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Consultation Responses for 2018

 

Department for Business, Energy & Industrial Strategy – Creating a responsible payment culture – closed 29 November 2018

Government issued a call for evidence ‘Creating a responsible payment culture’ so that it can gather data and information on how to create a responsible payment culture for small businesses. The paper seeks evidence on existing payment practices and experiences from both suppliers and buyers with regards to late payment, typical payment terms and how these have changed over recent years.  Government also wishes to gather views on existing measures used to promote a responsible payment culture, including the Prompt Payment Code and the Small Business Commissioner, and what more can be done to further refine measures and promote good practice.

Read the Call for Evidence and the Institute’s response. Read the Government’s response, published 19 June 2019, here

 

The Financial Conduct Authority – Duty of Care and potential alternative approaches – closed 2 November 2018

The FCA launched its ‘Duty of Care’ paper which outlined proposals for a ‘New Duty’ to bridge any gap there may be in consumer protection. The paper aimed to assist the FCA in understanding where the gaps may be in their regulatory and legal framework, assess whether change is desirable and what form it could take, consider alternative approaches to a new duty, and look at the impact of a new duty on firms.

Read the consultation and the Institute’s response.

The Law Commission – Anti-Money Laundering: The SARS Regime- closed 5 October 2018

The Law Commission published a paper which aims to help banks and businesses provide better information to law enforcement agencies and help refocus attention on suspicious financial activity. Amongst the proposals for reform is the level of legal protection for banks which choose to lock the account of suspected criminals, and also clarity around the liability of commercial organisations, rather than individuals, for failure to prevent crime through non-disclosure.

Read the consultation and the Institute’s response.

 

Financial Conduct Authority (FCA) – High Cost Credit Review: RTO,  home collected credit, catalogue credit and store cards and alternatives to high cost credit- closed 31 August 2018

As part of its ongoing review of high-cost credit products, the Financial Conduct Authority (FCA) launched a consultation on new rules and guidance to reduce consumer harm on rent-to-own, home-collected credit, catalogue credit and store cards, and to give consumers more control and protection. It is hoped that proposals would improve sales practices and ensure that repeat borrowing is consumer led.

Read the consultation and the Institute’s response.

Financial Conduct Authority (FCA) – High Cost Credit Review: Overdrafts – closed 31 August 2018

As part of its ongoing review of high-cost credit products, the Financial Conduct Authority (FCA) launched a consultation on proposed rules and guidance on arranged and unarranged overdrafts. Measures for consultation included; improving consumer engagement and awareness of overdrafts, simplifying overdraft pricing structures and an obligation on firms to have adequate systems and policies in place around overdrafts.

Read the consultation and the Institute’s response

The Bank of England – ISO 20022 – A Global Standard to modernise UK Payments – closed 18 July 2018

The Bank of England, in conjunction with the New Payments System Operator(NPSO), published a consultation  ‘ISO 20022: A global standard to modernise UK payments’. The paper explored the design and implementation considerations for adopting of a common global ‘language’ or messaging standard, known as ISO 20022, for payments in the UK. This standard will be adopted across CHAPS, Faster Payments and Bacs.

Read the consultation and the Institute’s response

 

The Department for Business, Energy and Industrial Strategy (BEIS) – Business Productivity Review – closed 4 July 2018

The Department for Business, Energy and Industrial Strategy (BEIS) published a ‘Business Productivity Review’ which sought views on actions that could be taken to assist smaller and medium sized businesses who have lower productivity levels to improve.

Read the consultation and the Institute’s response.

 

 

 

The Department for Business, Energy & Industrial Strategy – Insolvency & Corporate Governance – closed 11 June 2018

The Department for Business, Energy & Industrial Strategy (BEIS) launched a consultation ‘Insolvency and Corporate Governance’. The paper sought views on proposals which aim to reduce the risk of major company failures occurring through shortcomings of governance or stewardship, and to strengthen the responsibilities of directors of firms when they are approaching insolvency. The key areas of the paper focused on the sale of a business in distress, reversal of value extraction schemes, investigation into the actions of directors of dissolved companies and strengthening corporate governance in pre-insolvency situations.

Read the consultation and the Institute’s response.

