The FCA has published its regulation round-up for December 2015. Points of interest include:
- New measures concerning cash savings accounts mean that from December 2016, firms will have to: 1) provide clearer information on interest rates; 2) send reminders to consumers about changes in interest rates or the end of an introductory rate; and 3) provide the customer with a summary box setting out the key information to help consumers compare savings accounts.
- In January, to prepare for the Mortgage Credit Directive (MCD), home finance firms need to complete a form on Connect. The form asks all firms if they will undertake second charge mortgage business. Also under the MCD, a firm can now apply to add a passport on Connect. The passport will not be effective until 21 March 2016. It will not appear on the Financial Services register and it will not be possible to change or cancel a passport until this date.