REGULATORY 

FCA: Future of the mortgage market

A speech by Christopher Woolard, Director of Strategy & Competition, delivered at the FCA mortgage conference in London on the future of the UK mortgage market. 
FCA, 7 September 2015

FCA quarterly consultation (No 10)

The Financial Conduct Authority has published its tenth quarterly consultation paper (CP15/28) seeking views on a variety of areas including:

  • offshore bonds (changes to DISP and COBS);
  • Mortgage Credit Directive: minor changes to FCA rules and guidance;
  • changes to the Training and Competence sourcebook;
  • consumer redress schemes;
  • changes to SUP reporting requirements relating to consumer credit, retail mediation activity, mortgage and second charge lending and recovery and resolution;
  • complaints recording, reporting and publication rules;
  • changes to the requirements on cancellation of listing, audit committees and other changes to LR, DTR, PR, GENPRU, SUP and the Glossary; and
  • technical amendments to GEN.

FCA, 4 September 2015

UK 

BoE funding for Lending Scheme Q2 usage and lending data

The Bank of England has published data on the use of the Funding for Lending Scheme (FLS) for the second quarter of 2015. This includes for each group participating in the FLS Extension, the net quarterly flow of lending to UK small and medium-sized enterprises (SMEs) and non-bank credit providers (NBCPs), and the amount borrowed from the Bank. The British Bankers Association has also commented on the statistics

Bank of England, 3 September 2015

Bank support for SMEs – Q2 2015

The British Bankers Association has released 2nd quarter statistics for bank support for SMEs, finding medium businesses in particular are seeing an improving trend in new loans. 
British Bankers Association, 3 September 2015

Banks and building societies look to introduce psychometric tests for credit

According to Money Mail, banks and building societies are looking to introduce psychometric tests to better calculate the chances of borrowers missing a repayment. 
This is Money, 2 September 2015

CASES

Lawyers also protected by the Unfair Terms Directive

In a preliminary ruling, the Court of Justice of the EU held that article 2(b) of the Unfair Terms Directive should be interpreted as meaning that a natural person who practised as a lawyer and entered into a credit agreement with a bank, where the purpose of the credit was not specified, could be regarded as a "consumer'" providing that the agreement was not linked to that lawyer's profession. 
C-110/14 - Costea v SC Volksbank Romania SA, Court of Justice of the EU, 3 September 2015