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Showing 1 - 10 of 1051 matches filtered by 'Banking and finance'

  • Vulnerable customers and FinTech - life after Covid-19

    29/07/2020
    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

    28/07/2020
    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

    27/07/2020
    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 ...
  • Coronavirus and customers in temporary financial difficulty: proposals to extend guidance

    27/07/2020
    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 ...
  • HMT consults on including cryptoassets in the financial promotions regime

    27/07/2020
    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 ...
  • FCA confirms further support for a range of customers, including motor finance customers, affected by Covid-19

    17/07/2020
    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

    17/07/2020
    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?

    15/07/2020
    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 ...
  • FCA confirms further support for consumer credit customers

    06/07/2020
    Following the release of previous guidance, on 1 July 2020, the FCA confirmed the support certain users of consumer credit products will receive if they continue to experience temporary payment difficulties due to coronavirus (Covid-19) (the “Guidance”). Background The FCA has sought to assist customers using consumer credit products since ...
  • FCA announces proposals to further support motor finance and high cost credit customers

    03/07/2020
    The FCA has today announced further proposals in the form of draft guidance (the Proposals) building upon the temporary financial relief already offered to users of motor finance and high cost credit products who continue to experience payment difficulties as a result of coronavirus, reported earlier this year. The Proposals ...