Small Business, Enterprise and Employment Act 2015 gets Royal Assent: The Small Business, Enterprise and Employment Act 2015 has received Royal Assent. It includes several provisions relevant to financial services, including:
- paying in cheques electronically;
- the powers of the payment systems regulator; and
- the registers of significant control (PSC registers).
Consumer Rights Act 2015 gets Royal Assent: The Consumer Rights Act 2015, which includes a repeal and redraft of the requirements on unfair terms in consumer contracts, has received Royal Assent. See our separate article.(Source: Consumer Rights Act 2015 Gets Royal Assent)
Macro-Prudential Measures Amendments Orders made: Two Orders come into force mainly on 6 April and allow FPC to give directions. (Source: BoE Act 1998 (Macro-Prudential Measures) Order 2015 and BoE Act 1998 (Macro-Prudential Measures) (No 2) Order 2015)
Treasury Makes MCD Order 2015: The Mortgage Credit Directive (MCD) Order 2015 was made on 25 March and takes effect on various dates from 6 April. It:
- amends existing legislation in line with the MCD, including significant amendments to the RAO;
- introduces a regulatory regime for consumer buy-to-let (CBTL) mortgages, predicated on a registration regime; and
- sets transitional provisions for persons and agreements already in effect before key dates, and outlines the appointed representatives regime applicable to MCD activities.
(Source: Treasury Makes MCD Order 2015)