The FCA has announced supportive measures for motor finance and high-cost credit customers that are intended to complement the measures already announced by the government as a response to the Covid-19 pandemic. The FCA is open to receive feedback on the proposed measures by stakeholders until 20th April 2020 and [...]
The FCA has approved the proposed measures, outlined in a previous consultation, designed to promptly support users of certain consumer credit products who are facing financial difficulties arising from the Covid-19 pandemic. The FCA statement on the confirmed measures can be viewed at the following link: https://www.fca.org.uk/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus On behalf of [...]
The Financial Conduct Authority (FCA) has today issued three Guidance Consultation documents to the lending sector proposing a range of targeted temporary measures designed to help consumers during the Coronavirus Pandemic. The consultation is targeted at banks, building societies, credit card and store card issuers and other providers of consumer [...]
Of relevance to: All firms providing advice on or distributing retail investment products and financial instruments to retail clients Key date: With immediate effect Two Finalised Guidance publications (FG12/15: Retail Distribution Review: independent and restricted advice and FG14/1: Supervising retail investment advice: inducements and conflicts of interest) and a factsheet [...]
Of relevance to: Manufacturers of packaged retail and insurance-based investment products and persons advising on, or selling, those products to retail investors Don’t be caught unawares – if you have staff invested or distributors, you could be caught! Key date: Applicable from 1 January 2018 EU Regulation No 1286/2014 (the “PRIIPs [...]
Of relevance to: Most firms providing investments or investment services to retail investors, including AIFMs, UCITS Management Companies and the Authorised Fund Managers of NURS As advised in Regulatory Roundup 80, the European Parliament rejected a proposed Delegated Regulation which was a key part of the Packaged Retail and Insurance-based [...]
Of relevance to: Firms involved in CFDs and similar products such as binary options and rolling spot forex ESMA has updated its Q&As on ‘the provision CFDs and other speculative products to retail investors under MiFID’. – see Regulatory Roundup 78 for the previous version which included the addition of [...]
In March 2016 the Treasury and the FCA reported following a major review into financial advice to establish how the market can function better for consumers. Having thrown out the old financial advice model based on commission, hidden costs and hidden conflicts of interest, politicians and regulators have realised something [...]
The FCA has launched a series of step-by-step guides aiming to support consumer credit firms in completing their application for full or limited permission using our FCA Connect application system. These will be relevant to all firms applying for consumer credit authorisation and to trade associations representing consumer credit firms. [...]
After much debate the FCA is proposing changes to the pension rules to address the risks and challenges faced by consumers in the new retirement market. The FCA’s paper contains proposals designed to ensure that the pensions market works well for consumers, including new requirements to help consumers shop around, [...]
The FCA and HM Treasury has launched the Financial Advice Market Review (FAMR). The review will examine how financial advice could work better for consumers. The review will consult in Autumn 2015 and report ahead of the 2016 Budget. The review will examine; the advice gap for those people who [...]
Complaints Handling The FCA has published final rules on complaints handling. In summary the changes are: An extension of the ‘next business day rule’, where firms can handle complaints less formally without sending a final response letter, to the close of three business days A requirement to report all complaints [...]
The FCA has published Guidance on the risk to customers from performance management at firms (FG15/10) – the paper advises that it will be relevant to all types of firm with staff who deal directly with retail customers. In the context of the issued Guidance ‘performance management’ refers to the [...]
Last year the FCA added a new chapter to COBS – COBS 22 “Restrictions on distribution of contingent convertible instruments”. The effect of this was to prohibit the sale of, or allow the purchase of, a contingent convertible instrument (‘CoCo’) by a retail investor, subject to a limited number of [...]
The Regulation (2015/760) on European Long Term Investment Funds (ELTIFs) has now been published in the Official Journal – see Regulatory Roundup 64. They are designed to provide long term finance (an ELTIF is not required to offer redemption rights before the end of its life) for areas such as [...]
Background and Aims The FCA has published a Consultation Paper on the capital resources requirements for Personal Investment Firms. The FCA’s aim remains to require a proportionate level of capital resources for PIFs to absorb routine losses and legitimate redress claims, as well as to provide time to make appropriate [...]
The FCA’s Business Plan for 2015/16 – see previous article in this Regulatory Roundup – advises us that to help embed its new strategy the FCA has made some changes to its structure. Aside from an organisation chart (see Annex 3 of the Business Plan) there is not much detail [...]
The FCA’s Thematic Review (TR 15/2) found that manufacturers and distributors of structured products have a lot to do to ensure customers are treated fairly. Retail investors have limited ability to assess complex structured deposits. Accordingly, firms need to ask themselves whether they should be using non-advised sales channels to [...]
It has been two years since the implementation of the retail distribution review (RDR) and most advisers have by now finalised their fee models and service propositions. Yet the discussion over whether to charge a fixed fee, hourly fee, or a percentage of assets, continues. Indeed recently, BBC journalist, Paul [...]
The last Regulatory Roundup (No 59) advised that a new chapter in COBS came into force on 1 October – COBS 22 “Restrictions on distribution of contingent convertible instruments” (‘CoCos’). The chapter derives from temporary product intervention rules and will cease to have an effect on 1 October 2015 (COBS [...]
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