The FCA has published findings from its review of advice consumers receive on meeting their income needs in retirement. In 2023, the FCA reviewed a sample of 28 firms, including a desk-based review of firms’...
Category - Consumer Finance
Laura WilesCourt of Appeal says capital part of secured debt is not “moratorium debt” for Breathing Space purposes
The Court of Appeal has confirmed that the capital part of a secured debt does not form part of a “moratorium debt” for the purpose of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health...
Luke HolmesFCA consults on removing more returns and lifting ban on retail crypto ETN sales
FCA’s latest quarterly consultation proposes to: further streamline regulatory returns: it plans to: remove the GI pricing attestation and retail investment advisor complaints forms; reduce the frequency for...
Emma RadmoreFCA sets out key considerations for motor finance redress scheme
Although the FCA has not formally decided whether it will introduce a redress scheme in respect of motor finance commission arrangements, it has set out the key things it will need to consider if it were to do so. It...
Court rules on lenders on inquiry in joint borrower situations
The Supreme Court has allowed an appeal on whether a lender should have been on inquiry in a case of secured lending to joint borrowers.
In the case of Waller-Edwards v One Savings Bank Plc,� Ms Waller-Edwards was persuaded by her partner, Mr Bishop, to exchange her home and savings for a property he was building. At the time, the appellant was emotionally vulnerable but financially independent, as her home was free of mortgage and she had significant savings. Mr Bishop’s property was already subject to a charge. He then remortgaged 2 years later with the respondent bank, which believed the funds would buy another property that the couple would use as a buy-to-let and would pay off an existing mortgage debt.� It also required Mr Bishop to use the loan to pay off other existing debts, which included nearly �40,000 to pay off a car loan and a credit card. Mr Bishop actually used it to make a divorce payment and pay off the first charge on the property. The bank did not know this.
The relationship ended, and eventually the payments on the heavily mortgaged house in which Ms Waller-Edwards was then living fell behind and the bank started possession proceedings.
The appellant said that since she was a surety for part of the loan that would be used to pay off Mr Bishop’s debts, the bank should have been on inquiry that she may have been under undue influence to agree to the transaction, and it did not take steps to make sure she was aware of the liability she would be taking on. She said the remortgage transaction should be set aside as between her and the bank.
The County Court judge had agreed the appellant had entered into the transaction under undue influence but it, the High Court and the Court of Appeal all said the bank was not on inquiry because she was not a surety but instead a joint borrower. The Supreme Court disagreed. It said that where in any non-commercial hybrid transaction there is on the face of it more than a trivial element of borrowing that will discharge the debts of one borrower and therefore might not be to the other’s advantage a bank should view it as a “surety” transaction and therefore put on inquiry of the possibility of undue influence.� It said the Court of Appeal’s focus on a “fact and degree” test to establish whether the transaction was a surety transaction or a joint borrowing was wrong, as was it wrong to focus on the purpose for which the loan was used. The relevant question was whether one borrower takes on a legal liability for which they are not responsible for no personal gain. In this case, the appellant did take on such a liability.� So that meant the bank should have followed the “Etridge protocol” that required it to ensure Ms Waller-Edwards knew of the risks she was taking on.
FCA tests AI large language models on consumer guidance
The FCA has published a research note�on the effectiveness of large language models (LLMs) like OpenAI’s GPT series in consumer-facing financial services.
The research conducted two pilot projects: asking GPT models to generate simplified definitions of complex financial terms, tailored to specific reading ages and supported by examples; and comparing the effectiveness of consumer guidance on cash savings queries generated by LLMs with responses under a traditional website FAQ format.
The key findings were as follows:
While LLMs have strong potential to simplify complex information, enhance readability and accessibility, validating their outputs requires a robust evaluation framework that combines human judgment with automation.
LLM effectiveness is dependent on context – outcomes like user comprehension and engagement were influenced by how the model was embedded within the customer journey, including design and delivery.
There is a strong appetite for AI-drive assistance, with many users responding positively to automated support.
The FCA has also published an engagement paper which outlines proposals for live AI model testing pilots.
FCA updates data flow diagrams for consumer credit firms
The FCA has updated its website to provide data flow diagrams to help firms complete the new CCR009 return, which replaced the CCR004 and CCR005 returns from 7 May.
Treasury publishes BNPL legislation
The Government has finally published its response to its consultations on regulation of buy-now-pay-later products and services and laid the necessary legislation before Parliament.
