Category: Publications

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Financial Ombudsman Service publishes latest edition of ‘Ombudsman News’

On 5 June 2020, the Financial Ombudsman Service (the Ombudsman Service) published its latest edition of ‘Ombudsman News’.

The Ombudsman Service sets out things it will consider when looking at:

– claims by customers under Section 75(1) of the Consumer Credit Act 1974;

– complaints by customers in financial difficulties;

– complaints about motor finance agreements (including expecting businesses to “listen and proactively look for signs of financial difficulties“, expecting firms to be “even more flexible in their forbearance measures” and expecting firms to “fully inform consumers of their options to exit the agreement where necessary/appropriate“); and

– complaints about mortgages.

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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.

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Butterworths Financial Regulation Service – updated commentary on CONC published

Issue 108 of Butterworths Financial Regulation Service has now been published. This includes updated material, and new chapters, in chapters 5, 6A to 6D, 10, 11, 13 and 16 (dealing with CONC 4, 5A, 5B, 5C, 5D, 9, 10, 12 and 15) written by Russell Kelsall.

In addition to reviewing the existing commentary on CONC 4 (including the FCA’s consultation paper, CP 19/28, on commissions), Issue 108 includes new commentary on:

– high-cost short-term credit (in CONC 5A);

– rent-to-own (in CONC 5B);

– overdrafts (in CONC 5C and 5D);

– prudential rules for debt management firms (in CONC 10);

– agreements secured on land (in CONC 15).

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Butterworths Financial Regulation Service – updated commentary on CONC published

Issue 107 of Butterworths Financial Regulation Service has now been published. This includes updated material in chapters 1 to 4, 14 and 15 (dealing with CONC 1, 2, 3, 13 and 14) written by Russell Kelsall.

In addition to reviewing the existing commentary, Issue 107 includes new commentary on:

– the FCA’s review of the retained provisions;

– CONC 2.11 (which was introduced on 1 October 2018 and deals with renumeration and performance management policies, procedures and practices);

– the Advertising Standards Authority’s recent increased interest in financial promotions for credit;

– the FCA’s views on the meaning of “enforcement” and the High Court’s decision in McGuffick v Royal Bank of Scotland plc [2009] EWHC 2386 (Comm).

We plan to review the remaining commentary, and publish new commentary, in Issue 108.

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Updated practice note on the interaction between the consumer credit regime and guarantees

We’ve recently updated a practice note, published by Practical Law and written by Russell Kelsall and Paula Twist, entitled: ‘The interaction between the consumer credit regime and guarantees’. We’ve updated it to consider, amongst other things, the recent extension of the FOS’ remit so that it can consider complaints from certain guarantors.

If you’re a subscriber to Practical Law, you can visit the practice note by clicking here or by visiting: https://uk.practicallaw.thomsonreuters.com/w-015-0686.

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Updated practice note on the meaning of “credit” in consumer credit law

We’ve recently updated a practice note, published by Practical Law and written by Russell Kelsall and Alanna Tregear, entitled: ‘What is the meaning of credit under the UK consumer credit regime?’. We’ve updated it to consider the High Court’s recent decision in CFL Finance Limited v Bass & Others [2019] EWHC 1839 (Ch).

If you’re a subscriber to Practical Law, you can visit the practice note by clicking here or by visiting: https://uk.practicallaw.thomsonreuters.com/w-005-5092.