Founder member of FECMA

Advancing the credit profession

Consultation Responses for 2017

The Financial Conduct Authority: Our Future Mission – closed 26 January 2017

The Financial Conduct Authority (FCA) launched a consultation to assist in providing guidelines that explain how it interprets its objectives and chooses Business Plan priorities. The aim is to set out a framework to help it prioritise work, ensuring it focuses resources in the right places.

The consultation included questions relating to consumer responsibility and vulnerability, the FCA’s role in encouraging change and innovation in the industries it regulates, how it identifies harm and then decides what action to take to address it, and the interaction between regulation and public policy. It also focused on the tools used to deliver competition policy, firm supervision and enforcement work.

To read the consultation click here, to view the Institute’s response click here.
The Money Advice Service: Business Plan for 2017/18 – closed 6 February 2017

The Money Advice Service (MAS) sought views on the delivery of their corporate strategy, programme of work and aims, and the potential impact of their initiatives and the plan overall for the next two years. Areas of focus included aiming to use a wider range of financial and non-financial organisations to deliver advice and support, give wider and earlier access to debt advice (including via a low-cost digital service), and implementing tools which assist people with budgeting and saving goals. MAS also wish to widen and improve financial education for young people.

To read the consultation click here, to view the Institute’s response click here.
HM Treasury and the Department for Work & Pensions: consultation on one single body – closed 13 February 2017

Government launched the consultation ‘Public Financial Guidance review: consultation on a single body’ which set out a proposed model for a new single financial guidance body and sought views on whether this model will allow consumers to access the guidance they need to make effective financial decisions.

To read the consultation click here, to view the Institute’s response click here.
The Financial Conduct Authority: Call for Input: High Cost credit  – closed 15 February 2017

The Financial Conduct Authority (FCA) launched a Call for Input investigating high-cost credit, including a review of the high-cost short-term credit price cap. The FCA wishes to expand on its current work looking at high-cost products as a whole (including overdrafts) to see how these are used, whether they cause detriment, and if so, to which consumers. This will enable the FCA to consider any further policy interventions and their consistency across the market.

 To read the consultation click here, to view the Institute’s response click here.
The Department for Business, Energy and Industrial Strategy – Review of Limited Partnership Law – closed 17 March 2017

The Department for Business, Energy and Industrial Strategy (BEIS) launched a call for evidence reviewing Limited Partnership Law. BEIS would like to review the Limited Partnership framework following concerns recently highlighted by the media that some legal characteristics of LLPs may also allow them to act as enablers for criminal activity. In particular, views were sought on the possible reasons why registrations in Scotland have increased, and to a lesser extent in England, Wales and Northern Ireland.

To read the consultation click here, to view the Institute’s response click here.

Department for Culture, Media and Sport: Call for views on the General Data Protection Regulation derogations – closed 10 May 2017

The Institute has responded to the Call for views on the Data Protection Regulation derogations paper, published by the Department for Culture Media & Sport.

 To read the paper click here, to read Institute’s response click here.

Financial Conduct Authority (FCA) – Regulated fees and levies: Rate proposals 2017/18 – closed 9 June 2017

The Financial Conduct Authority (FCA) launched a consultation on regulated fees and levies which set out rate proposals for 2017/2018, and which outlined how it plans to achieve its objectives by allocating funding in certain ways. In past years, the FCA has worked to maintain an even allocation of funding unless there have been exceptions not to do so, and this approach is maintained for the coming allocation. Chapters 3-14 covered fee proposals for FCA periodic fees, ring-fencing implementation fees, fees relating to the Financial Ombudsman Service, Money Advice Service, pensions guidance and illegal money lending levies, and also application fees relating to Payment Services Directive 2 – all of which the FCA wished to receive feedback on.

 To read the consultation click here, to read the Institute’s response click here.

 Financial Conduct Authority (FCA): Consultation on persistent debt and earlier intervention remedies – closed 3 July 2017

The Financial Conduct Authority (FCA) launched a consultation which proposes new rules and guidance to address persistent credit card debt and to put in place requirements for firms to assess whether customers are at risk of developing financial difficulties, and if so, to intervene appropriately.

 To read the consultation click here, to read the Institute’s response click here.

The Financial Conduct Authority (FCA): The Fourth Money Laundering Directive and Fund Transfer Regulation Implementation – closed 7 July 2017

The Financial Conduct Authority (FCA) consulted on proposals to ensure that its guidance, policies and procedures relating to the use of its powers under the new money laundering regulations are up to date, effective and proportionate.

 To read the consultation click here, to read the Institute’s response click here.