The Government had already decided that the BNPL products that should no longer benefit from the article 60F(2) RAO exemption would be those offered by third-party providers – so that those offered by merchants would continue to benefit so long as the products met the conditions of the article. It subsequently consulted on the draft legislation it had drafted to achieve the changes.
However, in response to the draft consultation, it received many representations that allowing merchants to carry on using the exemption created an unlevel playing field, and particularly expressing concerns that large tech and e-commerce platforms would start offering BNPL agreements on a similar scale to third-party lenders. The Government acknowledges this risk but says it is important that low-risk everyday transactions should continue to be within the exemption.� It will monitor developments and respond it if sees any significant change or potential consumer harm.
The Government also intends to proceed with its proposals:
to disapply the CCA information disclosure requirements to BNPL products, so that the FCA can draft its own bespoke rules;
to retain the possibility for the court to make time orders where appropriate; and
to exempt most merchants from the need to become authorised credit brokers in order to promote BNPL products; and
urgently to put in place a temporary permissions regime for firms needing authorisation.
Once the enabling legislation is made, the FCA will then have 12 months to draft, consult on and finalise its rules, and regulation will start from mid-2026. The FCA will consult soon on its rules and will, in its consultation, set out its timescales.
Government consults on CCA reform
The Government is consulting on how it will take forward reform of the CCA. It has decided to split the reform into 2 phases. The first phase covers information requirements, sanctions and criminal offences. on...
FCA publishes 2024 Financial Lives survey
The FCA has published findings from its 2024 Financial Lives survey. Key findings from the latest report include: 1 in 10 people have no cash savings at all, and another 21% have less than £1,000 to draw on in an...
FCA speaks on mortgage reform
Emad Aladhal, FCA director of retail banking, spoke of the challenges people face in getting onto the mortgage ladder. He discussed the FCA’s priority of making the mortgage market more accessible while keeping it safe and resilient.
He discussed the importance of being able to get a mortgage – especially because average mortgage payments are currently 20% lower than rental costs, and renting in retirement could cost �400,000 more than owning a home.
He also said the markets and regulation need to support existing borrowers, especially as lending into later life is becoming the norm.
Speaking to the Building Societies Association, he said the reforms the FCA is looking to deliver will take a collective effort between lenders, regulators, Government, developers and others.
FCA updates AR data
The FCA has updated its website with details on the appointed representatives population and activity. There are currently around 34,000 active ARs and around 2,500 principals – both figures showing a slight...
FCA finalises change to consumer credit returns
The FCA has published its final rules and guidance on the new regulatory return (CCR009) that will collect data from firms with credit broking, debt adjusting, debt counselling and credit information service...
FCA consults on making mortgage changes easier
The FCA has published the first of its promised consultation paper on mortgage regulation reform. The paper focuses on: enabling consumers more easily to discuss options with a firm; reducing mortgage terms; and...
FOS publishes half yearly complaints data
The FOS has published its complaints data for the period July to December 2024. Key statistics include: an increase of nearly 50% in new complaints compared to the same period in 2023 (141,000 new complaints) –...
BoE publishes Q1 2025 credit conditions survey
The BoE has published its credit conditions survey for Q1 2025. The quarterly survey covers secured and unsecured lending to households, and lending to non-financial corporations, non-bank financial firms and small...
Court refuses judicial review application on time barred complaint
The High Court has refused an application for a judicial review of a FOS decision that it had no jurisdiction to address a complaint because the complaint was made out of time. The claimants had complained to their...
FCA updates Regulatory Initiatives Grid
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
LSB to publish Ethnic Minority-led Business Code
The LSB has developed a Code aimed at improving access to financial services for ethnic minority-led businesses following research that shows a disproportionate amount of these businesses face difficulties getting...
Treasury and FCA hold perimeter meeting
HM Treasury and the FCA have held their fourth annual meeting on issues relating to the regulatory perimeter. The meeting noted the government’s strong commitment to the FCA’s secondary competitiveness and...
FCA publishes work programme 2025-6
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
PRA sets out approach to credit union service organisations
Laura Wallis – PRA Director of UK Deposit Takers – has written a letter setting out the PRA’s approach to Credit Union Service Organisations (CUSOs). The PRA has observed increased interest from credit...
