On 15 March 2021, the Financial Conduct Authority updated its webpage on its duty of care consultation and other possible approaches. The webpage now says the FCA aims to “consult on options for change in May 2021”.
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 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There’s draft guidance for motor finance, for high-cost short-term credit and for rent-to-own, buy-now pay-later and pawnbroking agreements.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.