The FCA’s Coronavirus-Linked Forbearance Review - Key Findings

The FCA released its final findings report on 25 March 2021 following its review of mortgage and consumer credit firms implementation of the FCA’s Tailored Support Guidance, which was released in November 2020 and the operational readiness of firms to support customers in financial difficulty.

March 2021 | Credit Information | FCA UK Brexit Guidance | Consumer Credit Act 1974

In this issue we focus on:

• One of the highlights in the Woolard Review in relation to the importance of credit information and how it is vital to the functioning of the credit market

• The three new webpages that the FCA has published within its guidance on the UK’s ‘Temporary Permissions Regime’

• The pitfalls of Consumer Credit Act 1974 under Settlement Arrangements

In this role, George will support Auxillias’ client base from an administration perspective and provide all the vital business services – such as client onboarding, billing, accounting and day to day office support – to the firm.

February 2021 | FCA Portfolio Letter / Pay As You Grow / Covid-19 Impact / Duty Of Care / SM&CR Reminder

The FCA has issued a further Portfolio Letter relevant to debt purchaser companies although it is a usual read to all background to the FCA’s portfolio supervisory strategy

Pay As You Grow - New guidance was issued by the Financial Conduct Authority on 26 January 2021 following a short consultation, and came into force the next day

FCA finds the Covid-19 pandemic leaves over a quarter of UK adults with low financial resilience

Upcoming FCA Consultation: A duty of care and potential alternative approaches

And as a Reminder… Certification for solo-regulated firms: What do you need to do before 31 March 2021?

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.