Since our last publication, the FCA has published a video and transcript of its Business Plan 2018/19 press conference and has updated its consultation on its proposals for regulated fees and levies 2018/19
Transcript of FCA business plan 2018/19 conference
The FCA has published a video and a transcript of its business plan 2018/19 press conference, which was held on 9 April. Points of interest include the high level of uncertainty on the substance of the FCA's Brexit work, and its timing, and the impact it has upon the business plan 2018/19; the importance of the FCA remaining outward-looking and the significance of the creation of an International Division to do so, and finally the need to reprioritise as the Brexit process develops and the importance of being transparent in doing so.
FCA 16 April 2018
FCA updates consultation on rates proposals for regulated fees and levies 2018/19
The Financial Conduct Authority (FCA) has updated consultation paper (CP) 18/10, FCA regulated fees and levies: Rates proposals 2018/19, to provide some additional information to be consistent with CP7/18 published by the Prudential Regulation Authority. Responses are sought by 1 June 2018.
FCA 16 April 2018
BEIS publishes consultation on modernising consumer markets
The Department for Business, Energy and Industrial Strategy (BEIS) has issued a Green Paper consultation on Modernising Consumer Markets. Whist the Green Paper considers all regulated consumer markets, it discusses the financial services market. BEIS proposes reviewing competition and consumer regulation by focusing on the core principles of competition, free trade and high regulatory standards; improving consumer experiences in modern regulated markets; exploring the challenges of new digital markets; and ensuring consumers can get redress when the regulations are not followed. The BEIS Green Paper focuses in particular on competition efficiencies and vulnerable consumers in regulated markets, ensuring competition authorities have the tools to tackle restrictive and abusive practice in new digital sectors, and securing the benefits of open, portable data. The Government’s press release is available here. BEIS invites responses to the consultation by 4 July 2018.
BEIS, 11 April 2018.
European Commission strengthens rights for consumers The European Commission has published its New Deal for Consumers package. This comprises two draft Directives: the first on better enforcement and modernisation of EU consumer protection rules and the second on representative actions for the protection of the collective interests of consumers. The Commission considers how to improve enforcement and modernisation of EU consumer protection rules and revising representative actions to enable not-for-profit organisations to bring claims on behalf of consumers in cases of mass harm. It would like these proposals to be agreed by the Council of Ministers and MEPs before the European Elections in May 2019.
EC, 12th April 2018.