Consumer Credit Regulation: The New Regime. Craig Simmons

Size: px
Start display at page:

Download "Consumer Credit Regulation: The New Regime. Craig Simmons"

Transcription

1 Consumer Credit Regulation: The New Regime Craig Simmons 1

2 What we do UK s financial services regulator: protect consumers; ensure industry remains stable; and, promote healthy competition Principles based Oversight of Money Advice Service, FOS & FSCS 2

3 The principles 1 Integrity A firm must conduct its business with integrity. 2 Skill, care and diligence A firm must conduct its business with due skill, care and diligence. 3 Management and control A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems. 4 Financial prudence A firm must maintain adequate financial resources. 5 Market conduct A firm must observe proper standards of market conduct. 3

4 The principles 6 Customers' interests A firm must pay due regard to the interests of its customers and treat them fairly. 7 Communications with clients A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. 8 Conflicts of interest A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. 9 Customers: relationships of trust A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment. 10 Clients' assets A firm must arrange adequate protection for clients' assets when it is responsible for them. 11 Relations with regulators A firm must deal with its regulators in an open and cooperative way, and must disclose to the appropriate regulator appropriately anything relating to the firm of which that regulator would reasonably expect notice. 1 4

5 What s changed? On 1 April 2014, the Financial Conduct Authority took over Consumer Credit regulation from the OFT: Stronger powers More resources Faster and more flexible response to change The government firmly believes that the FCA will be better equipped to tackle the consumer detriment and malpractice that has taken place under the (existing) regime. The transfer will mean a fundamentally new approach to regulating consumer credit, ensuring that irresponsible firms and bad practice will have no place in the consumer credit marketplace. Government consultation, March

6 Authorisations The Gateway To be able to do business, all firms and certain individuals will need approval from the FCA. only the right firms, run by the right people, and selling the right products, to the right consumers, are approved to do business The FCA will approve individuals who perform certain specified functions. In order to be approved, an individual must satisfy the FCA that he/she can meet, and maintain, the criteria for approval (known as the fit and proper test), and then perform their controlled function in accordance with a set of standards 6

7 The Gateway : Comparing then & now 7

8 The journey for firms OFT regulation FCA application FCA interim permission FCA authorisation 8

9 Supervision Ensuring continued high standards An approach that is pro-active, proportionate and focussed on treating customers fairly (TCF) Three key elements: - Pro-active - Reactive: dealing with current and emerging problems - Thematic: intensive campaigns looking at whole sectors or products 9

10 Supervision Comparing then & now 10

11 Enforcement Comparing then & now 11

12 What does this mean? For firms, that depends For consumers, a market place that meets their needs & firms that treat them fairly (as far as possible!) New rules for some sectors Won t solve some wider social issues rising living costs vs flat income levels, buy now pay later culture, lack of money management skills 12

13 Payday Loans Limit the number of times a loan can be rolled over to two Limit the number of times firms can seek payment using a continuous payment authority to two and ban on part-payment Inform customers about sources of free debt advice before refinancing a loan Risk warnings on loan adverts Price cap to be introduced 13

14 Price Cap 14

15 Debt Management Firms New prudential standards and client money requirements Specific conduct rules (largely based on OFT Debt Management Guidance) Requirement to have an approved person for compliance oversight New rules relating to - Signposting consumers to the availability of free debt advice - Substantial proportion of client money going towards paying off creditors from month one of a debt management plan 15

16 FCA Credit Regulation: some early outcomes Reviewed more than 1500 financial promotions Opened 227 cases about noncompliant promotions 1 in 4 relate to high-cost short-term credit Secured 25 voluntary commitments from firms 14 firms have agreed to stop taking on new business Issued warning notices and final notices Taken action to freeze the bank accounts of 7 debt management firms Determined 2,231 applications for authorisation Dealt with more than 27,500 enquiries from firms and 11,000 enquiries from consumers 16

17 What s coming up Firms apply for authorisation Credit card market study Cap comes into force 2 January 2015 Publish thematic review reports in 2015 Ongoing supervision 17

18 QUESTIONS??? 18

SO YOU RE GOING TO BE AN APPROVED PERSON?

