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News, Articles & Events: Consumer Finance

As a result of high volumes of customer complaints and claims relating to motor finance commissions, the FCA has launched a section 166 skilled person report reviewing historical use of ‘discretionary commission arrangements’ (DCAs) between lenders and credit brokers to determine whether customers could be due redress. Due to this, the FCA has brought in […]

31 July 2024 seemed a long way off in December 2023 – plenty of time. However, although the difference between 31 December 2023 and 1 January 2024 is only one day, suddenly all of the 2024 deadlines now look much closer. Soon, we will be in the thick of the end of the financial year, […]

In line with its three year strategy to set higher standards across the industry, the FCA is introducing a new gateway which will lead to stricter rules for approving and policing financial promotions. This comes just a year after the FCA introduced stricter rules on the advertisement of high-risk investments. The issuing of financial promotions […]

On 9 December, the Chancellor of the Exchequer announced The Edinburgh Reforms – a regulatory shake-up designed to “drive growth and competitiveness in the financial services sector”. On the same day, the Treasury released its first consultation on reforming the Consumer Credit Act 1974, one of the key parts of its Edinburgh Reforms strategy of […]

The introduction of the Consumer Duty is the biggest regulatory shift in financial services in recent years, with a very tight timescale for implementation set out in the Financial Conduct Authority’s (FCA) policy statement of 28 July 2022 (PS 22/9). We have scrutinised each of the FCA’s consultations leading up to its final rules and […]

The introduction of the Consumer Duty is the biggest regulatory shift in financial services in recent years, with a very tight timescale for implementation set out in the FCA’s policy statement of 28 July 2022 (PS 22/9). We have scrutinised each of the FCA’s consultations leading up to its final rules and engaged with clients […]

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