On 11 November 2020, there was published on legislation.gov.uk The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 together with an explanatory memorandum. The Consumer Credit Act 1974 (the Act) created a consumer protection regime, which required creditors or owners to send notices to borrowers or hirers under regulated agreements before taking … Continue Reading
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FCA guidance consultation: Consumer credit and coronavirus – additional guidance for firms
On 2 November 2020, the FCA announced that it would be updating its temporary guidance on personal loans, credit cards, motor finance, rent to own, buy-now pay-later, pawn broking and high-cost short-term credit to support consumer credit customers financially affected by the COVID-19 pandemic. On 4 November 2020, the FCA issued a consultation on updating … Continue Reading
FCA announces further proposals to support mortgage borrowers impacted by coronavirus
On 2 November 2020, the FCA published a new webpage setting out proposals to provide further support for mortgage borrowers impacted by the COVID-19 pandemic. The FCA is proposing to extend the availability of payment deferrals to support mortgage borrowers who are experiencing payment difficulties because of coronavirus. The proposals, if implemented, mean … Continue Reading
FCA to announce further proposals to support consumer credit borrowers impacted by coronavirus
On 2 November 2020, the FCA issued a statement concerning consumer credit borrowers and the latest Government restrictions in response to the COVID-19 pandemic. The FCA states that it will update its temporary guidance on personal loans, credit cards, motor finance, rent to own, buy-now pay-later, pawn broking and high-cost short-term credit to support consumer … Continue Reading
Market abuse in a time of Coronavirus
On 12 October 2020, the FCA published a speech by Julia Hoggett (FCA Director, Market Oversight) entitled Market abuse in a time of Coronavirus. Key points in the speech include: The FCA has sought to place the market abuse risk assessment at the heart of how it encourages firms and venues to think about all … Continue Reading
FCA speech: Mortgages and coronavirus – enabling positive consumer outcomes
On 8 October 2020, the FCA published a speech by Jonathan Davidson (FCA Executive Director of Supervision – Retail and Authorisations) entitled Mortgages and coronavirus – enabling positive consumer outcomes. Key points in the speech include: The FCA is hearing from some firms a desire to move from the ‘crisis’ approach taken so far during … Continue Reading
FCA assists innovative companies in tackling coronavirus challenges
On 5 October 2020, the FCA announced that it had opened the application windows for cohort 7 of the Regulatory Sandbox and the pilot of a new Digital Sandbox initiative, with an emphasis on supporting products and solutions that will assist consumers and firms affected by the pandemic. The FCA is collaborating with The City … Continue Reading
Mortgages and coronavirus: additional guidance for firms – finalised guidance
On 14 September 2020, the FCA finalised its additional guidance setting out how firms should provide tailored support to mortgage borrowers who have benefitted from payment deferrals under its June 2020 guidance and who continue to face financial difficulties, as well as those whose financial situation may be affected by coronavirus after 31 October 2020. … Continue Reading
FCA Call for input – Ongoing support for consumers affected by coronavirus: mortgages and consumer credit
The COVID-19 pandemic is continuing to present challenges across the board with regional lockdowns, closures of “air-bridges” and talks of a second wave dominating media outlets at the present time. If the pandemic has brought certainty in one regard, it is that the future is more uncertain than ever. In order to help provide further … Continue Reading
Euro area banking sector resilient to stress caused by coronavirus, ECB analysis shows
On 28 July 2020, the European Central Bank (ECB) published the aggregate results of its vulnerability analysis of banks directly supervised within the Single Supervisory Mechanism. The exercise assessed how the economic shock caused by the COVID-19 pandemic would impact 86 euro area banks and aimed to identify potential vulnerabilities within the banking sector over … Continue Reading