SO YOU RE GOING TO BE AN APPROVED PERSON? CREDIT TODAY CREDIT SUMMIT 2014 SO YOU RE GOING TO BE AN APPROVED PERSON? Key corporate and personal priorities for board members and senior executives Alex Ellerton - Director, BDO Financial Services

More information

CP13/10 Detailed proposals for the FCA regime for consumer credit. Response from the Money Advice Service 3 rd December 2013. Consultation response

CP13/10 Detailed proposals for the FCA regime for consumer credit. Response from the Money Advice Service 3 rd December 2013. Consultation response Consultation response CP13/10 Detailed proposals for the FCA regime for consumer credit Response from the Money Advice Service 3 rd December 2013 Matt Hudson Policy Manager Matt.Hudson@moneyadviceservice.org.uk

More information

Changes to Consumer Credit Regulation

Changes to Consumer Credit Regulation A Guide for Motor Dealers Introduction Motor Dealers are invariably also credit brokers and are currently required to be licensed by the Office of Fair Trading (OFT) for (at least) their credit broking

More information

Financial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013

Financial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013 Financial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013 Consultation Paper 13/10: Detailed Proposals for the FCA regime for Consumer Credit In early October

More information

Q Hotel Midland Manchester 20 th and 21 st May 2013

Q Hotel Midland Manchester 20 th and 21 st May 2013 Q Hotel Midland Manchester 20 th and 21 st May 2013 The transfer of consumer credit regulation to the new FCA Robert Rosenberg Barrister. Journey to the FCA Oct 2012 Three outcomes to be achieved for all

More information

A new approach to financial regulation: transferring consumer credit regulation to the Financial Conduct Authority

A new approach to financial regulation: transferring consumer credit regulation to the Financial Conduct Authority A new approach to financial regulation: transferring consumer credit regulation to the Financial Conduct Authority March 2013 A new approach to financial regulation: transferring consumer credit regulation

More information

FSA Consultation CP13/7: High level proposals for an FCA regime for consumer credit

FSA Consultation CP13/7: High level proposals for an FCA regime for consumer credit FSA Consultation CP13/7: High level proposals for an FCA regime for consumer credit Response from the Consumer Finance Association Introduction The Consumer Finance Association (CFA) is the principal trade

More information

Guide for consumer credit firms

Guide for consumer credit firms Being regulated by the Financial Conduct Authority Guide for consumer credit firms www.fca.org.uk/consumer-credit Being regulated by the Financial Conduct Authority Guide for consumer credit firms Contents

More information

FCA (FSA) CP 13/7 High-level proposals for an FSA regime for consumer credit. Response from the Association of British Credit Unions Limited (ABCUL)

FCA (FSA) CP 13/7 High-level proposals for an FSA regime for consumer credit. Response from the Association of British Credit Unions Limited (ABCUL) FCA (FSA) CP 13/7 High-level proposals for an FSA regime for consumer credit Response from the Association of British Credit Unions Limited (ABCUL) Contact details Mark Lyonette Chief Executive mark.lyonette@abcul.org

More information

Financial Services Authority. FSA CP13/7: High-level proposals for an FCA regime for consumer credit. A Response by Credit Action

Financial Services Authority. FSA CP13/7: High-level proposals for an FCA regime for consumer credit. A Response by Credit Action Financial Services Authority FSA CP13/7: High-level proposals for an FCA regime for consumer credit A Response by Credit Action Background Credit Action is a national financial capability charity (registered

More information

Backbench business debate on payday loan companies

Backbench business debate on payday loan companies Backbench business debate on payday loan companies 20 January 2014 Summary Citizens Advice has long been concerned by the irresponsible practices of payday loan companies and has been calling for robust

More information

RESPONSE CONSULTATION CP13/10 BY THE FINANCIAL CONDUCT AUTHORITY ON DETAILED PROPOSALS FOR THE FCA REGIME FOR CONSUMER CREDIT

RESPONSE CONSULTATION CP13/10 BY THE FINANCIAL CONDUCT AUTHORITY ON DETAILED PROPOSALS FOR THE FCA REGIME FOR CONSUMER CREDIT RESPONSE CONSULTATION CP13/10 BY THE FINANCIAL CONDUCT AUTHORITY ON DETAILED PROPOSALS FOR THE FCA REGIME FOR CONSUMER CREDIT Yvonne MacDermid, Chief Executive, Money Advice Scotland and Sarah O Neill,

More information

The Responsibilities of Providers and Distributors for the Fair Treatment of Customers (RPPD)

The Responsibilities of Providers and Distributors for the Fair Treatment of Customers (RPPD) The Responsibilities of Providers and Distributors for the Fair Treatment of Customers (RPPD) 1.1 1.2 Introduction In this Regulatory Guide ("Guide") we give our view on what the combination of Principles

More information

FINAL NOTICE. Pacific Continental Securities (UK) Limited (In Liquidation)

FINAL NOTICE. Pacific Continental Securities (UK) Limited (In Liquidation) FINAL NOTICE To: Address: Pacific Continental Securities (UK) Limited (In Liquidation) C/o Henry Anthony Shinners and Anthony Cliff Spicer Smith and Williamson 25 Moorgate London EC2R 6AY FCA Reference

