Included in this edition of InCredit: Information about current account services; FMLC examines the effects of hard Brexit on legacy financial contracts, and more...
Information about current account services
The FCA Banking (Information about Current Account Services) (Amendment) Instrument 2018 (FCA 2018/39) comes into force on 15 August 2018. This instrument fine tunes the rules that the FCA made in December 2017, as set out in PS17/26, requiring firms to make information about current account services available to consumers.
FCA, 15 August 2018
APPG on Fair Business Banking says current regulatory framework is inadequate and calls for public enquiry
The All-Party Parliamentary Group (APPG) on Fair Business Banking has published a letter to the FCA, calling for a public enquiry to produce a full set of industry standards for treatment of businesses in turnaround units in financial institutions. The letter notes concerns about the "inadequacy" of the current regulatory framework for financial services.
APPG, 14 August 2018
FCA interim report on CCA retained provisions
Click here to our AG FS Update on the FCA's interim report on its review of the retained provisions of the Consumer Credit Act 1974.
FMLC examines the effects of hard Brexit on legacy financial contracts
The Financial Markets Law Committee (FMLC) has published a report on UK withdrawal from the EU, Issues of legal uncertainty arising in the context of the robustness of financial contracts, which considers the possible consequences of a hard Brexit on legacy financial contracts—ie contracts in existence on exit day. The report takes an in-depth look at the question of the continuity of legacy financial contracts and highlights the legal uncertainty which will arise if there is no clarity as to the future of the UK-EU relationship post-Brexit. It also suggests a number of ways this uncertainty could be reduced or avoided.
FMLC, 7 August 2018