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  • Intergenerational differences and the future of financial services

    The Financial Conduct Authority (FCA) has published its Feedback Statement on last year's Discussion Paper (DP/2) on Intergenerational Differences. Intergenerational fairness is an increasingly pressing concern, with a wide disparity in financial circumstances across the generations caused by changing socio-economic conditions and exacerbated by a growing ageing population. Younger generations ...
  • FCA proposes up to 6 month redemption notice period for UK authorised property funds

    On 3 August 2020, the Financial Conduct Authority (“FCA”) published a consultation paper (CP20/15) “Liquidity mismatch in authorised open-ended property funds”. Under the proposals in CP20/15, the FCA would require “funds predominantly investing in property” (“FPIPs”) to operate a redemption notice period of up to 180 days. The FCA’s aim ...
  • Vulnerable customers and FinTech - life after Covid-19

    Almost two years ago as the Treasury Committee heard evidence in the Consumers’ Access to Financial Services enquiry, some surprise was expressed at the projected levels of potential vulnerability in the UK, sitting at nearly 50%. As we witness the fall-out from Covid-19, few would dispute those projections today. Covid-19 ...
  • FCA to ban motor finance discretionary commission models

    Following a consultation in October 2019, discussed in our article here, the FCA has confirmed that it will introduce a ban on discretionary motor finance commission models. In light of consultation feedback and additional operational pressures facing the sector including Covid-19, the FCA has agreed to give firms additional time ...
  • Fair pricing in financial services

    Ensuring customers receive fair value for financial services is a major regulatory concern at the moment. Issues of fairness in pricing are likely to become increasingly prevalent and complex in the future as firms’ use of new technologies and data becomes more sophisticated. Fair pricing is directly relevant to FCA’s ...
  • HMT consults on including cryptoassets in the financial promotions regime

    On 20 July 2020, HM Treasury published a consultation paper (the “Consultation Paper”) which seeks to bring certain cryptoassets into the scope of the financial promotions regime. The Consultation Paper indicates that the key driver for this change is to enhance consumer protection while continuing to promote responsible innovation. Background ...
  • Coronavirus and customers in temporary financial difficulty: proposals to extend guidance

    The FCA has announced proposals to extend a series of temporary measures designed to help customers holding insurance and premium finance products and who may be experiencing temporary financial difficulty as a result of coronavirus (the Proposals). The temporary measures originally came into force on Monday 18th May 2020 and ...
  • FCA confirms further support for a range of customers, including motor finance customers, affected by Covid-19

    The FCA has confirmed the support available for motor finance, high-cost short-term credit, buy now pay later, rent-to-own and pawnbroking customers who continue to experience payment difficulties due to the coronavirus pandemic (collectively, the Guidance), coming into force today (17 July 2020). Alongside the Guidance, the FCA also published the ...
  • FCA publishes Final Guidance and Dear CEO letter on Coronavirus and Safeguarding Customers' Funds

    The FCA has released its finalised guidance (the “Guidance”) for payment institutions’ (“PIs”) and electronic money institutions’ (“EMIs”) (together known as “Payment Firms”) in the context of Coronavirus. The Guidance follows on from proposals published by the FCA on 22 May 2020 (the “Proposals”) (see our summary here). The Guidance ...
  • Synthetic LIBOR: a silver bullet?

    On 23 June 2020 the UK Government announced that it will take legislative steps that could help deal with a narrow pool of ‘tough legacy’ contracts that cannot transition from LIBOR by the current deadline of end-2021. The legislative action is expected to give the FCA regulatory power to manage ...