The FCA has published a Quarterly Consultation Paper. Among other things, the paper contains a range of proposals to amend CONC and to change reporting requirements in relation to financial crime set out in SUP.
In relation to CONC the FCA proposes:
- To amend CONC 2.7 and 11.1 to account for the Consumer Protection (Distance Selling) Regulations 2000 being replaced by the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 from June 2014
- To disapply the requirement to provide a representative example where triggered in the case of promotions where the product is free of interest or charges and the APR is therefore 0%
- To disapply the requirement to provide a representative APR where there is a non-cost of credit trigger (for example, an incentive or comparator) but where the promotion relates to a product that is 0% APR as there are no charges and interest
- To disapply the requirement for Community Finance Organisations to provide a representative APR in isolation on the grounds that such organisations serve a social function
- To extend some requirements relating to credit brokers to P2P platforms (for example, fee disclosure) acting in that capacity
- To remove the requirement that credit or store card providers give at least 30 days’ notice of an interest rate increase on the grounds that such a requirement is incompatible with the Consumer Credit Directive
- To amend CONC to make clear that effecting introductions to sources of credit includes effecting introductions to other credit brokers for that purpose
- To add the Association of International Accountants to the list of professional bodies whose members are permitted to give a statement of a consumer’s income and assets for the purposes of this exemption
- To amend CONC 14.1.2R to make clear that a self-employed agent is likely to be regarded as conducting business on their own account if they are acting for more than one principal, whether the principal is authorised or not
The FCA is also proposing to introduce a financial crime reporting form. The proposed form asks firms to provide information about the location of its customers, its financial crime procedures and also asks for various statistics in relation to financial crime.
In the main, the consultation is open until 4 February 2016, though proposals relating to Training and Competence and the Listing Rules close on 4 January 2016.