Regulators consult on mortgage lending threshold raise
The PRA and the FCA are consulting on amendments to the PRA Rulebook and the FCA Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending.
The Financial Policy Committee has recommended increasing the volume of mortgages that a lender needs to make to trigger the LTI flow limit, from �100m to �150m per 4 rolling quarters. The PRA Rules and FCA guidance need to be updated to reflect this. The change would address inadvertent regulatory tightening that would bring more lenders within the rules if the thresholds stayed unchanged.
Consultation closes on 8 May – the consultation period is short because of the narrow scope of the change.
ICO review of firms’ use of children’s data
The ICO has published a report of its findings of a review which took place over six months last year of over 40 participant financial services firms’ use of children’s’ data. Providers of products...
Stephen WilsonFCA updates on motor finance complaints
FCA has further updated its page containing guidance on the handling of motor finance complaints to include the link to its submission to the Supreme Court. It had previously updated its guidance in the light of the...
FCA publishes final motor finance Supreme Court submissions
As the appeal against the Court of Appeal Decision in Johnson v FirstRand Bank Limited, Wrench v FirstRand Bank Limited and Hopcraft v Close Brothers has begun in the Supreme Court, FCA has published its final...
ASA confirms scope of advertising restriction on unregulated investments
Following consultation, the ASA has confirmed that the BCAP restriction on advertising “unregulated investments” applies only to financial products that a layperson would generally consider to be...
FCA gives more detail on rule streamlining
Alongside its action plan, the FCA has published details of its “Consumer Duty rule review“. It has released a feedback statement following its call for input last year when it asked firms to tell it how...
FCA publishes 5 year strategy
The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...
FCA calls for evidence on MCOB interest rate stress test rule
The FCA has published an online call for evidence on the impact of the MCOB rule on the mortgage interest stress test. The call for evidence looks particularly at MCOB 11.6.18R and is part of the FCA’s review of...
Chancellor unveils more red tape cutting
The Chancellor has unveiled more detail of the plans to cut the administrative cost of regulation on business, at a meeting attended by, among others, the PRA, FCA and ICO. The plans are wide ranging across all areas of...
Mortgage stats show rises all round
The latest statistics on mortgage lending for Q4 2024 from the MLAR submitted to the FCA show: the highest stock of outstanding mortgage loans since reporting began in 2007 (£1,678.2 bn); a 4.9% increase in the value of...
FCA updates on motor finance review next steps
The FCA has said that it no longer plans its proposed announcement during May on its planned next steps in its motor finance commission review. Instead, it will confirm within 6 weeks of the decision of the Supreme...
Supreme Court permission to appeal application lodged in Markou case
A permission to appeal application has been lodged at the Supreme Court in the Markou case. The application follows the Court of Appeal granting the FCA’s appeal in December 2024 against an Upper Tribunal decision which...
Court of Appeal rules motor finance commission cases can be dealt with using omnibus claim forms
The Court of Appeal (CoA) in Angel & Ors v Black Horse Ltd [2025] EWHC 490 (KB) has overturned the case management decision taken at first instance that the eight claim forms covering 5,800 claimants could not be...
FOS reports huge rise in cases
The FOS’ complaints data for Q4 2024 shows a rise of 40% in complaints over the same period last year. It received more than 68,000 complaints – which was in fact slightly less than the number it received...
CoA clarifies regulated ‘sale and rent back’ agreement features
On 5 February 2025 the case of Priti Odhavji v Caroline Tighe, Suranjan (Joseph) Cooray, K & C Properties Limited [2025] EWHC 372 (Ch), 2025 WL 00581905 came before the Court of Appeal, Chancery division. In the...
FCA researches explanations to consumers on AI outputs
As part of its AI research series, the FCA has published a research note exploring the effectiveness of different methods for explaining AI outputs to consumers in the context of determining consumer creditworthiness...
FCA publishes skilled persons data for Q2 / Q3 2024
In the quarter ending September 2024, the FCA commissioned 14 skilled persons reports: 6 reports related to consumer investments, 2 to insurance, 2 to wholesale markets (buy-side) and 4 to wholesale markets (sell-side);...
Treasury request to intervene in motor finance commission case denied
The press is reporting that the applications by HM Treasury and the Finance and Leasing Association to intervene in the Supreme Court hearing in the Johnson, Hopcraft and Wrench cases have been denied, while the...
