Issue 112 of Butterworths Financial Regulation Service has now been published. I’ve written a new chapter on CONC 6, and reviewed and revised the existing chapters on CONC (including adding the latest COVID-19 guidance published by the Financial Conduct Authority).
HM Treasury publishes revised draft statutory instrument: the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020
Earlier today, on 10 September 2020, HM Treasury published a revised statutory instrument: the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020. This replaces the draft published on 15 July 2020.
You can view the draft revised statutory instrument by clicking here, and view the explanatory memorandum by clicking here and the impact assessment by clicking here.
Issue 63 of Goode: Consumer Credit Law and Practice published with new chapter on ancillary credit business and credit reporting
Issue 63 of Goode: Consumer Credit Law and Practice has now been published. This includes a new chapter 48, written by me, on ancillary credit business and credit reporting. It was rather humbling when Professor Sir Roy Goode QC invited me to join the editorial team a few years ago and it’s great to see my first chapter being published.
I’ve also written four new case reports: these appear in Goode: Consumer Credit Reports.
FCA publishes policy statement banning motor finance discretionary commission models and making minor changes to commission disclosure rules
Earlier today, on 28 July 2020, the FCA published a policy statement, PS20/8, banning motor finance discretionary commission models and making minor changes to commission disclosure rules. The FCA also published a press release.
My one page summary is (and you can see a bigger version if you click on it):
If you want a pdf copy, please get in touch: russell.kelsall@TLTsolicitors.com.
HM Treasury publishes policy statement on changes the Government proposes to make to the process of cancelling an authorisation from the Financial Conduct Authority
Earlier this week, on 20 July 2020, HM Treasury published a policy statement setting out the changes the Government proposes to make on the process for cancelling an authorisation from the UK Financial Conduct Authority.
The Government plans to take forward these measures when Parliamentary time allows.
These changes will only impact firms regulated by the FCA (and not dual regulated firms).
HM Treasury consults on regulatory framework for the approval of financial promotions
Earlier this week, on 20 July 2020, HM Treasury published a consultation on the regulatory framework for the approval of financial promotions.
HM Treasury says that experience in recent years suggests the regime needs “additional safeguards to ensure that approval by an authorised person is a genuinely effective means of ensuring that consumers are protected from deficient or potentially harmful financial promotions“.
To strengthen the Financial Conduct Authority’s ability to ensure the approval of financial
promotions operates effectively, the Government proposes to establish a regulatory ‘gateway’, which a firm must pass through before it is able to approve the financial promotions of unauthorised firms. Any firm wishing to approve the financial promotions of unauthorised firms would therefore first need to obtain the FCA’s consent.
The deadline for responding is 12pm on 25 October 2020.
FCA publishes updated temporary guidance to motor finance and high cost credit firms dealing with customers needing COVID-19 related payment deferrals
Earlier today, on 15 July 2020, the UK Financial Conduct Authority published updated temporary guidance to motor finance and high-cost credit firms dealing with customers needing COVID-19 related payment deferrals.
There’s updated guidance for motor finance, for high-cost short-term credit and for rent-to-own, buy-now pay-later and pawnbroking agreements. There’s also a short feedback statement.
My one page summary is (and you can see a bigger version if you click on it):
If you want a pdf copy, please get in touch: russell.kelsall@TLTsolicitors.com.
Butterworths Financial Regulation Service – new and updated commentary on CONC published
Issue 111 of Butterworths Financial Regulation Service has now been published. I’ve reviewed and revised the introductory chapter on CONC and the chapters on CONC 1 to 4, 5A to 5D and 9. I’ve also written new material including:
– a new chapter on CONC 7 (including looking at the impact of the FCA’s COVID-19 related temporary measures); and
– a new chapter on CONC 11 (dealing with cancellation of certain agreements)
The commentary on Division 4H is now up to date to April 2020.
FCA consults on draft updated temporary guidance to motor finance and high cost credit firms dealing with customers needing COVID-19 related payment deferrals
Earlier today, on 3 July 2020, the UK Financial Conduct Authority issued a consultation on draft updated temporary guidance to motor finance and high-cost credit firms dealing with customers needing COVID-19 related payment deferrals.
There’s draft guidance for motor finance, for high-cost short-term credit and for rent-to-own, buy-now pay-later and pawnbroking agreements. There’s also a draft handbook instrument.
My one page summary is (and you can see a bigger version if you click on it):
If you want a pdf copy, please get in touch: russell.kelsall@TLTsolicitors.com.
Financial Ombudsman Service publishes latest edition of ‘Ombudsman News’
On 5 June 2020, the Financial Ombudsman Service (the Ombudsman Service) published its latest edition of ‘Ombudsman News’.
The Ombudsman Service sets out things it will consider when looking at:
– claims by customers under Section 75(1) of the Consumer Credit Act 1974;
– complaints by customers in financial difficulties;
– complaints about motor finance agreements (including expecting businesses to “listen and proactively look for signs of financial difficulties“, expecting firms to be “even more flexible in their forbearance measures” and expecting firms to “fully inform consumers of their options to exit the agreement where necessary/appropriate“); and
– complaints about mortgages.