United Kingdom

Topic: Retail

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Government to help pension schemes seize long-term opportunities

On 11 September 2020, the Department for Work and Pensions issued the Government’s response to the February 2019 consultation ‘Investment Innovation and Future Consolidation’ which included a further consultation on proposed measures to improve outcomes for defined contribution scheme members. The Government addresses stakeholder responses to the consultation proposal to use increased transparency as a … Continue Reading

PRA Dear CEO letter: Temporary Permissions Regime – Operational Readiness

On 1 September 2020, the Prudential Regulation Authority (PRA) published a Dear CEO letter from Sam Woods, Deputy Governor and CEO of the PRA to remind firms to be operationally ready for the Temporary Permissions Regime (TPR). The TPR is due take effect at 11pm on Thursday 31 December 2020, which is the point at … Continue Reading

New Bank of England webpage on the Temporary Permissions Regime

On 1 September 2020, the Bank of England (BoE) published a new webpage, which summarises its approach to the Temporary Permissions Regime (TPR). On this new webpage the BoE has confirmed the following: Firms that have submitted a valid Notification or Part 4A application (and not withdrawn) will automatically enter the TPR. Where a firm … Continue Reading

COVID-19: FCA consults on additional guidance for mortgage firms

On 26 August 2020, the Financial Conduct Authority (FCA) published a guidance consultation containing additional draft guidance for mortgage firms in light of the COVID-19 pandemic. It sets out the FCA’s expectations in relation to the fair treatment of mortgage borrowers who are experiencing financial difficulty as a result of the pandemic. This guidance is … Continue Reading

FOS Ombudsman news issue 153

On 26 August 2020, the Financial Ombudsman Service (FOS) published issue 153 of its newsletter, where it sought to summarise the key themes it has seen in complaints handled recently. Key themes emerging from recent complaints have included: Business interruption insurance Debt and financial difficulty Travel and event cancellations Lockdown causing business interruption To view … Continue Reading

HM Treasury Policy Statement: Amendments to the Packaged Retail Investment and Insurance based Products Regulation

On 30 July 2020, HM Treasury published a Policy Statement providing an update on its proposed approach to bringing forward certain amendments to the onshored Regulation on packaged retail investment and insurance based products (the PRIIPs Regulation) in order to avoid consumer harm and provide appropriate certainty to industry once the UK ceases to be … Continue Reading

FCA guidance consultation for firms on the fair treatment of vulnerable customers

On 29 July 2020, the FCA published Guidance Consultation 20/3: Guidance for firms on the fair treatment of vulnerable customers (GC20/3). In July 2019, the FCA published an initial consultation on draft guidance that set out its view of what the Principles for Businesses (the Principles) require of firms to treat vulnerable consumers fairly (GC19/3). … Continue Reading

FCA Feedback Statement 20/12: Intergenerational differences: summary of responses and next steps

On 22 July 2020, the FCA published Feedback Statement 20/12: Intergenerational differences: summary of responses and next steps (FS20/12). Last summer the FCA published Discussion Paper 19/2: Intergenerational differences in which it wanted to test its understanding of the issues different generations face and identify where, if any, potential action could help the market meet … Continue Reading

Council adopts new rules for crowdfunding platforms

On 20 July 2020, the Council of the EU announced that it had adopted a Directive and a Regulation on crowdfunding. The Council’s press release on the new legislative measures states: The new legislative framework is part of the EU Capital Markets Union project. It will remove barriers for crowdfunding platforms to provide their services … Continue Reading

FSCP discussion paper on digital advertising in financial services

On 1 July 2020, the Financial Services Consumer Panel (FSCP) issued a discussion paper on digital advertising in financial services. The discussion paper sets out potential consumer protection issues highlighted in two earlier FSCP exploratory research studies covering the digital customer journey for high-cost consumer lending and pensions encashment and online marketing strategies used by … Continue Reading

Responses to PRA Occasional Consultation Paper 25/19 – Chapter 5: Retirement interest-only mortgages – PS12/20

On 14 May 2020, the PRA published Policy Statement 12/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapter 5: Retirement interest-only (PS12/20). Chapter 5 of Consultation Paper 25/19 ‘Occasional Consultation Paper’ (CP25/19) set out proposals to address potential inconsistencies in practices across firms in relation to the capital treatment of retirement interest only (RIO) mortgages. … Continue Reading

FCA statement on mortgage prisoners

On 28 October 2019, the FCA published Policy Statement 19/27: Changes to its responsible lending rules and guidance – feedback on CP19/14 and final rules (PS19/27). In PS19/27 the FCA removed barriers that prevent consumers from switching to a more affordable mortgage despite being up to date with their current mortgage payments. On 1 May … Continue Reading

Commission consultation on EU Retail Payments Strategy

On 3 April 2020, the European Commission issues a consultation on a retail payments strategy for the EU. The public consultation, which is published together with the public consultation on a new digital finance strategy, is a key step towards the adoption of a retail payments strategy for Europe. The deadline for comments on the … Continue Reading

FCA speech on its approach to ensuring firms treat vulnerable customers fairly

On 5 March 2020, the FCA published a speech by Nisha Arora (Director, Consumer and Retail Policy, FCA) entitled Our approach to ensuring firms treat vulnerable customers fairly. Key points in the speech include: for many years, protecting vulnerable customers has been a key priority for the FCA and it remains so. But five years … Continue Reading

APP Scams Voluntary Code: interim funding for scam victim compensation to continue to 31 December 2020

On 27 February 2020, UK Finance announced that the interim funding arrangement to pay compensation to victims of authorised push payment (APP) scams in situations where both the customer and their bank have met the standards expected of them under the APP scams voluntary code is being extended to 31 December 2020. The payment service … Continue Reading

Commission final report: Consumer testing services – retail investors’ preferred option regarding performance scenarios and past performance information within the KID

On 27 February 2020, the European Commission published its final report concerning the consumer testing study of retail investors’ preferred option regarding performance scenarios and past performance information within the key information document (KID) under the packaged retail and insurance-based investment products (PRIIPs) framework. The results of the consumer test of performance scenarios in the … Continue Reading

FCA Policy Statement on publishing and disclosing costs and charges to workplace pension scheme members

On 4 February 2020, the FCA published Policy Statement 20/2: Publishing and disclosing costs and charges to workplace pension scheme members and amendments to COBS 19.8 (PS20/2). PS20/2 will be of interest to those who are involved in FCA-regulated relevant schemes in the defined contribution (DC) workplace pensions market. In PS20/02 the FCA details its … Continue Reading
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