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Regulation round-up: Nov 16

November 2016

· FCA round-up,TCF,Social Investment

The November issue of the FCA's regulation round up leads with its recently published guidance consultation on the fair treatment of customers with mortgage payment shortfalls. The regulator points out that the practice of automatically recalculating loan repayments to include shortfalls is likely to breach its rules on transparency and fair customer outcomes.

This is a great example of the FCA's focus on protecting vulnerable and at-risk consumers, and underlines the importance of all firms (not just mortgage providers) communicating clearly and directly with customers - particularly where fees, charges and payment schedules are concerned.

Other items of interest include:

  • The FCA's call for responses to its Mission paper, the results of which will inform how it interprets its core objectives. The survey includes specific questions on firm disclosure, consumer redress, vulnerable customers, and crucially (at least for compliance geeks...) a proposed review of the FCA Handbook. This presents a great opportunity for high-level input, and is open until 26 January. 
  • A recap of the postponement of the deadline for PRIIPs implementation (see our separate post, here
  • Confirmation that following the Call for Input on barriers to social investment, the FCA has concluded that existing regulation does not present a barrier to market expansion.

Don't forget to get in touch if you have any questions or queries on the latest round-up.

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