March 15, 2023
The Motor Finance Industry: How to Apply the Consumer Duty Principle
On 1 March 2023, the FCA released a portfolio letter titled "Implementing the Consumer Duty in the Motor Finance Providers Portfolio." The letter highlights the need for a more consumer-focused approach and emphasizes that CEOs or directors should personally focus on implementing the Consumer Duty.
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FCA
Consumer Credit
Consumer Duty
March 8, 2023
Buy now pay later agreements to become regulated in the UK
Currently, BNPLs and STFC companies benefit from the exemption under Article 60F of the Financial Services and Markets Act (Regulated Activities) Order 2001 (RAO). Firms providing BNPL products benefiting from the 60F Exemption do not have to be FCA authorised and the agreements do not need to be in a prescribed form under the CCA.
Read MoreFebruary 16, 2023
Consumer Credit Reforms - Are they long overdue?
The Consumer Credit Act 1974 (CCA) is a significant piece of legislation that regulates credit agreements, such as personal loans, overdrafts, and credit card purchases. However, the CCA has undergone numerous changes over the years, resulting in a fragmented and complex consumer credit framework that is difficult to navigate.
Read MoreFebruary 6, 2023
5 Steps for Conducting Effective Compliance Control Monitoring for Financial Firms
Compliance control monitoring is a crucial aspect of maintaining regulatory compliance for financial firms. The Financial Conduct Authority (FCA) requires firms to have robust controls and monitoring systems in place, and it is up to individual firms to implement these measures effectively. In this article, we will discuss the steps that firms can take to conduct compliance control monitoring.
Read MoreJanuary 20, 2023
FCA's Portfolio Strategy on Claims Management Companies: A Detailed Compliance Guide for CMC Firms
The Financial Conduct Authority (FCA) recently released its Portfolio Strategy on Claims Management Companies (CMCs) outlining its approach to regulating this sector and identifying key risks.
Read MoreJanuary 16, 2023
What are the FCA financial promotions and what internal controls should you set up
A financial promotion is any advertisement, communication, or other material that promotes a financial product or service. Financial promotions can take many forms, including print and online advertisements, marketing emails, social media posts, and sales presentations.
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FCA
Authorisation
January 9, 2023
What are the FCA Fit & Proper Requirements and Conduct rules?
Following on from our previous article about the Senior Manager regime, we provide more detail about the FCA Fit & Proper Requirements and Conduct rules.
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FCA
Authorisation
December 29, 2022
What is the Appointed Representative Regime?
In this series of articles, MEMA will break down what is the Appointed Representative Regime and what steps your organsiation will need to take.
Read MoreDecember 19, 2022
What is the Senior Managers & Certification Regime ?
The Senior Managers and Certification Regime (SM&CR) replaces the Approved Persons Regime (APR) which is how the FCA used to regulate people working in financial services.
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