Regulation round up highlights refunds, SMRC delays and next steps in Covid-19 consumer protection

FCA’s latest Regulation Round up covers the usual update of FCA’s recent publications, and reminds them of some earlier, still relevant, statements, not least:

  • the confirmed new guidance for motor finance etc, with a statement that this is the last of the updates to the temporary credit measures, and FCA is now moving to consider what should happen next;
  • the launch of the new Register and the extended SMCR deadlines (including that the Conduct Rules will now not take effect until 31 March 2021, and the deadline for assessing Certified Persons as fit and proper is also extended to that date;
  • a reminder of what FCA has said to consumers about how they can get refunds for cancelled services;
  • noting that some firms are continuing to pay other firms using cheques, which can cause problems – FCA says firms should consider electronic transfers where possible to reduce the need for staff to be handling cheques onsite;
  • the progress of the business interruption insurance case, FCA’s guidance to insurers on how to handle travel insurance claims and motor insurance during the extended MOT period;
  • that FCA does not intend currently to open a formal investigation on overdraft rates;
  • recent guidance to payment services and e-money firms; and
  • the updates to its website for firms preparing for Brexit.

Emma Radmore