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Sep 27, 2024 | 
jdsupra.com | Virginia Phillips Montgomery |Julie Patient
September 27, 2024
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The FCA believes that there is a continuing problem with poor safeguarding practices across the industry due to poor implementation of the current regulatory framework under the Payment Services Regulations 2017 (PSRs) and the E-Money Regulations 2011 (EMRs).
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Sep 25, 2024 | 
jdsupra.com | Julie Patient
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Sep 5, 2024 | 
jdsupra.com | Virginia Phillips Montgomery |Julie Patient
September 5, 2024 To embed, copy and paste the code into your website or blog: Following industry feedback - in particular prudential concerns for some smaller firms in the market – and work with the FCA, the Payment Systems Regulator (PSR) is consulting on a proposal to reduce the maximum level of reimbursement for the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement from £415,000 to £85,000 per scam claim. The change would take effect from the policy start date,...
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Sep 4, 2024 | 
lexology.com | Julie Patient |Virginia Phillips Montgomery
Following industry feedback - in particular prudential concerns for some smaller firms in the market – and work with the FCA, the Payment Systems Regulator (PSR) is consulting on a proposal to reduce the maximum level of reimbursement for the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement from £415,000 to £85,000 per scam claim. The change would take effect from the policy start date, which remains 7 October 2024.
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Jul 31, 2024 | 
jdsupra.com | Virginia Phillips Montgomery |Julie Patient
Following the January 2024 launch of a review of historical motor finance commission arrangements and sales across several firms, the FCA has announced that it now plans to set out the findings from the review in May 2025 (rather than September this year). The related pause on the consideration of new complaints is also being extended to 4 December 2025. The FCA’s consultation on extending the temporary changes to handling rules for motor finance complaints closes on 28 August 2024.
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Jul 30, 2024 | 
lexology.com | Julie Patient |Virginia Phillips Montgomery
Following the January 2024 launch of a review of historical motor finance commission arrangements and sales across several firms, the FCA has announced that it now plans to set out the findings from the review in May 2025 (rather than September this year). The related pause on the consideration of new complaints is also being extended to 4 December 2025. The FCA’s consultation on extending the temporary changes to handling rules for motor finance complaints closes on 28 August 2024.
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May 17, 2024 | 
jdsupra.com | Julie Patient
May 17, 2024
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On 8 May 2024 the House of Commons Treasury Select Committee (TSC) published its Report on SME Finance. Recognising that SMEs are a key part of the UK’s economy, the TSC Report focusses on 5 areas which may act as barriers to SMEs’ access to finance.
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May 8, 2024 | 
jdsupra.com | Virginia Phillips Montgomery |Julie Patient
[co-author: Ada Nourell]The Bank of England has published the final versions of three Codes of Practice on wholesale cash distribution and accompanying Guidance relating to information gathering, third-party arrangements and cash centre closures and market exit.
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May 2, 2024 | 
law360.com | James Black |Julie Patient |Mark Aengenheister
ADVERTISEMENT Don't want ads? Subscribe or login now. By James Black, Julie Patient and Mark Aengenheister (May 2, 2024, 3:20 PM BST) -- On April 10, the Financial Conduct Authority published its final rules and guidance aimed at strengthening protections for borrowers in financial difficulty....
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Jan 5, 2024 | 
jdsupra.com | Virginia Phillips Montgomery |Julie Patient
January 5, 2024
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From 31 July 2024, the FCA's Consumer Duty will apply to closed products and services (that is, products that were closed prior to the 31 July 2023 deadline for new and existing products or services open to sale or renewal). The deadline for firms' first annual board reports assessing compliance with the Duty is also 31 July 2024.