Treasury acts to encourage more mortgages
The Treasury has committed to a new mortgage guarantee scheme and urged the FCA to carry out an “ambitious and rapid” review of its mortgage rules – both with the aim of allowing more people to take...
FCA researches potential mortgage pricing differences by demographic characteristics
As part of its AI research series, the FCA has published a report on the potential for pricing differences by demographic characteristics in the mortgages market. The FCA compared mortgage features like interest rates...
FCA 2024 fin proms data shows increased action against misleading adverts
The FCA’s latest financial promotions data shows 19,766 promotions were amended or withdrawn in 2024, almost doubling the 2023 figure of 10,008. In previous reporting, the FCA acknowledged this sharp increase was...
UK Finance sets out principles governing customer vulnerability disclosures in mortgage sector
UK Finance has published a set of principles for information sharing between mortgage intermediary firms and lenders. The FCA has advised that it continues to see vulnerable consumers face challenges when disclosing...
FCA sets out supervision priorities for mortgage intermediaries
The FCA has written to mortgage intermediaries outlining its supervision priorities for the next 2 years. Its key focus will be on embedding the Consumer Duty. Other priorities include: Quality of advice and unsuitable...
LSB to retire Standards of Lending Practice for personal customers
The LSB is to retire its Standards of Lending Practice for personal customers at the end of March 2025. The standards were first published in 2016, and have been reviewed and updated several times. However, the last...
Clydesdale/FOS appeal to be heard by December
The Civil Appeals case tracker shows that the appeal relating to judicial review of the FOS decision on DCAs is to be heard “by 8 December 2025”. As a reminder, the appeals in relation to the court cases on...
FOS anticipates 37,000 fraud and scams complaints next financial year
The FOS expects fraud and scams to account for 35% – or 37,000 – of incoming banking and loan complaints in the coming financial year. This is an increase on the 33,000 fraud and scams cases it forecast to...
Motor finance commissions and lender liability: the story so far
Amid reports that now HM Treasury is seeking to intervene in the Supreme Court case, read our article summarising what’s happened so far…..
FCA publishes summary grounds of intervention in motor finance appeal
The FCA has published summary grounds of intervention in support of its application to intervene in the appeals relating to motor dealer-broker commissions. The FCA wants to intervene in writing and for up to an hour...
FCA highlights simplification as means of supporting growth
The FCA’s letter in response to the Prime Minister setting out how the FCA wants to collaborate with the Government to encourage growth highlights the work the FCA has already done in the wholesale markets to...
FCA Chief Executive responds to House of Lords motor finance commission questions
In a letter dated 17 January 2025, Nikhil Rathi (Chief Executive of the FCA) responded in detail to questions raised by the Rt. Hon Lord Forsyth of Drumlean in his capacity as Chair of the Financial Services Regulation...
LSB finds consumers lack awareness of BNPL costs
The Lending Standards Board (LSB) has published new research which concludes that consumers do not understand the true costs of Buy-Now, Pay-Later (BNPL) products. Data showed that: Only 52% of BNPL users were aware of...
FCA sets out strategy for credit reference agencies and service providers
The FCA has published a portfolio letter to credit reference agencies (CRAs) and credit information service providers (CISPs) setting out its strategy for the next two years. The priorities will focus on: Embedding of...
Motor finance appeals listed for April 2025
The Supreme Court hearings on the Hopcraft, Wrench and Johnson motor finance cases have been listed for 1-3 April 2025, although it is possible this may change.
Lords Committee writes to FCA on motor finance commission cases
The House of Lords Financial Services Regulation Committee has written to the FCA asking it to clarify certain elements of its position on the motor finance commission cases, as set out in a letter dated 13 November...
FCA confirms pause on non-DCA complaints
The FCA has confirmed new temporary rules for handling motor finance non-DCA commission complaints, that broadly mirror those already in place for DCA commission related complaints. Firms will not have to provide a...
FOS updates on motor finance complaints
The FOS has updated its website to reflect the High Court judgment on DCAs that went in FOS’ favour. It says it is carefully considering what the judgment means for other similar cases in its current workload. The...
High Court backs FOS on DCA complaint
The High Court has dismissed all 3 grounds of appeal brought by a lender under a discretionary commission arrangement (DCA) for motor finance, following a FOS decision to uphold a customer complaint. The grounds of...
