REGULATORY  

CMA provisional findings and possible remedies in retail banking market investigation

The Competition and Markets Authority (CMA) has published its provisional findings following its investigation into the £16 billion personal current account and small and medium sized enterprise business banking sectors . An initial list of remedies has also been published which focus on improving the information available to customers, for example, by making it easier to compare products. Despite finding failings in competition, remedies such as ending free if-in-credit accounts and structural reforms to the sector have been rejected. There will now be a period of consultation before a final report is published in May 2016. Competition and Markets Authority, 22 October 2015 

FCA consultation on smarter consumer communications and removing ineffective disclosure requirements in FCA Handbook

The Financial Conduct Authority has published a consultation paper (CP15/32) on removing ineffective disclosure requirements in the FCA Handbook. Responses are required by 18 December 2015. The City of London Law Society have expressed concerns over the smarter consumer communications initiative generally and consider that it should focus on communications rather than legally binding T&Cs to avoid the risk that fundamental contract law requirements may not be adequately met. Financial Conduct Authority, October 2015 

Bank of England publishes approach to stress testing the UK banking system

The Bank of England (BoE) has published a document detailing the core elements of the BoE's stress testing framework it intends to use to 2018, the process it will use for implementing the frameworks and the expected timings for its future stress testing.  BoE, 21 October 2015

UK

Fewer mortgages approved in September

Banks approved fewer mortgages in September despite increasing for most of 2015 according to the British Bankers Association. Nonetheless, this was 14% higher than in September 2014.

British Bankers Association, 26 October 2015

CML: Gross mortgage lending shows monthly and quarterly rise

The Council of Mortgage Lenders has estimated that gross mortgage lending reached £20 billion in September which is 2% higher than recorded in August.

The Council of Mortgage Lenders, 22 October 2015  

Economic Secretary: We want to see peer-to-peer lending continue to grow and evolve

The Economic Secretary, Harriet Baldwin MP has give a speech at the Peer-to-Peer Finance Association (P2PFA) Summit at LendIt Europe on the government’s approach to innovative finance and peer-to-peer lending. HM Treasury, 21 October 2015

FOS ombudsman news issue 129

The Financial Ombudsman Service has published issue 129 of ombudsman news which includes a review of complaints involving credit and hire purchase, for example, how FOS handles cases concerning section 75 of the Consumer Credit Act, as well as, second quarter statistics.

Financial Ombudsman Service, 20 October 2015

FLA conference examines FCA’s consumer credit regime

The Finance & Leasing Association has published the results from a poll it carried out with members on their experience of dealing with the FCA and its new regulatory requirements. Finance & Leasing Association, 19 October 2015  

EU

Translations of guidelines on passport notifications for mortgage credit intermediaries published by EBA

The European Banking Authority (EBA) has published translations of its guidelines on passport notifications for mortgage credit intermediaries under the Mortgage Credit Directive. The EBA's guidelines include template notification forms to regulators for exercising the freedom to provide services and freedom of establishment.

EBA, 20 October 2015