FCA regulation

FCA increases enforcement action

6th September 2024 Consumer Lending | #FCA regulation

The Financial Conduct Authority (FCA) has significantly increased its enforcement actions, cancelling the authorisation of 1,261 firms and used its powers to intervene against 34 firms, who caused serious concerns, up 68% on 2022. The figures are more than double the previous year’s figure according to the regulators annual report. The regulator also said that it…

FCA warns firms to keep their social media ads lawful

27th March 2024 Consumer Lending | #FCA regulation

The Financial Conduct Authority (FCA) has issued guidance for memes, reels and gaming streams promoting financial services. The FCA has set out how adverts across social media channels must be fair, clear and not misleading, meaning they must have balance and carry the right risk warnings so people can make well informed financial decisions. …

FCA outlines new appointed representative’s oversight rules

3rd August 2022 Consumer Lending | #FCA regulation

The Financial Conduct Authority (FCA) has outlined new rules to make authorised financial firms more responsible for their appointed representatives (ARs). ARs are not authorised by the FCA – they can offer certain financial services or products under the responsibility of authorised firms (known as principals). Principal firms are responsible for ensuring their ARs comply with…

Nearly 600,000 consumers paying less credit card interest following FCA intervention

19th July 2022 Arrears and Recoveries | #FCA regulation

Nearly 600,000 people are now paying less in interest and charges on their credit card debt because of changes made by the Financial Conduct Authority (FCA) according to its Annual Report. In the report the reulator has set out how it has worked over the past 12 months to meet its objectives of protecting consumers,…

FCA fines guarantor loan provider over affordability check failures

10th June 2022 Alternative Consumer Lending | #FCA regulation

Guarantor loan provider, TFS Loans (in administration) has been fined £811,900 by the Financial Conduct Authority (FCA) in relation to deficient affordability checks on 3,150 guarantors in its consumer credit business. The FCA has also imposed a requirement on TFS to redress the guarantors that were harmed by the firm not conducting appropriate checks. TFS…

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