More information

Financial services mis-selling: regulation and redress

Financial services mis-selling: regulation and redress Report by the Comptroller and Auditor General Financial Conduct Authority and Financial Ombudsman Service Financial services mis-selling: regulation and redress HC 851 SESSION 2015-16 24 FEBRUARY 2016

More information

DEBT COLLECTION COMPLAINT FORM FOR USE BY ADVICE AGENCIES AND OTHER THIRD PARTY ORGANISATIONS

DEBT COLLECTION COMPLAINT FORM FOR USE BY ADVICE AGENCIES AND OTHER THIRD PARTY ORGANISATIONS In July 2003 we issued guidance on debt collection practices that we viewed as unfair. A copy of the OFT's Debt Collection Guidance can be downloaded from the OFT's website at www.oft.gov.uk. We would

More information

TIPS, GRATUITIES, COVER AND SERVICE CHARGES. Call for evidence SEPTEMBER 2015

TIPS, GRATUITIES, COVER AND SERVICE CHARGES. Call for evidence SEPTEMBER 2015 TIPS, GRATUITIES, COVER AND SERVICE CHARGES Call for evidence SEPTEMBER 2015 Contents Tips, gratuities, cover and service charges: employer practice... 3 Summary... 3 Tips, gratuities, cover and service

More information

Advice NI Response to the Debt Management (and credit repair services) Guidance

Advice NI Response to the Debt Management (and credit repair services) Guidance Advice NI Response to the Debt Management (and credit repair services) Guidance Deadline: 5 nd September 2011 Advice NI welcome the opportunity to respond to the OFT Debt Management (and Credit Repair

More information

Q1: Do you have any comments on the way our threshold conditions are being applied to consumer credit firms and/or the updates to our Handbook rules?

Q1: Do you have any comments on the way our threshold conditions are being applied to consumer credit firms and/or the updates to our Handbook rules? Response by StepChange Debt Charity to the Financial Conduct Authority consultation paper: Detailed proposals for the FCA regime for consumer credit (CP 13/10). December 2013 StepChange Debt Charity London

More information

Secondary Annuity Market Consultation Paper (CP16/12)

Secondary Annuity Market Consultation Paper (CP16/12) Milliman CP16/12 Secondary Annuity Market Consultation Paper (CP16/12) May 2016 CP16/12 ISSUED 21 APRIL 2016 In March 2015, the Government announced it was consulting on extending pension freedoms to individuals

More information

1. Introduction. 1 http://www.centralbank.ie/regulation/poldocs/consultationpapers/documents/cp75/consultation%20paper%20cp75%20final.

1. Introduction. 1 http://www.centralbank.ie/regulation/poldocs/consultationpapers/documents/cp75/consultation%20paper%20cp75%20final. National Consumer Agency submission to the Central Bank of Ireland s consultation paper: Additional Consumer Protection Requirements for Debt Management Firms 1. Introduction 1.1. The National Consumer

More information

Meeting investors' expectations

Meeting investors' expectations Financial Conduct Authority Thematic Review TR16/3 Meeting investors' expectations April 2016 TR16/3 Meeting investors' expectations Contents 1 Executive summary 3 2 Our approach for the Meeting Investors'

More information

StepChange Debt Charity response to the Central Bank of Ireland consultation: Additional Consumer Protection for Debt Management Firms

StepChange Debt Charity response to the Central Bank of Ireland consultation: Additional Consumer Protection for Debt Management Firms StepChange Debt Charity response to the Central Bank of Ireland consultation: Additional Consumer Protection for Debt Management Firms February 2014 StepChange Debt Charity London Office 6 th Floor, Lynton

More information

Dealer and Broker Guide. to Financial Conduct Authority Regulation. Dealer_conduct_guide_Oct15 This is a Business-to-Business communication

Dealer and Broker Guide. to Financial Conduct Authority Regulation. Dealer_conduct_guide_Oct15 This is a Business-to-Business communication Dealer and Broker Guide to Financial Conduct Authority Regulation Dealer_conduct_guide_Oct15 This is a Business-to-Business communication Legal Disclaimer The information contained in this Dealer and Broker

More information

Key HR Legal Issues for Asset Managers. Andrea Finn, Ian Fraser & Julian Taylor

Key HR Legal Issues for Asset Managers. Andrea Finn, Ian Fraser & Julian Taylor Key HR Legal Issues for Asset Managers Andrea Finn, Ian Fraser & Julian Taylor October 2015 Overview FEMR people recommendations Culture focus Remuneration 1 / B_LIVE_EMEA1:2813797v1 Culture and conduct

More information

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS on a positive note This booklet provides general information on the Debt Arrangement Scheme (DAS) and is

More information

Financial Conduct Authority consultation: Regulatory fees and levies: policy proposals 2014/15

