On 24 January 2020, the UK Financial Conduct Authority published a press release announcing Christopher Woolard as its Interim Chief Executive.
Payment Systems Regulator publishes speech on authorised push payment fraud
On 23 January 2020, the UK Payment Systems Regulator published a speech by its managing director, Chris Helmsley, on a number of topics including authorised push payment fraud.
Mr Helmsley sets out his initial views (having been in his role 100 days) on topics including preventing APP fraud and the allocation of responsibility for meeting successful claims.
FCA publishes letter sent to firms about overdraft pricing
On 28 February 2020, the UK Financial Conduct Authority published a letter sent to firms asking for more information about its overdraft pricing in light of the forthcoming rules which will apply from 6 April 2020. The deadline for a response is 10 February 2020.
The FCA has also published a webpage. This says the FCA will be “keeping a close eye on the market” and “will act should we see continued harm”.
UK Finance publishes note on the requirements for Strong Customer Authentication
On 28 January 2020, UK Finance (the industry trade body for the banking industry) published a note on the requirements for ‘strong customer authentication’.
These rules apply in full to card payments in the United Kingdom from 14 March 2021, and from 31 December 2020 in the rest of the European Union.
Money Advice Trust publishes new Debt & Mental Health Evidence Form
In November 2019, the Money Advice Trust published a new version of the Debt & Mental Health Evidence From after a review with stakeholders. There is also a website providing information for lenders on this form.
CMA publishes final decision to vary Part 6 of the Retail Banking Market Investigation Order 2017
On 4 December 2019, the UK Competition and Markets Authority (the CMA) published:
– a notice of variation to the Order; and
– the Retail Banking Market Investigation Order 2017 Variation Order 2019 (the Variation Order) and an explanatory note to the Variation Order.
The broad effect of the Variation Order is to remove the requirement (set out in the Order) for alerts to be sent to overdraft customers. The reason the CMA has made the Order is because of the introduction of similar rules in Chapter 8 to the Banking: Conduct of Business Sourcebook (BCOBS) and, in particular, the provisions in BCOBS 8.4.
FCA fines firm for TCF breaches
On 20 November 2019, the UK Financial Conduct Authority (the FCA) published a final notice imposing a fine of £1,867,900 on Henderson Investment Funds Limited for failing to treat customers fairly under Principle 6 of the FCA’s Principles for Businesses.
The FCA decided the firm failed to treat its customers fairly because, between November 2011 and August 2016, the firm ”significantly” reduced the level of active management for retail investors (but not for institutional investors) which led to retail investors being treated “substantially different”.
FCA publishes new web page and guidance for firms approving financial promotions of unauthorised firms
On 26 November 2019, the UK Financial Conduct Authority published a new webpage and guidance for firms approving financial promotions of unauthorised firms. The guidance claims to be setting out “some practical implications of our existing requirements, rather than setting out new standards”. The FCA flags it has particular concerns over ‘mini bonds’.
This webpage follows the FCA decision to issue a ‘Dear CEO’ letter to firms in April 2019.
Complaints Commissioner publishes complaint decision on FCA’s failure to deal with an application for authorisation in time
On 7 November 2019, the Complaints Commissioner issued a decision following a complaint by an application that the UK Financial Conduct Authority (the FCA) failed to explain, or keep to, the statutory deadline for dealing with an application for authorisation. On 3 December 2019, the FCA issued a note saying it accepted the criticisms and recommendations.
FCA updates its webpage on its duty of care consultation
On 2 December 2019, the UK Financial Conduct Authority updated its webpage on its duty of care consultation and other possible approaches. The FCA now says it plans to publish a paper “in early 2020 seeking detailed views on specific options for change“.