FCA ready to act on Consumer Duty as measures begin

The Financial Conduct Authority (FCA) says that it prepared to take action against firms failing to comply with a new duty to justify charges to customers. The rules cover all financial products and services and mean that firms must deliver good outcomes for customers.  The regulator has since set out a 14-point plan to ensure banks appropriately…

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Two thirds of brokers want extra Consumer Duty information

4th July 2023 Consumer Lending | #regulation

Nearly nine out of ten brokers (86%) are confident about their awareness of Consumer Duty just weeks ahead of its implementation, according to new research from Hodge.  Two thirds (61%) of brokers do want to have more information about CD from financial providers to help them with the imminent changes, however.   The specialist lender quizzed…

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One in five struggling with bills and credit repayments

17th May 2023 Banking and Loans | #regulation

Around one in five adults are struggling with bills and credit repayments, according to the Financial Conduct Authority (FCA). The analysis shows that the number of people burdened by these financial challenges has increased from around 7.8m (15%) in May 2022 to 10.9m (21%) in January 2023. The number of adults who missed bills or…

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ECB’s draft business plan welcomed by HCEOA

14th April 2023 Consumer Collections | #regulation

The Enforcement Conduct Board (ECB) has published its first-ever draft business plan for 2023/24. In its first-ever draft business plan, the ECB, which will operate independently of the profession and Government, has stated that its five priorities are to: Design and start to gather an evidence base to support the development of a proportionate oversight framework.…

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Former TSB Executive fined over Senior Manager conduct rule breach

14th April 2023 Company News | #regulation

The Prudential Regulation Authority (PRA) has fined Carlos Abarca, the former Chief Information Officer (CIO) of TSB Bank, £81,620 for breaching PRA Senior Manager Conduct Rule 2 as he failed to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangement in relation to its 2018 IT migration programme. The…

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FCA announces help for struggling mortgage borrowers

The Financial Conduct Authority (FCA) has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living. The regulator has also published new data and analysis on the mortgage market. This shows that, in addition to the…

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FCA highlights Consumer Duty focus areas for implementation

25th January 2023 Consumer Lending | #FCA#regulation

With six months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how firms are planning to implement the Duty. The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes,…

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FCA outlines stronger rules to protect consumers from rogue financial promotions 

6th December 2022 Consumer Lending | #regulation

The Financial Conduct Authority (FCA) has proposed new measures to clamp down on illegal, unfair or misleading financial marketing.   The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to…

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Seven lenders to pay £12m compensation over unaffordable repayment agreements

4th November 2022 Consumer Collections | #regulation

The Financial Conduct Authority says seven lenders have agreed to pay £12m in compensation to nearly 60,000 customers to correct repayment agreements that were unaffordable and unsustainable, in the wake of the pandemic and the cost-of-living squeeze. The regulator has also told a total of 32 mortgage and consumer credit firms to make changes to…

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FCA refuses authorisation to funeral plan provider

The Financial Counduct Authority (FCA) has issued a Decision Notice to One Life Funeral Planning Ltd (One Life) refusing the firm’s application for authorisation. One Life could not demonstrate that it was able to meet or comply with the FCA’s regulatory standards. The concerns included the firm having poor sales practices. One Life has until 31 October…

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FCA outlines Consumer Duty plans

The Financial Conduct Authority (FCA) has confirmed its plans to bring in a new Consumer Duty, which it says will fundamentally improve how firms serve consumers and also will set higher and clearer standards of consumer protection across financial services, requiring firms to put their customers’ needs first. The Duty is made up of an…

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Supervisory authorities set out measures to increase financial sector resilience

22nd July 2022 Consumer Lending | #regulation

The Bank of England (the Bank), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (collectively the supervisory authorities) have set out potential measures to oversee and strengthen the resilience of services provided by critical third parties (CTPs) to the UK financial sector. CTPs provide certain services to regulated financial services firms and financial market…

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Government introduces Financial Services and Markets legislation

21st July 2022 Consumer Lending | #regulation

Legislation to enhance the competitiveness of UK financial services and unlock growth and investment across the UK has been introduced to Parliament The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to enable a coherent, agile and internationally respected regime that works in the interests of the British people. The…

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