Many aspects of life have returned to normal and special Covid-19 special measures are no longer taken in a number of areas of everyday life. However, a recent Financial Conduct Authority speech highlighted the need for consumer credit firms to continue to offer appropriate support to borrowers in financial difficulty.
The Financial Conduct Authority (FCA) has published analysis of data submitted by firms as a result of REP-CRIM RegData reports through RegData submissions. The report covers over 2,300 firms for the period between 2017 – 2020 and gives some key insights into areas firms with different permissions should be focusing their efforts.
The Financial Conduct Authority (FCA) has issued a ‘Dear CEO’ letter to insurance firms on the 18th October 2021, reminding them of their obligations in relation to the enhanced product governance rules and the senior manager attestation requirement that came into force on the 1st October 2021.
In another example of how the Financial Conduct Authority can take action for issues not directly related to an individual’s financial services employment, a financial adviser has been banned for falsifying tax returns relating to his activities for non-regulated firms.
The Financial Conduct Authority has launched a major new initiative aimed at reducing the harm suffered by consumers who decide to invest. It says its strategy is “aimed at giving consumers the confidence to invest, supported by a high-quality, affordable advice market, which should lead to fewer people being scammed or persuaded to invest in products too risky for their needs.”
It may seem counter-intuitive for a firm that is in a good trading position, and which intends to continue trading for the foreseeable future to make plans for a wind-down of their business. However, in the loan crowdfunding sector, that is exactly what the Financial Conduct Authority says all firms must do, as to fail to address this would lead to serious issues about the extent to which the firm’s customers are protected from harm.
The Financial Conduct Authority has written a portfolio strategy letter to the CEOs of all investment crowdfunding firms, setting out what the regulator believes to be the principal risks affecting this sector. The letter’s author is Debbie Gupta, the FCA’s Director of Consumer Investments Supervision.
Andrew Kay – the Head of Department, Retail Lending 1, Supervision, Retail and Authorisations Division at the Financial Conduct Authority – has written a Portfolio Letter to the boards of directors of mortgage third party administration firms.
The Financial Conduct Authority has announced its intention to ban and fine an adviser over alleged failings when giving pension transfer advice.
The Financial Conduct Authority has cancelled the permission of a West Midlands-based credit broker after the firm did not demonstrate that it had a suitable senior manager in place.