Since our last publication, the FCA has published a new webpage on its supervisory approach to payment protection insurance. In other news, the Ministry of Justice has published guidance for authorised claims management companies to help them understand the rules and expectations in handling cases relating to Plevin v Paragon Personal Finance Ltd  UKSC 61.
FCA update on supervisory activity regarding firms dealing with PPI complaints
The FCA has published a new webpage on its supervisory approach to payment protection insurance (PPI). The FCA advises that it will soon launch a campaign to inform people about the 29 August 2019 deadline for PPI complaints. The campaign is being funded by 18 banks and other providers that, together, receive more that 90% of PPI complaints. The FCA asked these firms to make a range of improvements to the way people can complain to them about PPI, ahead of the campaign launch. The improvements should make it quicker and easier for people to check if they have had PPI, and to complain about it. This has involved the firms redeveloping parts of their websites and online tools. The FCA notes that these improvements will also support people using assistive technology or with accessibility issues.
FCA, 16 August 2017
MoJ guidance on Plevin and claims management companies
The Ministry of Justice (MoJ) has published guidance for authorised claims management companies (CMCs) to help them understand the rules and expectations in handling cases relating to Plevin v Paragon Personal Finance Ltd  UKSC 61. In the Plevin decision, the Supreme Court ruled that a failure to disclose to a client a large commission payment on a single premium payment protection insurance (PPI) policy made the relationship between a lender and the borrower unfair under section 140A of the Consumer Credit Act 1974. In response, the FCA has now published final rules and guidance on PPI complaints, which will come into force during August 2017.
The MoJ guidance covers:
- clarity and transparency in marketing and communications with clients;
- obtaining instructions and using information already held;
- eligible Plevin cases; and
- referring complains to the FOS.
MoJ, 18 August 2017
CMA publishes final versions of regulated payment systems appeals rules and guide
CMA published the final version of its rules of procedure governing appeals made to it under section 79 of the Financial Services (Banking Reform) Act 2013 in respect of certain decisions made by the PSR under the Act. It has also published a guide to assist participants involved in such appeals. In the guide to the rules, the CMA has in particular expanded its explanation of the costs rules. The rules took effect on 18 August 2017.
CMA, 18 August 2017
PSR consultation on regulatory fees for 2018/19
The Payment Systems Regulator (PSR) has published a consultation paper (CP17/30) on its regulatory fees for 2018/19. In CP17/30, the PSR is considering whether and how to review its approach to allocating and collecting regulatory fees for the PSR. CP17/30 closes on 28 September 2017. The PSR will consult on any potential rule changes in its second consultation in November 2017 and intends to publish its decision in March 2018. At the same time, the PSR will consult on the final fee rates for 2018/19, with the final rules published in July 2018.
PSR, 17 August 2017
Implementing Regulation on standardised presentation format for IPID under IDD published in OJ
The Official Journal of the EU has published the Commission Implementing Regulation (EU) 2017/1469, which lays down a standardised presentation format for the insurance product information document (IPID or PID) under Insurance Distribution Directive ((EU) 2016/97) (IDD). This will enter into force on the 1 September 2017.
Official Journal of the EU, 12 August 2017