This week has seen publication by the FCA of a discussion paper on the "ageing population" and the BBA's taskforce recommendations for firms and regulators over vulnerable customers.
PRA supervisory statement on guidelines for completing regulatory reports updated
The Prudential Regulation Authority has published an updated supervisory statement (SS34/15) on guidelines for completing regulatory reports. This includes Notes for completing the Mortgage lenders and Administrators Return (MLAR).
Bank of England: PRA, 26 February 2016
MCD FAQs updated by FCA
The Financial Conduct Authority has published updated FAQs in relation to the implementation of the Mortgage Credit Directive. Matters covered include the use of the European Standard Information sheet (ESIS) and second charge back-book mortgages.
FCA, 26 February 2016
FCA updates details for second charge mortgage firms
The Financial Conduct Authority has updated its webpage which outlines the changes made by the Mortgage Credit Directive over information for firms that provide second charge mortgages.
FCA, 23 February 2016
Bank of England and Financial Services Bill completes committee stage
The Bank of England and Financial Services Bill 2015-16 has completed its Committee stage in the House of Commons. A Report stage date is yet to be announced. The Bill contains a variety of measures including changes to the new Senior Managers Regime and the enforceability of consumer credit related agreements.
UK Parliament, 24 February 2016
Financial services vulnerability taskforce establishes standard for customers in vulnerable circumstances
The Financial Services Vulnerability Taskforce has published its first report outlining best practice recommendations for firms to improve the experience and outcomes for customers who may be facing challenging personal circumstances. In this respect, it seeks to identify policies and procedures to be developed and embedded by firms and regulators including 9 high level principles.
British Bankers Association, February 2016
FCA called upon to consider requiring firms to announce when customers will not be covered by the FOS and FSCS
The Office of the Complaints Commissioner has published a final decision of the Complaints Commissioner. Although rejecting a complaint made against the Financial Conduct Authority, it has urged the FCA to consider whether firms should provide a clear indication to consumers of when they will not be covered by the Financial Ombudsman Service and Financial Services Compensation Scheme and how consumers might be better protected in future.
Office of the Complaints Commissioner, February 2016
London house purchase falls in fourth quarter of 2015
New data published by the Council of Mortgage Lenders has found that lending for house buying in London declined in 2015 in comparison with the previous year.
Council of Mortgage Lenders, 24 February 2016
NAO - Financial services mis-selling: regulation and redress
The National Audit Office has published a report into the role of the Financial Conduct Authority and other bodies into financial services mis-selling: regulation and redress. The FCA has accepted its findings and welcomes its conclusion that regulatory action has reduced financial incentives to mis-sell. The NAO calls upon the FCA to develop further its strategy and communicate its expectations clearly and consistently to firms.
FCA, 24 February 2016
High street bank figures – January 2016
The British Bankers Association has published January 2016 figures for high street banks. They find at the start of the year there has seen a significant rise in mortgage borrowing.
BBA, 23 February 2016