The announcement from the UK Supreme Court will be welcomed by those across the motor finance industry. It has been deemed that non-discretionary commission does not amount to a bribe, nor does...
Consumer Credit & Insurance Compliance Newsletter February 2025 Welcome to the latest edition of our compliance newsletter for Consumer Credit & Insurance. Since the turn of the year, there has been a...
Shockwaves flew through the car finance industry last month when the Court of Appeal ruling on secret commissions being received by credit brokers, expanded the scope of the commission disclosure issues. It...
Consumer Credit & Insurance Compliance Newsletter October 2024 Welcome to the latest edition of our compliance newsletter for Consumer Credit & Insurance. The traditional quiet summer season for regulatory developments – extended...
Last week, HM Treasury has released its latest consultation in respect of the regulation of Buy Now Pay Later (‘BNPL’) with only a six-week consultation period for industry feedback. Once the legislation...
Last week the FCA released a consultation (CP24/19) which aims to increase the level of detail received from consumer credit firms. At present a typical secondary credit broker will provide six pieces...
In March, the FCA sent a Dear CEO letter to firms they supervise in relation to Money Laundering Regulations (MLRs), otherwise known as “Annex I firms”. The letter raised concerns with inadequate systems...
Consumer Credit & Insurance Compliance Newsletter June 2024 Welcome to the very first edition of our compliance newsletter aimed at Consumer Credit and Insurance (CC&I) firms. This newsletter contains a round-up of...
In April 2024, the Financial Conduct Authority (FCA) issued Policy Statement 24/3, confirming the enhancements to FCA reporting relating to consumer credit lending. This is the latest in the increase of RegData...
Over the last twelve months, many principal firms, looking to onboard Appointed Representatives (ARs) or Introducer Appointed Representatives (IARs), will have noticed a significant increase in the level of scrutiny applied by...
Two months on from the FCA announcing it will undertake further work in the Motor Finance sector in respect of commission following Financial Ombudsmen Scheme (FOS) judgements, I thought it was a...
Make sure it has been applied correctly to your firm to avoid unnecessary payments. Last year, many Consumer Credit firms were assigned the new FIN074 report on Regdata by the FCA, when it...
It’s now two years since the final implementation date of the Senior Manager & Certification Regime (SMCR) (March 2021) and over three years since the initial implementation date for solo regulated firms....
In December, the FCA sent S165 information requests to all Principal firms requiring them to provide additional information regarding their Appointed Representative (AR) & Introducer Appointed Representative (IAR) population. The information relates...
In December, His Majesty’s Treasury (HMT) released its consultation paper in relation to the long overdue reformation of the Consumer Credit Act (CCA) 1974. I think it is safe to say that...
Last week, the FCA released a consultation paper CP22/27 with its proposed measures to further tighten controls and reduce risk of consumer harm from misleading advertisements. But lets look a little bit...
In times of increasing scrutiny, the Financial Conduct Authority (FCA) continues to remind firms of its powers and intent to ensure that only firms conducting regulated activities remain authorised. Following changes made by...
Following the announcement of the enhancements being made to the Appointed Representative (AR) Regime, which are due to come into force in December this year, both Principals and ARs may currently be...
Last week the government responded to the cost-of-living crisis with an emergency mini-budget. With the cap on bankers’ bonuses now removed, the Government appears to be trying to increase London’s status as...
The Financial Conduct Authority (FCA) issued its annual business plan setting out its priorities for the next year along with its 3-year strategy. Following on from last year’s tone, the FCA is clearly looking...
Dear CEO’s : Attention all Credit Firms In May this year, the FCA issued one of the latest in its line of Dear CEO Letters aimed towards Consumer Credit Firms. In this...
Following the Woolard Review at the start of the year calling for the unregulated Buy Now Pay Later (BNPL) to be regulated by the FCA, HM Treasury accepted the findings of this...
The Financial Conduct Authority (FCA) have issued their annual business plan setting out their priorities by sector and cross sector considerations. It’s now 16 months since the first Covid lockdown, a period...
A checklist for firms looking to create an AR network The strategy of creating a network of ARs presents an attractive opportunity for firms to expand their salesforce and grow their business....