Financial Conduct Authority consultation: Regulatory fees and levies: policy proposals 2014/15 Financial Conduct Authority consultation: Regulatory fees and levies: policy proposals 2014/15 Comments from StepChange Debt Charity StepChange Debt Charity London Office 6 th Floor, Lynton House, 7-12

More information

COMMUNITY LAW SERVICE (NORTHMAPTON & COUNTY) Response to Questions for NBC Social Welfare Reform Scrutiny Panel

COMMUNITY LAW SERVICE (NORTHMAPTON & COUNTY) Response to Questions for NBC Social Welfare Reform Scrutiny Panel COMMUNITY LAW SERVICE (NORTHMAPTON & COUNTY) Response to Questions for NBC Social Welfare Reform Scrutiny Panel Northampton Borough Council Scrutiny Panel Core Questions 1 Please would you provide a brief

More information

How we handle disclosures from whistleblowers

How we handle disclosures from whistleblowers Financial Conduct Authority How we handle disclosures from whistleblowers February 2015 Contents 1. The statutory 1 framework 2. What we do and 1 what we have learned so far 3. Case studies 5 4. Looking

More information

StepChange Debt Charity. response to the Financial Conduct Authority credit card market study interim report

StepChange Debt Charity. response to the Financial Conduct Authority credit card market study interim report StepChange Debt Charity response to the Financial Conduct Authority credit card market study interim report January 2016 Contact: Peter Tutton StepChange Debt Charity 6 th Floor, Lynton House, 7-12 Tavistock

More information

Important information. Key Features of the Prudential International Investment Portfolio (Capital Redemption Option)

Important information. Key Features of the Prudential International Investment Portfolio (Capital Redemption Option) Important information Key Features of the Prudential International Investment Portfolio (Capital Redemption Option) > Contents About this booklet 4 About the Prudential International Investment Portfolio

More information

The dispute is about the sale of a payment protection insurance (PPI) policy in connection with a credit card account with the firm in April 2007.

The dispute is about the sale of a payment protection insurance (PPI) policy in connection with a credit card account with the firm in April 2007. FINAL DECISION complaint by: Mr E complaint about: the firm complaint reference: date of decision: April 2009 This final decision is issued by me, Robert Short, an ombudsman with the Financial Ombudsman

More information

Statement of Policy Dormant Account Scheme. April 2015

Statement of Policy Dormant Account Scheme. April 2015 Statement of Policy Dormant Account Scheme April 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury, London EC2R 7HH. Registered

More information

MAT s vision is to help people across the UK to tackle their debts and manage their money wisely.

MAT s vision is to help people across the UK to tackle their debts and manage their money wisely. Money Advice Trust response to the HM Treasury and Department for Business, Innovation & Skills Consultation on A new approach to financial regulation: transferring consumer credit regulation to the Financial

More information

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members of the IVA Standing Committee for

More information

Memorandum of Understanding between the Financial Conduct Authority and the Financial Services Compensation Scheme

Memorandum of Understanding between the Financial Conduct Authority and the Financial Services Compensation Scheme Memorandum of Understanding between the Financial Conduct Authority and the Financial Services Compensation Scheme Purpose and Scope 1 The Financial Services Compensation Scheme (the Scheme) exists, under

More information

David Cockburn, Corporate Director of Business Strategy & Support. To: Policy & Resources Cabinet Committee - 6 December 2013

David Cockburn, Corporate Director of Business Strategy & Support. To: Policy & Resources Cabinet Committee - 6 December 2013 From: Paul Carter, Leader of the Council David Cockburn, Corporate Director of Business Strategy & Support To: Policy & Resources Cabinet Committee - 6 December 2013 Decision No: Subject: Classification:

More information

Compliance and enforcement strategy. for employers subject to automatic enrolment duties

Compliance and enforcement strategy. for employers subject to automatic enrolment duties Compliance and enforcement strategy for employers subject to automatic enrolment duties June 2016 Contents page 1. Introduction 3 2 Aims and objectives 9 3. Regulatory principles 12 4. Compliance approach

More information

Consumer Credit Regulation, the Financial Conduct Authority and CONC

Consumer Credit Regulation, the Financial Conduct Authority and CONC CONSUMER CREDIT REGULATION, THE FINANCIAL CONDUCT AUTHORITY AND CONC BY LEE FINCH Consumer Credit Regulation, the Financial Conduct Authority and CONC By Lee Finch Barrister, Gough Square Chambers APPLICATIONS

More information

Fair Debt. Policy. Why Have A Fair Debt Policy?

