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Showing 11 - 20 of 95 matches filtered by 'Consumer credit'

  • The Woolard Review: Buy-now-pay-later firms to be regulated by the FCA

    In September 2020, the FCA requested its former interim CEO, Chris Woolard, to conduct a review of change and innovation in the unsecured credit market. Details of the Review were published in October and a Call for Input was issued in early November. On 2 February 2021, the Woolard Review ...
  • FCA update to guidance on mortgage and consumer credit repossessions, including motor finance

    The FCA has updated the Tailored Support Guidance for firms on consumer credit and mortgage repossessions. The regulator invites comments on the draft guidance by 10am on 18 January 2021. In November 2020, the FCA announced measures of support for credit borrowers experiencing payment difficulties as a result of Covid-19, ...
  • UK regulator publishes portfolio strategy letter for mainstream consumer credit lenders

    The Financial Conduct Authority (FCA) has published a 'Dear Board of Directors' letter it had sent to mainstream consumer credit lenders (MCCL). The letter, published on December 2, is relevant to firms involved in mainstream lending (such as those providing unsecured overdrafts, loans or credit cards), including those in other ...
  • Firms must update their documentation to exclude reference to SECCI

    In a recent development, the statutory instrument addressing the Standard European Consumer Credit Information sheet (“SECCI”) transition was laid. The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (“The Regulations”) comes into force on 30 December 2020 and firms must consequently ensure any references to ...
  • FCA confirms updated support for consumer credit customers

    The FCA has published updated guidance to firms confirming the enhanced support that should be made available to consumer credit customers who are facing payment difficulties as a result of coronavirus. The guidance comes into force on 25 November 2020, but firms are encouraged to implement this guidance earlier, if ...
  • FCA confirms updated support for mortgage borrowers

    The FCA has published updated Payment Deferral Guidance outlining enhanced support that should be available to mortgage borrowers experiencing payment difficulties due to the Covid-19 pandemic. The FCA also published Tailored Support Guidance which explains support firms should provide to mortgage borrowers who have come to the end of a ...
  • Consumer Credit Update: Changes to Notices – what needs to be done?

    HM Treasury has published The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 (the Amending Regulations), coming into force on 2 December 2020. The Amending Regulations amend the Consumer Credit (Enforcement, Default and Termination Notices) Regulations 1983 (the 1983 Regulations), which prescribe the form and content of ...
  • FCA announces further proposals to support mortgage and consumer credit borrowers impacted by coronavirus

    After the Government’s announcement on 31 October 2020 of another nationwide lockdown, the FCA published a statement proposing to update its temporary guidance on mortgages to support borrowers who continue to be faced with payment difficulties resulting from coronavirus. Responses are required by 10am on Thursday 5 November. A subsequent ...
  • FCA proposes the next stage of support for mortgage customers

    The FCA has announced proposed additional guidance (the Proposed Guidance) designed to ensure firms provide tailored, bespoke support to mortgage borrowers who continue to face payment difficulties as a result of coronavirus. Stakeholders are expected to provide their comments by 5pm on Tuesday 1 September. At the start of the ...
  • 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 ...