Tag: Report

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Pay.UK publishes report on impact of COVID-19 on current account switching behaviours

On 6 January 2021, Pay.UK published a report on how COVID-19 has affected current account switching attitudes and behaviours for in the United Kingdom.

The report says:

– current account switching in 2020 was 30% lower than previous years;

– consumer attitudes towards current account switching and the Current Account Switch Service “remain positive and largely unchanged“;

– the availability of switching rewards and differentiation in prices fell whilst consumer vulnerability increased “significantly“;

– attitudinal factors have “seen less change“;

– gig economy works have been disproportionately impacted by COVID-19;

– young people (ie aged 18 to 34) have also been disproportionately impacted relative to older age groups;

– priorities have changed for small and medium enterprises (for example, they place less importance on branch access); and

– identifying and targeting support, interventions and remedies at the most affected groups is “a sensible strategy“.

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FCA publishes final report on the payment protection insurance complaints deadline

On 24 April 2020, the UK Financial Conduct Authority published its final report on the payment protection insurance (PPI) complaints deadline.

The report:

– says the FCA’s PPI campaign has been a success;

– states firms have paid over £38bn of redress to customers; and

– brings an end to the FCA’s project work on PPI (but it will continue to monitor how firms are dealing with complaints submitted before the 29 August 2019 deadline).

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Law Commission publishes its report on the electronic execution of documents

On 4 September 2019, the Law Commission published a webpage summarising its findings following its report into the electronic execution of documents. The webpage includes a very useful summary of the law. This broadly says that electronic signatures are generally (except for some exceptions) lawful and do not need to be signed in a particular way. But there are more complications for deeds which must be signed in the presence of the witness.

The Law Commission has recommended setting up a working party to consider some practical solutions (for example, video witnessing of deeds) and a further review of the law on deeds.

You can download:

– the summary paper by clicking here; or

– the full report by clicking here.