Fair Debt. Policy. Why Have A Fair Debt Policy? Fair Debt Policy A policy to assist customers who owe money to the council. Why Have A Fair Debt Policy? Wyre Borough Council is required to collect monies from both its residents (Council Tax) and businesses

More information

By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk. ISA qualifying investments: Consultation on including peer-to-peer loans

By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk. ISA qualifying investments: Consultation on including peer-to-peer loans ISA Peer to Peer Consultation Pensions and Savings Team HM Treasury 1 Horse Guards Road London SW1A 2HQ By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk 12 December 2014 Dear Sirs, ISA qualifying

More information

Briefing Paper New Horizons? The Future for UK Payday Loan Companies

Briefing Paper New Horizons? The Future for UK Payday Loan Companies Briefing Paper New Horizons? The Future for UK Payday Loan Companies The UK s consumer credit industry is one of Europe s largest with unsecured loans exceeding 157.1 billion in July 2012 1. While banks

More information

about our services and costs

about our services and costs Services and Costs Disclosure Document: Buy to Let, Protection & GI v1 14.08.15 about our services and costs Oaklands Business Centre Hooton Road, Hooton Cheshire, CH66 7NZ. Tel: - 0151 328 5678 Intrinsic

More information

Retirement reforms and the guidance guarantee: retirement risk warnings

Retirement reforms and the guidance guarantee: retirement risk warnings Financial Conduct Authority Retirement reforms and the guidance guarantee: retirement risk warnings February 2015 Policy Statement PS15/4 Retirement reforms and the guidance guarantee: retirement risk

More information

FINAL NOTICE. Managed Debt Services Ltd. Firm Reference Number: 651315. 18 Navigation Rise Milsbridge Huddersfield HD3 4GZ Date 26 June 2014 ACTION

FINAL NOTICE. Managed Debt Services Ltd. Firm Reference Number: 651315. 18 Navigation Rise Milsbridge Huddersfield HD3 4GZ Date 26 June 2014 ACTION FINAL NOTICE To: Managed Debt Services Ltd Firm Reference Number: 651315 Address: Burdett Court 18 Navigation Rise Milsbridge Huddersfield HD3 4GZ Date 26 June 2014 ACTION 1. For the reasons given in this

More information

Key Features of the Guaranteed ISA

Key Features of the Guaranteed ISA Key Features of the Guaranteed ISA The Financial Conduct Authority is a financial services regulator. It requires us, Police Mutual, to give you this important information to help you decide whether our

More information

Variation of Permission (VOP) Application

Variation of Permission (VOP) Application Variation of Permission (VOP) Application Consumer Credit Activities Firm Name Firm Reference Number Does the firm have an Interim Permission (IP)? No YesEnter your IP Number below Important information

More information

Final guidance. Risks to customers from financial incentives

Final guidance. Risks to customers from financial incentives Final guidance Risks to customers from financial incentives January 2013 Risks to customers from financial incentives Contents 3 Contents Section One Overview 5 Section Two Background and findings 9 Section

More information

MANAGING BORROWING AND DEALING WITH DEBT. Call for evidence in support of the Consumer Credit and Personal Insolvency Review

MANAGING BORROWING AND DEALING WITH DEBT. Call for evidence in support of the Consumer Credit and Personal Insolvency Review MANAGING BORROWING AND DEALING WITH DEBT Call for evidence in support of the Consumer Credit and Personal Insolvency Review 1 REVIEW OF CONSUMER CREDIT AND PERSONAL INSOLVENCY A CALL FOR EVIDENCE FOREWORD

More information

FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference.

FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference. FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference. 2 FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES FOR AN ADDITIONAL PLAN ABOUT

More information

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Debtfocus Business Recovery & Insolvency Ltd In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Content highlights Before you read this guide in detail, you

More information

Implementation of the EU payment accounts directive: Consultation response

Implementation of the EU payment accounts directive: Consultation response Implementation of the EU payment accounts directive: Consultation response November 2015 Implementation of the EU payment accounts directive: Consultation response November 2015 Crown copyright 2015 This

More information

Treating customers fairly - The role of the actuary. Vincent Tsang & Steve Cheung EY

Treating customers fairly - The role of the actuary. Vincent Tsang & Steve Cheung EY Treating customers fairly - The role of the actuary Vincent Tsang & Steve Cheung EY Treating customer fairly Leading in an era of intensive conduct supervision UK banks lose Payment Protection Insurance

More information

Financial services mis-selling: regulation and redress

Financial services mis-selling: regulation and redress Report by the Comptroller and Auditor General Financial Conduct Authority and Financial Ombudsman Service Financial services mis-selling: regulation and redress HC 851 SESSION 2015-16 24 FEBRUARY 2016

More information

Key Features of the Prudential Investment Plan (including additional investments)

Key Features of the Prudential Investment Plan (including additional investments) Key Features of the Prudential Investment Plan (including additional investments) Applicable to plans originally taken out from 11 November 2013 Important information you need to read Braille, large print

More information

Product Intervention in the UK and the New FCA

Product Intervention in the UK and the New FCA News Bulletin July 5, 2011 Product Intervention in the UK and the New FCA Background As we have previously discussed, 1 the UK Financial Services Authority (the FSA ) signalled a sea change in the way

More information

4. FINANCIAL PLANNING AND HOW WE CHARGE FOR IT

4. FINANCIAL PLANNING AND HOW WE CHARGE FOR IT Client Agreement 1. INTRODUCTION This agreement sets out the terms under which our services are to be provided, including details of the specific services and a summary of our charges for those services.

