FCA highlights areas of focus for firms implementing the Consumer Duty

With six months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how firms are planning to implement the Duty. The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes, which the Duty will bring, and have established extensive programmes of work to comply with it properly.

FCA highlights areas of focus for firms implementing the Consumer Duty

Jan 26, 2023

With six months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how firms are planning to implement the Duty. The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes, which the Duty will bring, and have established extensive programmes of work to comply with it properly.

The Edinburgh Reforms and the future of consumer credit

Jeremy Hunt’s speech on 9th December heralds the (delayed) arrival of the anticipated reform of consumer credit in the UK…and much more. But will the fanfare live up to the industry’s expectations? The financial services sector has faced unprecedented challenges over the last few years, particularly those involved in the provision of consumer credit. The sector continues to face macroeconomic challenges and customers continue to be pressured by the cost-of-living crisis, all of this against the backdrop of a global pandemic and fundamental regulatory form in the guise of the consumer duty.

The Edinburgh Reforms and the future of consumer credit

Dec 14, 2022

Jeremy Hunt’s speech on 9th December heralds the (delayed) arrival of the anticipated reform of consumer credit in the UK…and much more. But will the fanfare live up to the industry’s expectations? The financial services sector has faced unprecedented challenges over the last few years, particularly those involved in the provision of consumer credit. The sector continues to face macroeconomic challenges and customers continue to be pressured by the cost-of-living crisis, all of this against the backdrop of a global pandemic and fundamental regulatory form in the guise of the consumer duty.

Government publishes the reform of the Consumer Credit Act consultation

The government has today published the Reforming the Consumer Credit Act 1974 Consultation. The Consumer Credit Act 1974 (CCA) governs the regulation surrounding billions of credit card purchases, personal loans and consumer hire agreements made by UK consumers every year. It is the government’s intention that this reform will facilitate innovation in the credit sector and increase accessibility of credit products, contributing to growth in the sector and the economy more broadly.

Government publishes the reform of the Consumer Credit Act consultation

Dec 09, 2022

The government has today published the Reforming the Consumer Credit Act 1974 Consultation. The Consumer Credit Act 1974 (CCA) governs the regulation surrounding billions of credit card purchases, personal loans and consumer hire agreements made by UK consumers every year. It is the government’s intention that this reform will facilitate innovation in the credit sector and increase accessibility of credit products, contributing to growth in the sector and the economy more broadly.

Lease accounting

LeaseAccelerator study identifies disclosure challenges of ASC 842

Jan 24, 2020

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

BREXIT

Negotiators struggle to build bridges as Brexit looms

Nov 10, 2017

While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.