Since our last publication, the FCA has published a webpage on debt permissions for consumer credit firms. In other news, the European Commission has published its action plan for consumer financial services, building on the Commission's December 2015 green paper on retail financial services.
FCA webpage on limitations on debt permissions
The FCA has published a webpage on debt permissions for consumer credit firms, which states that a full permission firm with the permission of debt adjusting or debt counselling with a "no debt management limitation" must review its limitations to ensure they are appropriate.
Changing Payments Landscape - A focus on payments data
Payments UK have published their latest report which takes a look at key developments in data usage and storage, and the implications for payment services. Without a doubt, data is one of the hottest topics in banking and financial services. The debate on the potential for this commodity, the consequences of its use, and the ethics of how we deal with it as an industry and as a society is just getting going. This report shines a light on these issues from a payments perspective.
FSCS single customer view guide updated
The Financial Services Compensation Scheme has published an updated guide to the single customer view (SCV).
Tackling financial exclusion: A country that works for everyone?
The House of Lords Select Committee on Financial Exclusion has published a report on financial exclusion that calls on the government, the FCA and the banking industry to do more to tackle financial exclusion, together with a volume of written and oral evidence and an easy read report.
House of Lords, 27 March 2017
PSR publishes financial penalty scheme policy statement
The Payment Systems Regulator has published a policy statement on its financial penalty scheme.
Payment Systems Regulator, 24 March 2017
European Commission press release and action plan for consumer financial services
The European Commission, in its press release, presents an action plan that sets out ways to provide European consumers with greater choice and better access to financial services, building on the Commission's December 2015 green paper on retail financial services. The action plan sets out steps that can be taken to develop a genuine technology-enabled single market for retail financial services, where consumers can get the best deals while being well protected.
European Commission, March 2017
Member States mostly compliant with ESRB recommendation on funding of credit institutions
The European Systemic Risk Board (ESRB) has issued a summary compliance report on the ESRB recommendation on funding of credit institutions published in December 2012 (the 2012 recommendation). The report grades compliance by the 28 Member States: 22 (including the UK) were graded fully compliant, the remainder were graded largely compliant.
European Commission, social media and EU consumer rules
The European Commission, in its press release, has called for social media companies to comply with EU consumer rules. The Commission outline EU consumer authorities and organisations have received a growing number of complaints from consumers, who have been targeted by fraud or scams when using social media websites, as well as having been subject to certain terms of service that do not respect EU consumer law. Companies have agreed to propose changes focusing on unfair terms and conditions and addressing fraud and scams that mislead consumers when using the social networks.
European Commission, 17 March 2017
European Central Bank speech on FinTechs and the future of banking
Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at an ECB Fintech Workshop in Frankfurt made a speech on the evolution of FinTech and what this may mean for the future of banking. The speech outlines the possible scenarios the banking industry may take, and highlights the threats.
European Commission publishes consultation paper on policy approach to FinTech
The European Commission has published a consultation paper: FinTech: a more competitive and innovative European financial sector. The paper seeks views from stakeholders to develop the Commission's policy towards technological innovation in financial services and asks what impact new technologies will have on financial services in Europe. Consultation closes: 15 June 2017.
Partner, Financial Regulation and Co-head of Financial Services Sector