 

 

Crown Commercial Service  – Prompt Payment by Government Suppliers – closed 5 June 2018

Government launched a consultation ‘Prompt Payment by Government Suppliers’ which sought views on whether it would be appropriate to exclude suppliers from major government procurements if they cannot demonstrate a fair, effective and responsible approach to payment in their supply chain management.

Read the consultation and the Institute’s response.

 

Financial Conduct Authority (FCA) – Regulated fees and levies 2018/19 – closed 1 June 2018

The Financial Conduct Authority (FCA) published a consultation on regulated fees and levies which set out rate proposals for 2018/2019, and which outlines how the it plans to achieve its objectives by allocating funding in certain ways.

Read the consultation and the Institute’s response

 

The Financial Conduct Authority – SME access to the Financial Ombudsman Service – closed 22 April 2018The Institute has responded to the Financial Conduct Authority (FCA) consultation where it proposes to change its rules to allow more SMEs to refer disputes with financial services firms to the Financial Ombudsman Service.

Read the consultation and the Institute’s response.

 

The Accountant in Bankruptcy – Funding the Accountant in Bankruptcy 2018/19 – closed 12 March 2018

The Accountant in Bankruptcy (AiB) launched a consultation: Funding the Accountant in Bankruptcy 2018/19 which sought views on the right approach to adopt when funding the AiB in 2018/19 and in particular the proposal to raise fees from 1 June 2018.

Read the consultation and the Institute’s response.

 

The Department for Business, Energy & Industrial Strategy (BEIS) Committee – Inquiry – closed 8 March 2018

The Business, Energy & Industrial Strategy (BEIS) Committee launched a new inquiry into Government support for small businesses to boost productivity, and whether enough is being done to protect firms from unfair treatment by large companies. 

Read the consultation and the Institute’s response

 

The Ministry of Justice – Default County Court Judgments – closed 21 February 2018

The Ministry of Justice published a consultation  ‘Default County Court Judgments’ which aims to review the process for debt recovery through the courts, ensuring that it strikes the right balance between the legitimate right of a business or individual to pursue a money claim and the right of the debtor to know of any claim against them and the chance for them to defend that claim.

Read the consultation and the Institute’s response

 

Financial Conduct Authority – Future Approach to Consumers – closed 5 February 2018

The Financial Conduct Authority (FCA) published its ‘Future Approach to Consumers’ paper which explored its approach to regulating for retail consumers. The paper set out the FCA’s initial views on what ‘good’ looks like for all retail consumers, and aimed to explain how it will work to diagnose and remedy actual and potential harm, giving more certainty about its framework.

Read the consultation and the Institute’s response

 

Financial Conduct Authority – Persistent debt and earlier intervention remedies – feedback on CP17/10 and further consultation – closed 25 January 2018

The Financial Conduct Authority (FCA) published an updated consultation on rules to help customers in persistent credit card debt. This followed the April 2017 consultation ‘Credit Card Market Study: consultation on persistent debt and earlier intervention remedies’ to which the Institute responded. The paper focused on proposed changes to the planned rules and guidance, and revisions to the original cost benefit analysis.

Read the consultation and the Institute’s response

 

Department for Business, Energy & Industrial Strategy – Retentions in the Construction Industry – closed 19 January 2018

The Institute has responded to the Department for Business, Energy and Industrial Strategy (BEIS) paper which sought to review the practice of cash retention in the construction industry.

Read the consultation and the Institute’s response.

 

HM Treasury – Breathing Space – closed 16 January 2018

The Institute has responded to the HM Treasury  consultation on Breathing Space which seeks to gather information to gain insight into how a six week breathing space and statutory debt repayment plan could be best designed, implemented, administered and monitored.

Read the consultation and the Institute’s response

 

Financial Conduct Authority – Regulatory fees and levies proposals 2018/19 – closed 15 January 2018

The Financial Conduct Authority (FCA) has published its ‘Regulatory fees and levies policy proposals 2018/19’ consultation. The consultation sets out proposed policy changes to the way the FCA fees will be raised from 2018/19 and identifies the firms and other bodies affected by any such changes.

Read the consultation and the Institute’s response.