FCA successfully appeals Upper Tribunal decision
The Court of Appeal has allowed the FCA’s appeal against an Upper Tribunal decision which asked the regulator to reconsider a proposed ban against an individual and directed that a fine should not be imposed. In...
Supreme Court grants permission to appeal in motor finance cases
The Supreme Court has granted Close Brothers and FirstRand Bank permission to appeal in the cases of Johnson v FirstRand Bank t/a Motonovo Finance, Wrench v FirstRand and Hopcraft v Close Brothers. The cases all relate...
FCA publishes mortgage lending statistics for Q3 2024
The FCA has published mortgage lending statistics for Q3 2024. The data comes from firms carrying out mortgage lending and mortgage administration, who are required to submit the Mortgage Lending and Administration...
FCA updates perimeter report
The FCA has updated its Perimeter Report. The report highlights the FCA’s remit and powers, including the new Designated Activities Regime, and then lists the key areas of harm linked to the perimeter and some key...
FCA quarterly consultation includes PEMC limit increase
The FCA’s latest quarterly consultation includes proposals to: clarify some consumer credit product PSD reporting; increase the current £100 medical condition premium trigger that means firms must signpost...
FCA writes to Supreme Court on motor finance
The FCA has written to the Supreme Court supporting the application of the lenders in the Hopcraft, Wrench and Johnson motor finance commission cases for expedition of the court’s decision on the application to...
FOS notes huge increase in complaints
The latest figures from the FOS show complaints have increased by over 50%, with record increases in complaints about frauds and scams, current accounts and credit cards. The FOS also noted in particular an increasing...
FCA consults on wider extension to motor finance commission complaints handling
The FCA is consulting as promised on extending the time firms have to respond to motor finance complaints involving non-discretionary commissions. The FCA notes that firms are likely to receive high levels of complaints...
FCA holds call with market analysts on motor commission cases
The FCA held a call with market analysts just before it published its consultation on its proposal to expand the pause on dealing with complaints about commissions in the motor finance sector. Key points included: the...
FCA to consult on time extension for non-discretionary motor finance commission complaints
Following the Court of Appeal’s decision to allow appeals to the Supreme Court in relation to three cases of non-disclosure of non-discretionary commission for motor finance (we covered this in FIN here), the FCA...
FCA updates statement on motor finance judgment
The FCA has updated its website to make more prominently the comments made by Nikhil Rathi on the current state of the complaints pause in relation to DCAs and the possibility that it could now be expanded to other...
FCA speaks on private market growth.. and motor finance
Nikhil Rathi, speaking at the Investment Association, spoke of the growth of private markets and the FCA’s support for initiatives that get companies the best options for financing. In an interesting segue, he...
FCA publishes retail banking portfolio letters
The FCA has published its latest portfolio supervision letters for retail banks and building societies. It has set 6 unsurprising priorities: Consumer Duty: looking at institutions to fully embed the Duty to deliver...
FCA publishes mortgage portfolio supervision letters
The FCA has published Dear CEO letters to lifetime mortgage providers and non-bank mortgage lenders and third party mortgage administration firms. The key themes are: how changes in the market are driving many...
Court of Appeal allows consumer appeals in motor finance cases
The Court of Appeal has allowed the appeals from consumers in three cases relating to motor finance. It heard the cases of Johnson v FirstRand Bank t/a Motonovo Finance, Wrench v FirstRand and Hopcraft v Close Brothers...
FCA publishes Q3 fin proms data
The FCA has published its financial promotions data for Q3 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 10,593...
FOS warns on lack of understanding of s75
The FOS has said that failing to understand the rules around claims under s75 CCA can affect consumers’ chances of getting their money back. Its guidance debunks several myths: that s75 only helps if the purchase...
Latest complaints figures show huge rise
The FOS has published the complaints figures for the first half of 2024. The figures show a rise of over 40% compared to the same period last year, with over 130,000 complaints being received. The increases, and year on...
FCA finds non-bank lenders could do better on financial resilience
The FCA has published the results of a multi-firm review of consumer credit and non-bank lenders in which it looked to assess their approach to financial resilience. It chose firms with a wide range of business models...
FCA fines finance company over fair treatment
The FCA has fined Volkswagen Financial Services (UK) Limited over £5m in a package that also involves the firm in paying £21.5m redress to customers who may have suffered harm over the firm’s failure to treat...
