Since our last publication, the FCA has updated its webpages for PSD2 payment and electronic money institutions. In other news, the FOS has published complaints data for Q1 and Q2 2017 and the ICO has published a blog on data breach reporting under the GDPR
FCA updates webpages for PSD2 payment and electronic money institution applications
The FCA has updated two of its webpages; one on applying to be a payment institution, alongside information on authorising and registering payment institutions, and one on applying to be an electronic money institution, with a webpage on authorising and registering such an institution. The changes from PSD2, implemented in the UK by the Payment Services Regulations 2017 (SI 2017/752) will take effect from 13 January 2018. Applications under PSD2 relating to payment institutions and EMIs can be submitted from 13 October 2017.
FCA, 8 September 2017
Paymentshield breaches Payment Protection Insurance Market Investigation Order 2011
The Competition and Markets Authority has (CMA) published a letter to Paymentshield Limited about its non-compliance with the Payment Protection Market Investigation Order 2011. The Order imposes remedies following the PPI market investigation, including a requirement to provide customers with an annual review.
FOS publishes complaints data for Q1 and Q2 2017 on individual financial businesses
The Financial Ombudsman Service (FOS) has released data on the complaints it received over the six months from 1 Jan to 30 Jun 2017 about individual financial businesses. The data is set out in two tables, covering the number of new cases received by the ombudsman service in that six-month period from consumers dissatisfied with the financial business’s response to their complaint, and the percentage of resolved cases where the FOS made a change in favour of the consumer.
ICO blogs on GDPR personal data breach reporting
The Information Commissioner's Office (ICO) has published a blog on the requirements under the General Data Protection Regulation (GDPR) to report serious breaches of personal data. The ICO clarify that under the GDPR, it will be mandatory to report a personal data breach if it is likely to result in a risk to people's rights and freedoms.
FCA's Proposed Changes – Retirement and Interest only mortgages
In its recent quarterly consultation the FCA has set out proposals to amend its Handbook to facilitate retirement interest only mortgages for older consumers. The FCA propose to create a new defined term "retirement interest only mortgage" and exclude these from the definition of a lifetime mortgage. Responses to the consultation should be submitted before the end of October 2017.
FRteamAG Financial Services update 12 September 2017
Partner, Financial Regulation and Co-head of Financial Services Sector