The FCA has published its regulation round-up for January 2016.
The round-up features the new Online Dispute Resolution (ODR) platform as a hot topic. The FCA reminds firms that from 15 February 2016, the European Commission will make an ODR platform available on its website, which will allow consumers who have a complaint about a product or service purchased online to submit the complaint using the platform. Complaints submitted to the platform will be dealt with by approved ADR providers, such as the Financial Ombudsman Service. From 15 February 2016, all businesses that sell or provide goods or services online to consumers must provide a link on their website to the Commission’s ODR platform.
Also of interest is the information provided on the EU Benchmarks regulation, which will introduce a common framework and consistent approach to providing benchmarks. The Regulation will regulate the running, contribution to and use of benchmarks in financial instruments traded on trading venues, mortgage contracts and consumer credit contracts, or used to measure the performance of investment funds.