On 1 April 2019, the FCA began regulating claims management companies (CMCs) in England, Scotland and Wales. The FCA reports that more than 900 CMCs have registered for temporary permission to continue operating while they go through the FCA authorisation process. The following firms were required to register with the FCA for temporary permission: firms … Continue Reading
On 29 March 2019, the FCA confirmed that all firms acting in or from the UK are prohibited from selling, marketing or distributing binary options to retail consumers. The FCA’s rules are permanent and come into force on 2 April 2019. The FCA states that its rules are in substance the same as the EU-wide … Continue Reading
On 28 March 2019, the Competition and Markets Authority (CMA) published the final report of their funerals market study. The CMA launched a review of the funerals industry on 1 June 2018, amid concerns that prices had been increasing substantially and that funerals had become unaffordable for many. The CMA has concluded that no evidence … Continue Reading
On 27 March 2019, the Payment Systems Regulator (PSR) published its annual plan and budget for 2019 – 2020. Amongst other things, the PSR intends to conduct work over the coming year on issues that include: protecting people from authorised push payment scams and the implementation of confirmation of payee; access to cash through ATMs … Continue Reading
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
On 26 March 2019, the FCA published its final report on the mortgage market study. The FCA found that the mortgage market works well in many respects. Engagement is high and consumers are getting mortgages that are suitable and affordable. However, the FCA also found that the mortgage market falls short of its vision in … Continue Reading
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
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
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
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
On 7 March 2018, the FCA published a Dear CEO letter it had sent to loan-based peer-to-peer (P2P) crowdfunding platforms asking them to review their wind-down arrangements. Among other things the Dear CEO letter reminds P2P platforms that they are required to notify lenders of the arrangements they have made, including if the arrangements involve … Continue Reading
On 5 March 2019, the FCA published Policy Statement 19/6: Rent-to-own price cap – feedback on CP18/35 and final rules (PS19/6). PS19/6 should be read by firms offering household goods on hire purchase and/or conditional sale, consumer groups and debt advice organisations. In PS19/6 the FCA summarises the feedback it received to Consultation Paper 18/35: … Continue Reading
On 9 January 2019, the FCA published a letter that it had sent to Nicky Morgan MP, Chair of the Treasury Committee, providing an update on its work on improving switching options for mortgage customers who are currently unable to do so (so called mortgage prisoners). On 5 March 2019, the Treasury Committee published further … Continue Reading
On 4 March 2019, the Council of the EU announced that it had adopted a Regulation on aligning the costs of cross-border payments in euros between euro and non-euro countries and increasing the transparency of charges related to currency conversion services across the EU. The reform will align the charges for cross-border payments in euros … Continue Reading
On 28 February 2019, the Authorised Push Payments (APP) Scams Steering Group (the Steering Group) published the voluntary Contingent Reimbursement Model Code for APP Scams (the Code). APPs are made when people request their bank or building society (payment services providers (PSPs)) to make a payment from their account to another account. Scams involving APPs … Continue Reading
On 12 February 2019, the City of London Law Society (CLLS) published its response to FCA Consultation Paper 18/38: Restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38) (our blog on CP18/28 is here). The CLLS notes that given the significant impact of the product intervention … Continue Reading
On 8 February 2019, the Council of the EU published an ‘I’ Item note on the proposed Regulation on a pan-European personal pension product. Following negotiations between the Austrian Presidency, the European Parliament and the European Commission, a provisional agreement between the institutions was achieved on 13 December 2018 – a final compromise text is … Continue Reading
On 8 February 2019, the Payments Systems Regulator (PSR) published for consultation a working paper concerning its market review into the supply of card-acquiring services. The final terms of reference (ToR) for the market review were published on 24 January 2019. The ToR state that the PSR will examine how the level of fees merchants pay for card-acquiring … Continue Reading
On 8 February 2019, the European Supervisory Authorities (ESAs) issued final recommendations following their consultation on targeted amendments to the Delegated Regulation covering the rules for the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The ESAs have decided not to propose targeted amendments at this stage. Instead they will … Continue Reading
On 7 February 2019, the European Banking Authority (EBA) published a webpage concerning a new working group on application programming interfaces (APIs) under the revised Payment Services Directive (PSD2). The webpage notes that the working group will be chaired by the EBA and composed of representatives from a variety of external stakeholders, with which the … Continue Reading
On 1 February 2019, the FCA published Policy Statement 19/3: General standards and communication rules for the payment services and e-money sectors (PS19/3). In PS19/3 the FCA confirms the following changes to the Handbook following its earlier consultation (Consultation Paper 18/21: General standards and communication rules for the payment services and e-money sectors, our blog … Continue Reading
On 31 January 2019, there was published in the Official Journal of the EU (OJ) the European Securities and Markets Authority (ESMA) decision of 23 January 2019 renewing the temporary restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients. This decision extends for three months, from 1 February 2019, … Continue Reading
In June 2016, the FCA launched its retirement outcomes review (ROR). The regulator wanted to assess how the retirement income market was evolving following the introduction of the pension freedoms, to address any emerging issues that might cause consumer harm and put the market on a good footing for the future. In June 2018, the … Continue Reading
On 15 January 2019, the House of Commons’ Treasury Select Committee (the Committee) published written evidence submitted by the FCA as part of the Committee’s inquiry into consumer access to financial services (the Submission). The Submission outlines the FCA’s work and approach to issues of financial access for consumers, focusing on vulnerable people. Key points … Continue Reading
