On 31 October 2023, the #FCA published a press release setting out the contract changes they’ve secured for #BNPL customers.
The changes are:
(a) #CPA; and
(b) what happens when a customer cancels their purchase contract.
For more: https://t.co/zRzkCnayON
On 30 October 2023, the new EU Consumer Credit Directive was published. It'll come into force for EU member states on 20 November 2026. But will the UK implement any of it? For more, please see: https://t.co/C0nENZqZ1G #consumercredit#directive#EU#consumercreditdirective
On 18 September 2023, the Land Registry published an updated Practice Guide 31 on the discharge of charges. For more on the changes, and a link, please see: https://t.co/vi50Zkpf6Y #mortgages#LandRegistry#charges#guide
The #FCA has published a blog on the work it is doing to improve its application process and the forms it requires. For more, please see: https://t.co/CuK4BcHFat #authorisation#forms
#ICO and #FCA publishes joint letter. Essentially data protection does not stop firms communicating with savings customers and telling them of better rates. For more (including links), please see: https://t.co/lv0aV0a2ll
#dataprotection#savings#jointletter
On 17 July 2023, the #FCA published draft guidance dealing with financial promotions on social media. This has been a hot topic for a number of years and the last guidance was published in March 2015. For more, including links, please see: https://t.co/PUMYftsxlc
Earlier today, HM Treasury published its response to the consultation on reforming the Consumer Credit Act 1974. There’s no clear indication of the Gvt’s position, or a timeline for reform. For the response, please see: https://t.co/nsKb8VzyKw #consumercredit#reform#CCA
On 29 June, the Financial Services and Markets Act 2023 received Royal Assent. When it comes into force, s.1(1) revokes the legislation listed in Schedule 1 (inc many #consumercredit rules).
Want to know more? See: https://t.co/lE7lfffx3B
#consumercredit#legislation#FSMA
#FCA’s board minutes record board’s discussion on PS23/5: Debt Packagers: Feedback to CP23/5 and final rules. Some interesting views on the impact. For more, including links, please see: https://t.co/10xWMsIt8o #CONC#DebtManagement#consumerfinance
First charge mortgage lenders have been busy. The 'optional' Mortgage Charter was quickly followed by PS23/8 making changes to MCOB. We've put our heads together to create a one page summary. For more, please visit: https://t.co/pwAI68TQAj.
#mortgage#MCOB#mortgagecharter
Less than a month before the new consumer duty comes into force, #FCA publishes a list of 10 key questions for firms to consider. Not a checklist but it does give an insight into priorities. For a link, please see: https://t.co/hKpHGXsdWj
#consumerduty#retaillending#consumer
The #FCA publishes Handbook Notice 110 setting out changes to both CONC (on debt management) and MCOB (on implementing the Mortgage Charter). For more, including links, please see: https://t.co/cuJgA1ArXZ
#FCA#mortgages#consumercredit#MCOB#CONC#retaillending
Our newly appointed Regulatory partner and head of consumer and motor finance has been featured in this latest article on @AMchatter. The piece looks at his specialist expertise in financial regulation and motor finance.
https://t.co/eazO34yEIf
We're delighted to welcome Russell Kelsall to Walker Morris as a partner and head of consumer and motor finance in our regulatory team. He brings with him an extensive experience and knowledge in retail financial services regulation.
https://t.co/wi6X23HWEP
#FCA says firms must improve their treatment of struggling small business borrowers. But it has wider application to all regulated agreements. For more, including the links, please visit: https://t.co/CUJjqLfcu5 #review#consumercredit#collections#arrears#dearchair
European Parliament publishes press release on a proposed new Consumer Credit Directive. #HMT will no doubt watch developments in Europe with a keen interest. For more, please see: https://t.co/1pBfEYwZ8x #consumercredit#directive#reform#CCD
The #FCA's focus on how firms have treated, and continue to treat, customers in financial difficulties continues. The FCA now urges consumers to seek help. There's a consultation coming in Q3 2022 too. For more, please see: https://t.co/emslllRQqX #consumercredit#costofliving