to financial services. The Committee launched the consumers’ access to financial services inquiry on 9 November 2018. The report sets out the evidence that the Committee received in the course of … Continue Reading

Responses to HM Treasury call for evidence on cash and digital payments

On 3 May 2019, HM Treasury published a document containing a summary of responses to its call for evidence on cash and digital payments in the new economy. A total of 218 respondents engaged with the call for evidence. The responses reflected the change in the way that payments are being made. According to data … Continue Reading

European Commission consults on Distance Marketing Directive

On 9 April 2019, the European Commission published a new webpage detailing a consultation on the Distance Marketing Directive (the Directive). The Commission notes that since 2002, when the Directive came into force, the retail financial sector has gone increasingly digital, with new products and actors available on the market and new sales channels being … Continue Reading

ESAs publish Q&A on the KID for PRIIPs

On 4 April 2019, the European Supervisory Authorities published additional Q&As on the key information document (KID) requirements for packaged retail and insurance-based investment products. Answers to the following questions have been added: What aspects should be considered by the manufacturer when determining the recommended holding period of a PRIIP? Which form and name should … Continue Reading

FCA consults on changes to responsible lending rules and guidance following mortgage market study

On 26 March 2019, the FCA published Consultation Paper 19/14: Mortgage customers: proposed changes to responsible lending rules and guidance (CP19/14). By way of background, the FCA is concerned that some consumers cannot switch to a more affordable mortgage despite being up-to-date with their mortgage payments. This includes those who cannot switch because of changes … Continue Reading

FCA Dear CEO letter on managing the risks of defined benefits to defined contribution transfers

On 22 March 2019, the FCA published a Dear CEO letter concerning managing the risks of defined benefits to defined contribution transfers. The Dear CEO letter explains that over the past year the FCA has carried out work to evaluate and reduce the risks of harm to consumers arising from the transfer of funds from … Continue Reading

Commission Implementing Regulation on ITS with regard to the details and structure of the information to be notified in payment services

On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2019/410 of 29 November 2018 laying down implementing technical standards with regard to the details and structure of the information to be notified, in the field of payment services, by competent authorities to the EBA pursuant … Continue Reading

FCA papers on investment platforms market study remedies

On 14 March 2019, the FCA issued its investment platforms market study final report and an accompanying Consultation Paper (Consultation Paper 19/12: Consultation on investment platforms market study remedies (CP19/12)). The FCA launched its market study to explore whether consumers can make informed decisions about the choice of platform, the investments they choose on it … Continue Reading

ESAs propose draft RTS to clarify application date of KID to investment funds

On 8 March 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a letter to the European Commission regarding amending the PRIIPs Regulation to  clarify the application of the key information document (KID) to multi-option products. The text of the draft regulatory technical standards (RTS) amending PRIIPs are annexed to the letter. In their … Continue Reading
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