In this month’s episode, David Morrey and Ben Farmer unpack the latest twist in the motor finance remediation programme, with multiple legal challenges now putting key customer communication timelines on ice and pushing firms towards contingency planning.
They talk through what the Financial Conduct Authority is signalling firms should do now, from identifying impacted complaints and agreements to pulling together the data needed on commission and disclosure practices, including where broker engagement is required. They also explore the regulator’s “plan for no scheme” scenario, and what it could mean if complaint pauses are not extended and firms must revert to business as usual complaint handling timescales.
Beyond motor finance, the episode covers the latest Regulatory Initiatives Grid, including the direction of travel on simplification, plus a watch list of consultations and policy updates. That includes phase one changes to SMCR, the direction of Consumer Credit Act reform as requirements shift into the FCA handbook, and the FCA’s consultation on slimming down consumer credit financial promotion rules, alongside wider questions on whether representative APR still supports consumer understanding. There is also a look at the ICO’s developing guidance on sharing personal information for fraud and scam prevention, an FCA review into bereavement handling by investment firms, and an early read on the strategy towards tokenised assets.
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David Morrey I am a partner in our Financial Services Regulatory Advisory practice where I help clients dealing with the challenges of current regulation or emerging requirements.View Profile -
Ben Farmer I support our financial services clients in meeting their regulatory obligations; focusing on conduct risk and customer outcomes.View Profile