More information

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM. Revised January 25'h 2008 - - - ~.,;..._.

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM. Revised January 25'h 2008 - - - ~.,;..._. STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised January 25'h 2008 - - - ~.,;..._. TABLE OF CONTENTS FORST ANDARD CONDITIONS PART I: INTERPRETATION 1 Definitions

More information

DECREASING TERM ASSURANCE KEY FEATURES

DECREASING TERM ASSURANCE KEY FEATURES seeing retirement differently seeing retirement differently DECREASING TERM ASSURANCE CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 The Financial Conduct Authority is a financial service

More information

Newcastle City Council Corporate debt policy. December 2013

Newcastle City Council Corporate debt policy. December 2013 Newcastle City Council Corporate debt policy December 2013 1 This policy sets out our approach to collecting and recovering debt owed to us by businesses and residents. Introduction Newcastle City Council

More information

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way Remortgaging guide 1 Remortgaging guide We re with you every step of the way Remortgaging guide 2 With so many different mortgages out there to choose from, deciding which one is best for you can be a

More information

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future.

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. STAKEHOLDER PENSION KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. 2 STAKEHOLDER PENSION KEY FEATURES USING THIS DOCUMENT.

More information

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised January 25 th 2008 TABLE OF CONTENTS FOR STANDARD CONDITIONS PART I: INTERPRETATION Page 1 Definitions

More information

Credit Brokerage. To act as a credit broker, you must have a consumer credit licence for your business.

Credit Brokerage. To act as a credit broker, you must have a consumer credit licence for your business. Credit Brokerage Even if you do not offer credit yourself, you may want to introduce your customers to a third party to enable your customers to access funds to purchase your goods and services or hire

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

G20 HIGH-LEVEL PRINCIPLES ON FINANCIAL CONSUMER PROTECTION

G20 HIGH-LEVEL PRINCIPLES ON FINANCIAL CONSUMER PROTECTION G20 HIGH-LEVEL PRINCIPLES ON FINANCIAL CONSUMER PROTECTION October 2011 The high-level principles were developed as a response to the G20 Finance Ministers and Central Bank Governors call in February 2011

More information

Payday Loans Activity

Payday Loans Activity Northern Ireland Assembly Committee on Enterprise, Trade & Investment Payday Loans Activity Citizens Advice Briefing June 2012 1 Citizens Advice (NI) June 2012 1. Overview Citizens Advice is the largest

More information

Help to Buy. House Builder and Developer Participation Guidance. July 2014. Page 1 of 15

Help to Buy. House Builder and Developer Participation Guidance. July 2014. Page 1 of 15 Help to Buy House Builder and Developer Participation Guidance July 2014 Page 1 of 15 Contents Ministerial Foreword page 3 Introduction... page 4 Help to Buy overview... page 5 Help to Buy registration...

More information

March 2014. Guide to the regulation of workplace defined contribution pensions

March 2014. Guide to the regulation of workplace defined contribution pensions March 2014 Guide to the regulation of workplace defined contribution pensions The Financial Conduct Authority (FCA) and The Pensions Regulator have jointly developed this guide to provide an overview of

More information

Fraud and the Government Internal Auditor

Fraud and the Government Internal Auditor Fraud and the Government Internal Auditor January 2012 Fraud and the Government Internal Auditor January 2012 Official versions of this document are printed on 100% recycled paper. When you have finished

More information

The future of Illegal Lending Online, unregulated and coming soon to a market near you?

The future of Illegal Lending Online, unregulated and coming soon to a market near you? The future of Illegal Lending Online, unregulated and coming soon to a market near you? Emerging findings 17 th Dec 2014 1 Policis Independent social and economic research consultancy Working for a wide

More information

*Any views expressed in this presentation are those of the speaker, and are not necessarily the official views of the FSA.

