In this issue: Views sought on proposals to regulate new data protection laws, HM Treasury on financial services and Brexit risk management, Financial Guidance and Claims Act 2018 receives royal assent and more...

UK

AG webinar slides on FCA standardised terms and definitions for payment accounts

Please email FRteamAG@addleshawgoddard.com, to request slides for our webinar held on 9 May 2018. 

The Financial Conduct Authority (FCA) has published the final list of the most representative services linked to a payment account and subject to a fee within the meaning of Regulation 3 of the Payment Accounts Regulations. The move is part of the EU Payment Accounts Directive’s goal to improve the transparency and comparability of fee information in relation to payment accounts for consumers. Firms will be required to use the terminology in this list from 31 October 2018.

FCA, 30 April 2018

Financial Guidance and Claims Act 2018 receives royal assent

The Financial Guidance and Claims Act 2018 received royal assent on 10 May 2018. It includes provisions for:

• a single financial guidance body and debt advice funding in devolved administrations
• the transfer of claims management regulation from the Claims Management Regulation Unit in the Ministry of Justice to the FCA
• a debt respite scheme (aka "Breathing Space" scheme) by secondary legislation
• a ban on cold-calling by secondary regulations

Gov.uk, 10th May 2018

FCA updates s86A CCA Information Sheets, effective 27 July 2018

The FCA has published, to be used effective 27 July 2018, revised Information Sheets under s86A of the Consumer Credit Act for notifying customers they are in default or arrears. The updated versions have a wider range of debt advice providers, ostensibly for better geographic coverage, but otherwise appear to be unamended. Equivalent information sheets have also been updated for: high-cost, short-term lenders; high-cost, short-term peer-to-peer lenders, and arrears information for peer-to-peer lenders.

FCA, 11 May 2018

FCA retires FG12/15 and FG14/1

Following consultation, the Financial Conduct Authority (FCA) has retired finalised guidance (FG) 12/15, ‘Retail Distribution Review: independent and restricted advice’, and FG14/1, ‘Supervising retail investment advice: inducements and conflicts of interest’. In policy statement (PS) 18/10, the FCA says the guidance has been largely superseded by recent changes to its rules, including those implementing the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II).

FCA, 11 May 2018

HM Treasury on financial services and Brexit risk management

HM Treasury has published a 27 April 2018 letter to the Treasury Select Committee concerning the financial services risk management technical working group in relation to Brexit. The group will be convened by the European Central Bank and the Bank of England.

HM Treasury, 9 May 2018

Views sought on proposals to regulate new data protection laws

The Information Commissioner’s Office (ICO) is seeking views from stakeholders and the public on its proposals to regulate new data protection laws. The consultation will focus on updates to the ICO’s draft Regulatory Action Policy. The consultation ends on 28 June 2018.

ICO, 8 May 2018