Compliance Insights Articles

As always, we aim to keep you right up to date with all matters to do with financial services compliance, as such we have produced a “regulation round-up” summarising the key updates from March. The FCA Directory On 8th March the FCA released the long anticipated final rules on the Financial Services Directory. If you remember from our previous articles, the FCA took steps to create an updated version of the Financial Services Register because, it became apparent, many indivi

Although many of us feel confident we know the FCA’s Consumer Credit Sourcebook (CONC) inside and out, even I, as somebody who covers it continually, sometimes find new information that I hadn’t considered before. Perhaps one of the reasons we struggle with CONC is the manner in which it’s written. Understandably the FCA write in a fairly legalistic style and continually reference to other sections of the handbook. While we understand the need for this to happen, it does slow

2018 promises to be a bumper year for compliance. I can hear what you are thinking, you’ll be muttering, “Isn’t it always?” Seriously, this year promises to be more important than any since 2014 when the FCA took over regulation of consumer credit. We’ll start the year with elements of MiFid coming into force along with the Payment Services Directive. At the same time we’ll be feverishly working on becoming GDPR compliant in order to meet the May implementation date and to av

With Q4 well under way, it’s a good idea to have any upcoming FCA policy statements at the forefront of your planning for 2018. Consumer credit firms should have the FCA’s ‘Assessing Creditworthiness in Consumer Credit’ proposed changes in mind. The consultation closed in October, and the policy statement is due for release in Q2 2018. So, what are the FCA proposing? The consultation suggests that research conducted by the FCA discovered that while most firms adequately cons

Your horizon scanning has never been as important as it is right now, a time when we have significant and numerous regulatory changes afoot. There is no time like the present to review the recent changes and to look ahead at what is coming up over the next seven months. A simple and easy way to stay up to date with the upcoming key changes is to sign up to our compliance insights e-alerts. We email our loyal subscribers every month with key updates (unless there is more urge

To download this briefing in it's entirety, please click here. Regulatory Sanctions ICO fines Satsuma Loans for spam texts Credit company Provident, responsible for sending nearly one million nuisance texts in six months has been fined £80,000 by the Information Commissioner’s Office (ICO). Satsuma employed third party affiliate companies to send 999,057 unsolicited text messages on its behalf to promote personal loans for its brand, Satsuma Loans. This was against the law as