*Any views expressed in this presentation are those of the speaker, and are not necessarily the official views of the FSA. *Any views expressed in this presentation are those of the speaker, and are not necessarily the official views of the FSA. Consumer Affairs Agency : 消 費 者 庁 -- Control tower of consumer protection issues

More information

Mutual Benefits for Employers & Employees

Mutual Benefits for Employers & Employees CREDIT UNION Savings & Loans Mutual Benefits for Employers & Employees Payroll Savings Scheme Contents Section 1 What is the payroll savings scheme? page 3 Section 2 Benefits for employers page 4 Section

More information

EAST AYRSHIRE COUNCIL CABINET: WEDNESDAY 13 MARCH 2013 WELFARE REFORM UPDATE ON IMPLEMENTATION ARRANGEMENTS

EAST AYRSHIRE COUNCIL CABINET: WEDNESDAY 13 MARCH 2013 WELFARE REFORM UPDATE ON IMPLEMENTATION ARRANGEMENTS EAST AYRSHIRE COUNCIL CABINET: WEDNESDAY 13 MARCH 2013 WELFARE REFORM UPDATE ON IMPLEMENTATION ARRANGEMENTS Report by the Executive Director of Finance and Corporate Support 1. PURPOSE OF THE REPORT 1.1

More information

Consultation response: FCA Proposals for a price cap on high-cost short-term credit

Consultation response: FCA Proposals for a price cap on high-cost short-term credit Consultation response: FCA Proposals for a price cap on high-cost short-term Response by the Money Advice Trust Date: AUGUST 2014 Contents Page 2 Page 3 Page 4 Page 7 Contents Introduction / About the

More information

Payday Loans. A Flintshire CAB social policy report. for People in Flintshire? Flintshire Citizens Advice Bureau. the charity for your community

Payday Loans. A Flintshire CAB social policy report. for People in Flintshire? Flintshire Citizens Advice Bureau. the charity for your community the charity for your community cyngor ar bopeth citizens advice bureau Flintshire Citizens Advice Bureau Payday Loans Are They Causing a Problem for People in Flintshire? December 2013 A Flintshire CAB

More information

Creating Communications for Learners

Creating Communications for Learners For colleges and training organisations This document will help you to create effective and consistent communications for learners about Advanced Learner Loans. It contains a list of dos and don ts, sample

More information

APDSI 2015 STRATEGIC BULLETIN

APDSI 2015 STRATEGIC BULLETIN Introduction Welcome to another APDSI strategic member bulletin that is designed to cover a number of the strategic compliance issues facing our sector in 2015. Many of our members holding interim permissions

More information

Public Statement. Financial Services (Jersey) Law 1998, as amended (the FS(J)L ) Codes of Practice for Trust Company Business (the Codes )

Public Statement. Financial Services (Jersey) Law 1998, as amended (the FS(J)L ) Codes of Practice for Trust Company Business (the Codes ) Public Statement Herald Trust Company Limited and affiliated members, namely: Herald Management Services Limited; Herald Trustees Limited; Herald Employment and Recruitment Services Limited; Herald Sports

More information

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents August 2012 Volume 39: Issue 8 ISSN 0790-4290 Contents Relate The journal of developments in social services, policy and legislation in Ireland Page No. 1 Personal Insolvency Bill 2012 This issue deals

More information

Application for authorisation

Application for authorisation (NOTES) 1 Regulatory business Application for authorisation Full consumer credit firm Notes Please take time to read these notes carefully. They will help you to fill in the application correctly. When

More information

The Consumer Protection from Unfair Trading Regulations 2008

The Consumer Protection from Unfair Trading Regulations 2008 Trading Standards Service Factsheet The Consumer Protection from Unfair Trading Regulations 2008 Background The Consumer Protection from Unfair Trading Regulations 2008 (CPR s), came into force on 26 th

More information

A Guide to Understanding Group Risk Insurance

A Guide to Understanding Group Risk Insurance A Guide to Understanding Group Risk Insurance This guide has been produced by Group Risk Development (GRiD) with the support of the Chartered Institute of Procurement and Supply (CIPS). CIPS members can

More information

BBA submission to the BIS Managing Borrowing and Dealing with Debt: Call for Evidence in support of the Consumer Credit and Personal Insolvency Review

BBA submission to the BIS Managing Borrowing and Dealing with Debt: Call for Evidence in support of the Consumer Credit and Personal Insolvency Review Peter Lovitt Department for Business, Innovation and Skills Consumer and Competition Policy 1 Victoria Street London SW1H 0ET Submitted via email: peter.lovitt@bis.gsi.gov.uk BBA submission to the BIS

More information

Interchange fee regulation: consultation response

Interchange fee regulation: consultation response Interchange fee regulation: consultation response October 2015 Interchange fee regulation: consultation response October 2015 Crown copyright 2015 This publication is licensed under the terms of the Open

More information

Payday and Short-term Loans DELIVERING NEW CONSUMER PROTECTIONS

Payday and Short-term Loans DELIVERING NEW CONSUMER PROTECTIONS DELIVERING NEW CONSUMER PROTECTIONS On 24 May 2012, the Consumer Finance Association, the Consumer Credit Trade Association, the BCCA and the Finance & Leasing Association agreed to a series of new consumer

More information

Helping consumers to manage their money

Helping consumers to manage their money Report by the Comptroller and Auditor General Money Advice Service Helping consumers to manage their money HC 879 SESSION 2013-14 5 DECEMBER 2013 4 Key facts Helping consumers to manage their money Key

More information

Investing in mortgage schemes?

