This month, we witness the second stage of a new bill in Ireland, designed to increase protections for those involved in PCP agreements. During this stage, the debate centers around an extension of the Central Bank’s Consumer Protection Code which, amongst other things, would require auto-finance lenders to assess the suitability of their product…
Read More
What is Binance? Binance.com is a centralised online exchange platform, offering users a range of financial products and services, including purchasing and trading digital currencies, as well as digital wallets, securities, savings accounts and even lending. Where do the FCA stand? The Financial Conduct Authority refuses Binance from conducting any “regulated activity”…
Read More
The Financial Conduct Authority is introducing greater protections for retail clients by introducing a new consumer duty principle, aimed for firms providing and advising on products and services. In turn, this will increase the responsibility of firms to ensure consumers are provided with the products and services that are best fit for purpose and represent fair value. Firms are…
Read More
Proposed changes to responsible lending regulations hit the Australian federal Senate the week before last. Since the 2008 – 2009 Global Financial Crisis, Financial regulation and responsible lending laws have been largely combative, with inflamed tensions between bankers and lawyers. The reforms were first announced in September 2020, in the hopes of boosting Australia’s credit…
Read More
Our previous post on Buy Now Pay Later’s (BNPL’s) focussed on the possible transparency issues that can arise when utilising them, particularly regarding the silent accumulation of debt that has become increasingly concerning. The use of BNPL’s can further fuel a culture in which ‘fast fashion’ and excess consumption are viewed as both advantageous and…
Read More
An independent strategic review of UK financial technology (FinTech) has been published in line with the emerging prominence of this sector and the UK’s highly regarded fintech reputation. Also known as ‘The Kalifa Review’, its purpose is to aid the adoption and growth of Fintech in the UK. The review illustrates a strategy and delivery…
Read More
British expats living in the EU have faced a block on borrowing from some British lenders following the UK’s exit from the European Union. Lenders including Newbury and Marsden Building Societies have adopted the policy however have signalled that the restrictions may only be temporary measures, depending on ongoing negotiations between the UK and EU. …
Read More
Buy now Pay later (‘BNPL’) providers like Klarna and Clearpay allow customers to purchase goods in a series of instalments, without the fear of crippling interest rates or a late payment fee. Yet, the appeal of such an offer can often mask the reality that it is in fact, a form of credit. An unintended…
Read More
A leading analyst has warned that negative interest rates could cost Britain’s ‘big five’ banks £1 billion a year in lost profits. A cut in interest rates to -0.15% would knock up to 11% off the leading banks annual profits, even if they implement offsetting measures like those used within a eurozone. The warning comes…
Read More
The Bank of England (BoE) announced last week that it plans to revamp existing stress tests as a response to the coronavirus pandemic. The changes will impact stress tests across the UK banking sector and are being introduced in order to reflect the repercussions on personal and business finances from the pandemic and resulting lockdowns. …
Read More