Included in this issue: New guide to help the finance industry support vulnerable customers when applying for credit; JMLSG consultation on revised electronic money guidance; ESMA response to European Commission consultation on FinTech and more...

UK

New guide to help the finance industry support vulnerable customers when applying for credit

A new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and the UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for lending, uses the experiences of 1,666 staff across 18 finance providers to address the issues they face when managing credit applications from vulnerable customers. The guide focuses on supporting customers with a mental capacity limitation that may affect their decision-making abilities.

The UK Cards Association, 14 June 2017

FCA consults on amendments to DEPP and EG as a result of implementing MLD4 and the revised WTR

The FCA has published a consultation paper on implementing the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) and the revised Wire Transfer Regulation (Regulation (EU) 2015/847) (revised WTR) (CP17/13). The FCA explains that HM Treasury's proposed Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 will transpose MLD4 and the revised WTR in the UK.

FCA, 12 June 2017

Worldwide

JMLSG consultation on revised electronic money guidance

The Joint Money Laundering and Steering Group (JMLSG) has published for consultation a revised version of its electronic money guidance. The purpose of this sectoral guidance is to provide clarification to electronic money issuers on customer due diligence and related measures required by law. As AML/CTF guidance, this sectoral guidance is incomplete on its own and must be read in conjunction with the main guidance set out in Part I and the specialist guidance set out in Part III.

JMLSG, 10 June 2017

ESMA response to European Commission consultation on FinTech

ESMA has published its response to the European Commission's consultation on FinTech, welcoming the Commissions initiative to take stock of the EU's FinTech industry. FinTech and, technological innovation in general, have been the drivers of a number of developments in the financial sector in recent years. Indeed, new forms of services and businesses such as automated advice or crowdfunding have emerged. ESMA sees these developments as a positive evolution as long as they are aimed at improving consumer financial experience and facilitate financial inclusion.

ESMA, 7 June 2017