 The Joint Insolvency Committee (JIC): Insolvency Code of Ethics consultation – closed 25 July 2017

The Joint Insolvency Committee (JIC) consulted on a revised version of the insolvency Code of Ethics and an explanatory note to accompany the consultation which set out in more detail the background to the need to revise the Code and the approach adopted in its development.

 To read the consultation click here, to read the Institute’s response click here.

 

 Accountant in Bankruptcy: Debt Arrangement Scheme – Common Financial Tool – closed 18 August 2017

Accountant in Bankruptcy has published its proposals for a series of changes to enhance and improve the Debt Arrangement Scheme. This follows its Debt Arrangement Scheme 2016 review consultation, and it asked for comments on its interim proposals on debt advice in Scotland.

 To read the consultation click here, to read the Institute’s response click here.

 The Money Advice Service: Strategic Approach to Debt Advice Commissioning 2018-2023 – closed 30 August 2017

The Money Advice Service has published a consultation which proposes a new approach to debt advice commissioning that will involve targeting priority groups within the over-indebted.

 To read the consultation click here, to read the Institute’s response click here.

 BACS – Direct Debit Call for Input – closed 8 September 2017

Direct Debit is an integral part of the UK economy, and following its 2016 consultation, BACS wished to find out if it can make the direct debit process even better for the people who rely on this payment product. BACS was keen to gain views on four main concepts of the process, these being security, flexibility, control and liability.

 To read the consultation click here, to read the Institute’s response click here.

 Joint Insolvency Committee (JIC) – Revision of SIP11 – closed 12 September 2017

The Joint Insolvency Committee (JIC) consulted on a revised version of Statement of Insolvency Practice 11 – the handling of funds in formal insolvency appointments.

 To read the consultation click here, to read the Institute’s response click here.

 

The Financial Conduct Authority (FCA): Staff Incentives, remuneration and performance management in consumer credit – closed 4 October 2017

The Financial Conduct Authority (FCA) published a consultation proposing new rules and guidance on staff incentives, remuneration and performance management, to address concerns about how consumer credit firms pay and incentivise their staff and manage risks arising from these arrangements.

 To read the consultation click here, to read the Institute’s response click here.

 Joint Insolvency Committee consultation on the operation of interim Statement of Insolvency Practice 6 – decision making (E & W) – closes 13 October 2017

The JIC launched a consultation on the operation of interim SIP 6, outlining changes which aim to reflect requirements of the new insolvency rules.

 

To read the consultation click here, to read the Institute’s response click here.

 The Accountant in Bankruptcy: Future of the Common Financial Tool – closed 27 October 2017

The Accountant in Bankruptcy (AiB) published a consultation ‘Future of the Common Financial Tool’. The paper aimed to establish whether stakeholders agree that the Standard Financial Statement (SFS) should be adopted as the Common Financial Tool (CFT) for all Scottish statutory debt management and debt relief solutions, and if so, whether adoption of the SFS from 1 April 2018 will allow sufficient time for an orderly and effective transition.

To read the consultation click here, to read the Institute’s response click here.

 The Financial Conduct Authority (FCA): Assessing creditworthiness in consumer credit – closed 31 October 2017

The Financial Conduct Authority (FCA) published a consultation ‘Assessing creditworthiness in consumer credit’. The consultation proposed changes to FCA rules and guidance when assessing creditworthiness, including affordability, to clarify its expectations of firms. Published alongside the consultation was a research document which looked to establish how firms currently interpret and apply the current rules, and also an occasional paper which set out the economic framework for understanding why unaffordable consumer credit debt can occur and how it may be prevented.

 To read the consultation click here, to read the Institute’s response click here.

HM Treasury: Legislation to support Cheque Imaging – closed 1 December 2017

Following the introduction on 30 October 2017, the Government consulted on two pieces of legislation to support cheque imaging. The first concerned the use of cheques as evidence of payment. The proposed legislation would ensure that customers continue to have this right under the new system. The second concerned compensation for a loss the customer may face. The Government consulted on legislation as a back stop to ensure that a customer is compensated in the event that they incur a loss.

To read the consultation click here, to read the Institute’s response, click here.

The Money Advice Service (on behalf of Peter Wyman CBE, DL): Independent review of the Funding of Debt Advice in England, Wales, Scotland and Northern Ireland – closed 8 December 2017

The Money Advice Service launched an Independent Review of the Funding of Debt Advice in the UK on behalf of Peter Wyman CBE, DL. The Review will make recommendations for an appropriate funding framework for the future, and looks at issues that affect some of the most financially vulnerable people in society. A MAS statement here gives some more details.

 

 To read the consultation click here, to read the Institute’s response click here.