On 14 January 2025, the Financial Conduct Authority (FCA) published two new webpages, providing an update for firms on redress liabilities and information on how to identify and report ‘polluting behaviour’ (where firms try to avoid potential or actual liabilities generated in the course of their regulated activities).
Update for firms
The ‘update
On 19 December 2024, the Financial Conduct Authority (FCA) published Consultation Paper 24/30 ‘A new product information framework for Consumer Composite Investments’ (CP24/30).
Background
The FCA is consulting on a new product information regime to help consumers understand the products they are buying while giving firms flexibility to innovate. This follows
On 11 December 2024, the Financial Ombudsman Service published a new webpage concerning how it awards compensation for unsuitable investment advice.
On 11 December 2024, the Financial Ombudsman Service (FOS) published for consultation its strategic plans and budget for next year.
In the 2024/25 plans and budget the FOS sets out that it expects to receive 210,000 new complaints. Seven months into the year, the FOS has received 172,000 complaints and expects to
On 9 December 2024, the Financial Conduct Authority (FCA) published a new webpage setting out its priorities under the Consumer Duty for the remainder of 2024/25.
Background
The FCA notes that, while affected stakeholders will largely be aware of these initiatives, it is setting them out in response to industry feedback that it
On 5 December 2024, HM Treasury (HMT) published the terms of reference for the new Financial Inclusion Committee, which has met for the first time.
The Committee’s mission is to tackle barriers to individuals’ and households’ ability to access affordable and appropriate financial products and services. It will aim to develop, coordinate and
On 2 December 2024, the Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024 were made and published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations, which allow the Financial Ombudsman Service (FOS) to charge case fees to claims management companies and legal professionals bringing cases to the FOS
1. Introduction
Three claims by individuals against motor finance lenders have recently been upheld by the Court of Appeal which decided that they should receive refunds of commission payments that the lenders had made to the car dealers who were acting as intermediaries/ brokers in respect of the finance arrangements (interest was also awarded to
On 22 November 2024, the Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 came into force and were published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations make transitional amendments in relation to cost disclosure requirements for listed closed-ended funds (more commonly referred to as investment trusts) to two pieces
On 21 November 2024, the Financial Ombudsman Service (FOS) published a feedback statement on responses to its consultation on charging professional representatives.
The FOS asked 8 questions, as part of its 2024/25 Plans and Budget Consultation Paper, about implementing a charging regime for professional representatives in the UK to help inform next