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10/06/2020
The FCA has confirmed the support available for mortgage customers who are experiencing payment difficulties due to the Covid-19 pandemic (the Guidance), which came into force on 4 June 2020. Alongside the Guidance, the FCA also published the feedback received from firms, trade bodies, consumer groups and individuals (the Feedback ...
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10/06/2020
Background The FCA has published its finalised guidance for insurance firms on product value and coronavirus. Who does the Guidance apply to? The guidance applies to all firms carrying on regulated activities in relation to all non-investment insurance products and, in particular, to firms who have manufactured these products. The ...
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09/06/2020
The prudential regime for investment firms in the UK and EU is expected to change significantly in just over a year’s time, resulting in changes that firms need to understand and prepare for now. From 26 June 2021, it is expected that the Investment Firms Regulation (the “IFR”) and the ...
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04/06/2020
Overview On 1 June the FCA published further detail about its plans to bring a test case in the High Court in relation to non-damage business interruption (“BI”) insurance policies in response to uncertainty faced by policyholders, in particular SMEs, about whether their policies cover losses caused by the COVID-19 ...
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03/06/2020
The High Court has held that an execution-only SIPP provider was not liable to an investor who sustained losses when he transferred an existing pension into a SIPP operated by the provider. The decision has important implications for SIPP administrators and their insurers. Background The defendant carried on business as ...
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01/06/2020
The Financial Conduct Authority (the “FCA”) has set out a short consultation (the “Consultation”) which proposes additional temporary guidance (the “Proposed Guidance”) to strengthen payment institutions’ (“PIs”) and electronic money institutions’ (“EMIs”) (together known as “Payment Firms”) approach towards safeguarding and prudential risk management in light of the current pandemic. ...
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26/05/2020
The FCA has announced proposals (the Proposals) outlining the options firms will be required to offer customers reaching the end of a payment holiday, as well those who are yet to request one. If customers have not yet requested a payment holiday, the time in which they could apply would ...
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18/05/2020
The FCA released a statement setting out its proposal to accelerate the digital sandbox pilot in order to enhance regulatory support for innovative firms amidst the Covid-19 pandemic.The FCA states that it is swiftly progressing plans to allow innovative firms to trial services and products in a digital testing environment, ...
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18/05/2020
On 30 April 2020, Consob and the Bank of Italy submitted draft Supervisory Guidelines for Simple Investment Companies (Società di Investimento Semplice or Simple Investment Company ("SiS")) for public consultation with a deadline of 90 days for comments to be submitted. To facilitate the uniform and correct application of the ...
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15/05/2020
The Financial Conduct Authority (“FCA”) has issued its final guidance (and accompanying feedback statement) for insurance and premium finance firms on the fair treatment of customers in temporary financial difficulty as a result of coronavirus. The guidance will come into force on 18th May 2020 and will be reviewed in ...