REGULATORY  

FCA Call for Input: Supporting the development and adoption of RegTech  

The FCA has published a call for input on supporting the development and adoption of RegTech as part of its commitment to promoting effective competition in the interest of customers and supporting innovation. This initiative closely linked to Project Innovate seeks to help financial services firms better manage the regulatory burden and reduce the cost of compliance. The FCA will work with the PRA to provide regulatory expertise, support the FinTech and RegTech environment, publish standards and guidance to clarify its expectations and will seek to address barriers to entry, innovation and adoption. Feedback is required in the near future in order to inform workshops planned for Q1 2016.

FCA, 23 November 2015  

Compromise proposal on prudential requirements for credit institutions and investment firms

The Presidency of the Council of the EU has published a compromise proposal on the proposed Regulation amending the Capital Requirements Regulation relates to consequential amendments required by the proposed Securitisation Regulation which concerns consequential amendments arising out of the proposed Securitisation Regulation.

Council of the EU, 18 November 2015  

UK

CML and Which? issue new mortgage tariff to help consumers compare fees and charges

The Council of Mortgage Lenders and Which? have launched a new "tariff of mortgage charges" that will introduce a standard format for how lenders communicate their fees, in order for customers to understand charges and compare deals. Council of Mortgage Lenders, 22 November 2015

Financial Services Trade Associations Review publishes final recommendations

The Financial Services Trade Associations Review Association has published their recommendations for creating a new trade association for the industry by bringing together five existing associations and also forging new relationships with two other organisations involved in payments and financial fraud.  The Financial Services Trade Associations Review Association, 20 November 2015

CML: Gross mortgage lending continues to grow

The Council of Mortgage Lenders has estimated that gross mortgage lending reached £21.8 billion in October, which is 8% higher than September and 19% year-on-year growth.

The Council of Mortgage Lenders, 19 November 2015

FLA and the MTA – ‘Investing for growth – boosting the real economy’

The Finance & Leasing Association and the Manufacturing Technologies Association have published a joint report calling on the Government to help improve the future financing of high-value manufacturing by increasing the use of asset finance through the Regional Growth Fund.

Finance & Leasing Association, 17 November 2015  

CASES  

Appropriate relief in cases of unfair relationships and PPI mis-selling  

The Cardiff County Court considered the appropriate relief to grant in relation to the mis-selling of payment protection insurance (PPI), where there was an unfair relationship under the Consumer Credit Act 1974. In March this year, the County Court in Plevin v Paragon Personal Finance Limited, granted relief in the amount of the PPI premium that represented the commission, plus interest. The Financial Conduct Authority has, in turn, proposed that redress should be the difference between the commission actually paid and 50% of the premium ("the tipping point"), plus interest. On the facts, the Court found that the claimants would probably have taken PPI from somewhere even if it had been properly disclosed and referred to the cost of cheaper pay-as-you-go insurance. The amount of relief was a matter of discretion and, in the circumstances, the Court awarded a refund of £1,500 holding that "the purpose of the powers [of the court] must be to relieve from unfairness, not to compensate the debtor or punish the creditor." It was "right to mitigate the effects of the unfairness to the claimants, though not by giving the full extent of the remedy sought … ".

Brookman & Anr v Welcome Financial Services, Cardiff County Court, 6 November 2015 [no link]