Butterworths Financial Regulation Service – updated commentary on CONC published

Issue 109 of Butterworths Financial Regulation Service has now been published. This includes updated material in chapters 1 to 5 (dealing with CONC 1 to CONC 4) written by Russell Kelsall.

Issue 109 includes new commentary on:

– the FLA’s proposals for reform of consumer credit;

– the Money Advice Trust’s new Debt & Mental Health Evidence Form;

– recent and forthcoming changes to CONC 3 (including on ‘buy now, pay later’ promotions); and

– some extra commentary on CONC 4.

Goods Mortgages Bill has first reading in the House of Lords

On 5 February 2020, a private members bill, the Goods Mortgages Bill [HL] 2019-2020, had its first reading in the House of Lords. If it becomes law, this bill proposes to abolish the existing laws on bills of sale and create a new system for non-possessory rights.

This is not, of course, the first time such legislation has been suggested. The Law Commission recommended new legislation but Treasury later decided, in May 2018, not to move forward with legislation. A previous private members bill did not progress because Parliament was dissolved in December 2019.

No date has yet to be sent for a second reading.

FCA issues final notice to claims management company seeking authorisation

On 29 January 2020, the UK Financial Conduct Authority published a final notice given to FS Claims Limited (a firm applying for authorisation for claims management activity).

The FCA decided the application was incomplete and, given the failings to provide further information it had asked for, the FCA did not consider the applicant could meet the threshold conditions in the Financial Services and Markets Act 2000.

This is a clear indicator from the FCA that the application process for claims management companies will not be easy.