FCA publishes Consumer Duty policy and guidance

The Financial Conduct Authority (FCA) has released its long-awaited policy statement and official guidance on plans to bring in a new Consumer Duty, aimed at making fundamental improvements to the way consumers are treated. It will set higher and clearer standards of consumer protection across financial services and includes a new Consumer Principle that “a firm must act to deliver good outcomes for retail customers”.

FCA publishes Consumer Duty policy and guidance

Jul 27, 2022

The Financial Conduct Authority (FCA) has released its long-awaited policy statement and official guidance on plans to bring in a new Consumer Duty, aimed at making fundamental improvements to the way consumers are treated. It will set higher and clearer standards of consumer protection across financial services and includes a new Consumer Principle that “a firm must act to deliver good outcomes for retail customers”.

Consultation launched on overhauling Consumer Credit Act

The Treasury is to consult on major reforms to the Consumer Credit Act (CCA), described as “highly prescriptive and increasingly cumbersome and inflexible”, after admitting the current rules add unnecessary costs to businesses when implementing its requirements. The move has been warmly welcomed by the Finance and Leasing Association (FLA).

Consultation launched on overhauling Consumer Credit Act

Jun 23, 2022

The Treasury is to consult on major reforms to the Consumer Credit Act (CCA), described as “highly prescriptive and increasingly cumbersome and inflexible”, after admitting the current rules add unnecessary costs to businesses when implementing its requirements. The move has been warmly welcomed by the Finance and Leasing Association (FLA).

Serious Fraud Office opens investigation into Arena TV

The Serious Fraud Office (SFO) has announced a criminal investigation into Arena Television Limited (Arena TV), which collapsed into insolvency last year, raising concerns about some £282 million of funds provided by asset finance lenders for equipment hired out by the company.

Serious Fraud Office opens investigation into Arena TV

Feb 24, 2022

The Serious Fraud Office (SFO) has announced a criminal investigation into Arena Television Limited (Arena TV), which collapsed into insolvency last year, raising concerns about some £282 million of funds provided by asset finance lenders for equipment hired out by the company.

Lease accounting

LeaseAccelerator study identifies disclosure challenges of ASC 842

Jan 24, 2020

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

BREXIT

Negotiators struggle to build bridges as Brexit looms

Nov 10, 2017

While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.

General legal and regulatory

UK Budget statement: Few new surprises, but several tax rises

Oct 31, 2021

The UK Chancellor of the Exchequer Rishi Sunak presented his Budget statement and spending review on 27 October. There have already been major announcements earlier this year of significant tax increases to take effect during the next two years. These include higher corporation tax from April 2023 announced in a Budget statement in March; and last month’s announcement of 1.25% increases from next April in National Insurance contributions from employers, employees and the self-employed together with the same percentage to be added to income tax on corporate dividends. There were nevertheless some significant new announcements in the latest statement.