On 15 October 2019, the FCA published Consultation Paper 19/28: Motor finance discretionary commission models and consumer credit commission disclosure (CP19/28). In CP19/28 the FCA is proposing a ban on commission models where the amount received by the broker (including motor dealers) is linked to the interest rate that the customer pays and which the broker has the power to set or adjust. The FCA refers to these as ‘discretionary commission models’ and has found…

On 4 October 2019, the FCA published a statement providing information for Self-Invested Pension Plan (SIPP) operators following the administration of Berkeley Burke SIPP Administration Ltd (BBSAL). On 18 September 2019, the directors of BBSAL placed the company into administration as they were unable to cover the costs of litigation arising out of consumer complaints relating to the business’s failure to carry out proper due diligence before allowing them to make certain investments. Consequently, the…

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and compliance teams should be doing the morning after a no deal Brexit. In the final part of the webinar we…

On 2 October 2019, the FCA published Policy Statement 19/25: Overdraft Pricing and Competition Remedies (PS19/25). Earlier this year the FCA published Policy Statement 19/16 which changed the way in which banks and building societies charge for overdrafts. The Policy Statement was part of the FCA’s High-cost Credit Review. The new rules were designed to fundamentally reform the overdraft market and address the harm the regulator found which was high prices for unarranged overdrafts, complex…

As previously advertised, this month’s financial services breakfast briefing will take place tomorrow in the form of a webinar rather than a seminar. In this webinar we discuss what we are seeing in the market as firms make their preparations for a no deal Brexit. We also look at how the PRA and FCA are using the temporary transitional relief powers and ask the question of what legal and compliance teams should be doing the…

On 30 September 2019, the PRA and FCA jointly published Policy Statement FCA – 19/23 PRA – 22/19: changes to mortgage reporting requirements (the Policy Statement). The Policy Statement follows an earlier joint PRA / FCA Consultation paper where the regulators proposed new reporting requirements which would apply to regulated mortgage lenders and home finance administrators. The regulators report in the Policy Statement that respondents supported its proposals and they are implementing them broadly as…

As previously advertised, the monthly financial services breakfast briefing on Wednesday 2 October will take the form of a webinar rather than a seminar. In this webinar we discuss what we are seeing in the market as firms make their preparations for a no deal Brexit. We also look at how the PRA and FCA are using the temporary transitional relief powers and ask the question of what legal and compliance teams should be doing…