January 2021 | Covid FCA expectations | SMCR & Covid | Consumer Credit Reforms | FCA updates

The FCA understands that firms are facing operational challenges. There is a call for the industry to continue to work together and deliver solutions

The UK Financial Conduct Authority recently published Policy Statement 20/12, which sets out the final rules on the extension of the Senior Managers and Certification Regime implementation deadlines for the certification regime and conduct rules

Since the FCA’s review of the retained provisions of the Consumer Credit Act 1974 (CCA) in 2019 there has been no substantive change and so the pressure for reform from the consumer finance industry and it’s trade associations has increased

FCA update to guidance on mortgage and consumer credit repossessions, including motor finance

And as a reminder… We reported in our last newsletters that lenders must implement changes to their pre-contract credit information and default notices

Business partners Jo Davis and Daksha Mistry have launched Auxillias Limited – a law firm with a difference – to provide both legal and compliance services to their clients in the consumer, motor and asset finance sector as well as in the leasing/fleet sectors.

December 2020 | Brexit: Consumer Credit – Say Goodbye to the SECCI

Lenders will need to be ready to carry out the changes to their Standard European Consumer Credit Information sheet (‘SECCI’) – otherwise known as the Pre-Contract Credit Information sheet (‘PCCI’), due to the successful lobbying of various organisations in the industry, this has now been extended to 30 May 2021.

December 2020 | Breathing Space & Mental Health Moratorium

The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (‘the Regulations’) were published on 15 July 2020. If approved these Regulations will come into force on 4 May 2021. In this issue we look at some of the key developments.

November 2020 | Changes to Default Notices

Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 – SI 2020/1248 (‘the Amending Regulations’)

The Amending Regulations were published on 11 November 2020 and are due to come into force on 2 December 2020 following the Government consulting with Lenders and Debt Advice Bodies, Debt Advice and Mental Health Charities and Organisations, and also the Financial Conduct Authority (FCA).

Jo talks about new online platform regulations.

Jo talks about the FCA proposing changes to the certification regime.

Understanding the 12 week rule.