On 12 July 2022, the European Parliament published compromise amendments on the draft report on the Proposal for a Directive of the European Parliament and of the Council on consumer credits. Overall, MEPs want better protection for consumers applying for loans online. The new EU rules aim at protecting consumers online from credit card debt, … Continue Reading
A new Regulation Tomorrow Plus podcast episode covering HM Treasury’s proposals for buy-now-pay-later is out now to stream and download on Apple Podcasts and Spotify. In this episode, Of Counsel, Matthew Gregory shares his insights into HM Treasury’s recent response document bringing buy now pay later businesses within scope of regulation from the Financial Conduct … Continue Reading
On 27 June 2022, the FCA published a Dear CEO letter concerning its supervisory strategy for the Debt Advice portfolio. The letter follows an earlier letter published in July 2020, and: Provides an update on the key risks that the FCA has identified that debt advice firms pose to their customers and the markets in … Continue Reading
Introduction On 20 June 2022, HM Treasury published the government’s response to its October 2021 consultation on the regulation of Buy-Now Pay-Later (BNPL) products. The consultation was preceded by an announcement from the government in February 2021, indicating that it wanted to bring unregulated interest-free BNPL products within the scope of regulation given the potential … Continue Reading
On 16 June 2022, the government announced that it would be reforming the Consumer Credit Act 1974 and move much of the Act from statute to the FCA Handbook. The reforms will build on the recommendations of the FCA’s retained provisions report and the Woolard Review – which both made recommendations for a reformed regime. … Continue Reading
ASIC, which is Australia’s corporate, markets and financial services regulator, has over the last six months achieved a bumper 256 enforcement outcomes designed to protect consumers and enhance the fairness and efficiency of the financial markets. These enforcement outcomes included criminal, civil and administrative actions in addition to negotiated outcomes such as enforceable undertakings. While … Continue Reading