Treasury consults on BNPL
Treasury has published the long-awaited consultation on BNPL. The Government has decided largely to follow the policy decision that the previous Government seemed on the cusp of making – that is that all...
FCA updates regulatory initiatives grid
The FCA has published an interim update on its Regulatory Initiatives Grid. It had postponed the scheduled 8th edition because of the election and says that the replanning required as a result means that there...
FCA updates website on consumer credit reporting
The FCA has updated its website on reporting requirements for consumer credit firms to take account of the upcoming changes to Product Sales Data reporting that will take effect from October 2025 and April 2026 for...
BCAP consults on Code amendment for unregulated investments
The Broadcast Committee of Advertising Practice is consulting on an amendment to its Code in respect of how it restricts advertising for certain products. There is already in place a rule that restricts ads for certain...
FCA confirms motor finance complaint handling pause extension
The FCA has confirmed that the pause to the deadline for motor finance firms to provide a final response to customer complaints about discretionary commission arrangements will now last until 4 December 2025. As...
FOS calls for better approach to debt management
Abby Thomas, chief Ombudsman at the FOS, says the FOS is seeing increasing complaints about unaffordable lending. She said many customers are finding it hard to communicate with businesses when they are becoming over...
FCA consults on new consumer credit regulatory return
The FCA is seeking views on its proposal to issue a new regulatory reporting return for consumer credit firms carrying on any one or more of the regulated activities of credit broking, providing credit information...
FOS publishes quarterly data
FOS has published complaints data covering Q1 2024/5 (April – June 2024). Highlights include: over 76,000 new complaints – an increase of 70% from the same period last year; credit cards were the most...
FCA publishes Q2 fin proms data
The FCA has published its financial promotions data for Q2 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 3,273...
Harry WellsUnauthorised mortgage broker to pay £4m
The FCA has secured an order of £4m in the High Court against two firms under the directorship of one individual, which respectively arranged mortgages and bought properties and rented them back to the sellers. Neither...
FOS publishes annual complaints data for 2023/24
FOS has published the annual complaints data for the 2023/24 financial year. Most notably, complaints about the banking sector are at their highest level in at least a decade. In the last financial year, consumers...
BoE publishes Q2 Credit Conditions and Bank Liabilities Surveys
The BoE has published the results from its quarterly survey of banks and building societies looking at credit conditions in the quarter to the end of May 2024. As usual, the survey covers: secured and unsecured lending...
FCA bans individual for failing to disclose conviction
The FCA has banned Graham Lilley, formerly an authorised sole trader, from carrying on any regulated activity carried on by any person and has cancelled his permissions. It discovered that Mr Lilley had been convicted...
FCA shares latest Mortgage Charter uptake data
The FCA has reported that there are now 49 signatories to the Mortgage Charter, and that the signatories represent about 90% of the mortgage market. The latest data suggests that well over 1m mortgages benefited from...
Regulators publish Wider Implications Framework Annual Report
The 2023/24 Wider Implications Framework Annual Report from the FCA, FOS, FSCS, TPR and MaPS notes that during the period the report covers, the new duty in FSMA 2023 on the FCA, FOS and FSCS to cooperate on issues that...
Tenet firms enter administration
The Tenet Group Limited is winding down its operations, which has now resulted in two of its hosting firms entering administration. The firms closed to new business at the end of March, and most of their advisers either...
July 4 Election: effect on current Bills?
A general election has been called for 4 July 2024. Parliament (including the House of Lords) will be dissolved on 30 May 2024. We are now therefore in the ‘wash-up’ period which will last for only 2 days...
FCA publishes credit information market remedy package
The FCA has published its final report for the Credit Information Market study. It has proposed a package of remedies to address the weaknesses its review found in the sector. The remedies focus on: improving data...
FCA updates on implementing Consumer Duty for closed products
The FCA has written to firms in the following sectors on implementing the Consumer Duty for closed products and services by 31 July 2024: Asset management; Consumer finance; Consumer investments; Life insurance; Retail...
UK Finance calls for help for abuse survivors
UK Finance has published a report looking at the problems that victim-survivors of economic and financial abuse face when they try to regain financial independence. The report notes the 2021 Financial Abuse Code, which...
FCA publishes hire purchase agreement undertaking
The FCA has published a notice of undertaking under the Consumer Rights Act in relation to vehicle hire purchase contracts issued by Mercedes-Benz Financial Services (UK) Limited. The FCA had been concerned that an...