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News & blogs: Compliance Roundups

Compliance Roundup 4 July 2019

04 July 2019  

This issue - click to view

FCA releases terms of reference for Credit Information Market Study
FOS publishes latest edition of ‘ombudsman news’
MMHPI launches Mental Health Accessible standards for essential services firms
FCA publishes latest Handbook Notice
HMT shares FSCS 2018/19 annual report and accounts
LSB publishes 2018 annual report
UK Finance shares report on artificial intelligence in financial services
ICO explores bias and discrimination in machine learning
National Audit Office highlights challenges in using data across government
FCA warnings – unauthorised and ‘clone’ firms
FCA enforcement - final notices and decision notices

FCA releases terms of reference for Credit Information Market Study

The FCA has launched its Credit Information Market Study, releasing the terms of reference for the project. The FCA confirms that the study will be focused on themes including the quality and purpose of credit information and consumers’ understanding of credit information.

Although they are not formally consulting on the terms of reference, the FCA does invite views from stakeholders before 31 July 2019. Any members wishing to provide comment or feedback via the CSA should submit their comments as soon as possible to Henry Aitchison (henry.aitchison@csa-uk.com).

The terms of reference for the market study can be found here.


FOS publishes latest edition of ‘ombudsman news’

The Financial Ombudsman Service (FOS) has published the latest edition of its regular newsletter, ‘ombudsman news’. Issue 148 includes a conversation between Citizens Advice and the FOS on debt collection.

Issue 148 can be viewed here.

 

MMHPI launches Mental Health Accessible standards for essential services firms

The Money and Mental Health Policy Institute (MMHPI) has launched the Mental Health Accessible standards, which aim to help essential services firms (like banks and utility companies) better understand the challenges faced by customers with mental health problems so that they can make their services easier to use. Firms signed up to the standards will be tested on the accessibility of their services for people with mental health problems.

Further details, including the standards, can be found here.

 

FCA publishes latest Handbook Notice

The FCA has published its latest Handbook Notice, a regular publication where it details any minor or consequential changes to the Handbook. Handbook Notice No.67 includes notes the changes introduced to improve Buy Now Pay Later and Overdraft lending, as well as confirming changes to the Handbook following the fees consultation (although feedback will follow in a separate policy statement).

Handbook Notice No.67 is available here.

 

HMT shares FSCS 2018/19 annual report and accounts

HM Treasury (HMT) has released the Financial Services Compensation Scheme’s (FSCS) annual report and accounts for 2018/19. The report details the work carried out by the FSCS and how it is implementing its strategy. Alongside this, the FSCS Class Statements have been published, which provide a little more insight into each funding class.

The FSCS reports can be found here.

 

LSB publishes 2018 annual report

The Lending Standards Board (LSB) has published its 2018 annual report. The report sets out the LSB’s achievements in the last year and provides some insight into its plans for 2019 and beyond, including standards of lending practice for larger businesses.

The LSB annual report is available here.


UK Finance shares report on artificial intelligence in financial services

UK Finance, in conjunction with Microsoft, has published a report on artificial intelligence (AI) in financial services, looking at how it might be deployed, what impact it could have and what firms should look at if implementing AI within their business.

The UK Finance report can be found here.

 

ICO explores bias and discrimination in machine learning

As part of its work on a framework for auditing artificial intelligence (AI), the ICO has published a blog which considers the role that AI could play in maintaining and amplifying human bias and discrimination, particularly where firms use a machine learning system.

The article is available here.

 

National Audit Office highlights challenges in using data across government

The National Audit Office (NAO) has published a report which looks at the challenges in using data across government. The report explores the current data landscape across government and the benefits of effective use of data. It also makes a number of recommendations for the Department of Digital, Culture, Media and Sport and the Cabinet Office around improving the use of data.

The report is available here.

 

FCA warnings – unauthorised and ‘clone’ firms

The FCA regularly publishes warnings about firms that are believed to be carrying out regulated activities without authorisation. They also publish warnings about fraudsters who are using the details of legitimately authorised firms in order to convince people that they work for a genuine authorised company.

The warnings that have been issued by the FCA this week can be viewed by clicking on the relevant links below:

Unauthorised firms

'Clone' firms

New Lease Car   NBI Funds
Blueford Consultancy Limited
  Loan Ski
31FX
  United Standard Equities Ltd
Solo Capitals   M.Success FX
ASCO Investment Services   Capital International
BrookBond Limited trading as Whitehorse Capital    UK General Insurance Limited
K2 Wall Street    Wagon Finance
    Chiba Bank UK
    Belair House
    Black Trading Corp
    Liberty Property Finance Limited

 

FCA enforcement - final notices and decision notices

The FCA often publishes final notices and decision notices following investigations into alleged regulatory breaches or the refusal of applications for authorisation. These notices can often provide useful insight into what the FCA considers to be poor practice and the potential consequences of those practices. The FCA will also occasionally publish press releases detailing the outcome of cases pursued through the courts.

In the last week, the FCA has issued the notices listed below. You can read more about the FCA’s investigation and findings by clicking on the relevant link.

ETA Services Ltd – notice of undertaking

 

 


Credit Services Association,
2 Esh Plaza, Sir Bobby Robson Way,
Great Park, Newcastle upon Tyne,
NE13 9BA Map

fenca iic

ppc

T: 0191 217 0775

F: 0191 236 2709

E: info@csa-uk.com

Credit Services Association Limited 
Registered in England and Wales No. 00089614

CSA (Services) Ltd
Registered in England and Wales No. 05055685

Registered address:
2 Esh Plaza, Sir Bobby Robson Way, Great Park, Newcastle upon Tyne, NE13 9BA