FCA updates its webpage following meeting of implementation group on switching options for mortgage prisoners

On 27 January 2022, the UK Financial Conduct Authority updated its webpage following a meeting of the implementation group on changes to deliver switching options for mortgage prisoners.

The FCA’s website says the group met on 7 December 2021 for its final meeting.

– The group discussed the analysis undertaken for the Mortgage Prisoner Review Report which the Government laid before Parliament on 29 November 2021.

– The group noted that “regulatory data had been used to give a factual assessment of the reported characteristics of the wider population of borrowers and mortgages in closed books with inactive firms compared to reported characteristics of borrowers and mortgages with active lenders“.

– The FCA talked through its analytical approach to give an up-to-date estimate of the number of mortgage prisoners in closed books with inactive firms and their loan and borrower characteristics.

– The group agreed that the regulatory barriers had “been removed“.

– It was agreed that the group had completed its intended work and could be dis-banded.

The next step is for the Government to consider the review and decide if any further steps are needed.

FCA publishes financial promotion case studies

On 9 July 2021, the UK Financial Conduct Authority published financial promotion case studies (which were updated in October 2021). The FCA said it recognised “the need to provide information for firms to understand the financial promotions rules that apply to particular products and services“.

It has therefore published two short video case studies:

– the first is a case study for a hire purchase agreement which includes common mistakes the FCA often sees firms making; and

– the second is a case study for claims management companies offering their services for financial service products which includes common mistakes the FCA often sees firms making.