Investing in mortgage schemes? Investing in mortgage schemes? Independent guide for investors about unlisted mortgage schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from ASIC about

More information

FINAL NOTICE. (2) Principle 7 (communications with customers); and

FINAL NOTICE. (2) Principle 7 (communications with customers); and Financial Services Authority FINAL NOTICE To: The Loan Company t/a Greenhill Finance ( TLC / the Firm ) Of: Saxon House Moston Road Sandbach Cheshire CW11 3AP Date: 29 October 2007 TAKE NOTICE: The Financial

More information

WEALTH MANAGEMENT STRATEGIES - TERMS OF BUSINESS

WEALTH MANAGEMENT STRATEGIES - TERMS OF BUSINESS WEALTH MANAGEMENT STRATEGIES - TERMS OF BUSINESS Ian O Brien Limited (trading as Wealth Management Strategies) are Independent Financial Planners. Wealth Management Strategies is an appointed representative

More information

FINAL NOTICE. 1.3 The penalty is imposed for breaches by the firm of the following Principles for Businesses in relation to general insurance:

FINAL NOTICE. 1.3 The penalty is imposed for breaches by the firm of the following Principles for Businesses in relation to general insurance: Financial Services Authority FINAL NOTICE To GE Capital Bank Limited (FSA ref: 2045721) Of: 6 Agar Street London WC2N 4HR Date: 30 January 2007 TAKE NOTICE: The Financial Services Authority of 25 The North

More information

OUR CODE OF ETHICS. June 2013

OUR CODE OF ETHICS. June 2013 OUR CODE OF ETHICS. June 2013 OUR CODE OF ETHICS GUIDING PRINCIPLES Ethical behaviour is an integral part of the way we do business. It's crucial that all our stakeholders are able to trust us to treat

More information

HSBC Global Investment Centre

HSBC Global Investment Centre HSBC Global Investment Centre Terms and Conditions These terms are effective for all Global Investment Centre Account customers on and from 6 April 2016. 2 Global Investment Centre Terms and Conditions

More information

Retirement Key Features of the Lifetime Annuity

Retirement Key Features of the Lifetime Annuity Retirement Key Features of the Lifetime Annuity IMPORTANT INFORMATION The Financial Conduct Authority is a financial services regulator. It requires us, AXA Wealth Limited, to give you this important information

More information

In Debt. Dealing with your creditors

In Debt. Dealing with your creditors In Debt Dealing with your creditors 0 This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members

More information

Draft Guidance: Non-economic Regulators: Duty to Have Regard to Growth

Draft Guidance: Non-economic Regulators: Duty to Have Regard to Growth Draft Guidance: Non-economic Regulators: Duty to Have Regard to Growth January 2014 Purpose of this document The duty to have regard to the desirability of promoting economic growth (the growth duty )

More information

Stakeholders in a Business

Stakeholders in a Business Name: Class: Date Taken: Total Possible Marks: Stakeholders in a Business Complete the following questions in the time allowed by your teacher QUICK DEFINITIONS Write a short, accurate definition for each

More information

The Retail Distribution Review

The Retail Distribution Review The Retail Distribution Review STAKEHOLDER CONSULTATION WORKSHOPS 23 and 25 FEBRUARY 2015 Presenters: Jonathan Dixon: DEO, Insurance Caroline da Silva: DEO, FAIS Leanne Jackson: Head, Market Conduct Strategy

More information

BBA RESPONSE TO FCA CP15/6 Consumer Credit proposed changes

BBA RESPONSE TO FCA CP15/6 Consumer Credit proposed changes Nick Waugh Consumer Credit Policy Team Strategy and Competition Division Financial Conduct Authority 25 The North Colonnade Canary Wharf London, E14 5HS Submitted by e-mail: cp15-06@fca.org.uk 6 th May

More information

REPORT FOR RESOLUTION. SUBJECT: Treasury Management Annual Report 2009-10

REPORT FOR RESOLUTION. SUBJECT: Treasury Management Annual Report 2009-10 REPORT FOR RESOLUTION COMMITTEE: Council DATE: 14th July 2010 SUBJECT: Treasury Management Annual Report 2009-10 REPORT OF: City Treasurer PURPOSE OF REPORT: To report the Treasury Management activities

More information