FCA to remove repossession restrictions on 31 January

In a recent announcement, the UK Financial Conduct Authority (FCA) proposed that financial services firms would be able to resume repossessions from 31 January 2021. The FCA’s current consumer credit guidance means that firms are not able to terminate a regulated agreement or repossess goods or vehicles under the agreement that the customer needs – except in exceptional circumstances – until 31 January. However, the Association also explained that repossession should only be used “as a last resort” and complying with public health regulations such as social distancing and shielding.

FCA to remove repossession restrictions on 31 January

Jan 20, 2021

In a recent announcement, the UK Financial Conduct Authority (FCA) proposed that financial services firms would be able to resume repossessions from 31 January 2021. The FCA’s current consumer credit guidance means that firms are not able to terminate a regulated agreement or repossess goods or vehicles under the agreement that the customer needs – except in exceptional circumstances – until 31 January. However, the Association also explained that repossession should only be used “as a last resort” and complying with public health regulations such as social distancing and shielding.

Britain faces “darkest hour” as PwC to examine bounce back loan fraud

The Bank of England has warned that the recent resurgence of the pandemic could tip the economy back into recession. Ben Broadbent (pictured above), deputy governor for monetary policy at the Bank of England, explained: “The UK is in the grip of a double-dip recession. GDP is likely to have ended 2020 at around 10% lower than at the end of 2019, marking the sharpest decline, through any calendar year, at least since 1920.

Britain faces “darkest hour” as PwC to examine bounce back loan fraud

Jan 13, 2021

The Bank of England has warned that the recent resurgence of the pandemic could tip the economy back into recession. Ben Broadbent (pictured above), deputy governor for monetary policy at the Bank of England, explained: “The UK is in the grip of a double-dip recession. GDP is likely to have ended 2020 at around 10% lower than at the end of 2019, marking the sharpest decline, through any calendar year, at least since 1920.

Personal Data post-Brexit: Kate Brimsted explains how the UK is allowed “third country” status for up to six months

The UK and the EU concluded the Trade and Cooperation Agreement on 24 December 2020. The Agreement provides a framework under which trade will take place following expiry of the transition period on 31 December 2020. “Personal data” is mentioned a mere 158 times in the 1265 pages of the document but there are some significant impacts in this area, as in so many others.

Personal Data post-Brexit: Kate Brimsted explains how the UK is allowed “third country” status for up to six months

Jan 06, 2021

The UK and the EU concluded the Trade and Cooperation Agreement on 24 December 2020. The Agreement provides a framework under which trade will take place following expiry of the transition period on 31 December 2020. “Personal data” is mentioned a mere 158 times in the 1265 pages of the document but there are some significant impacts in this area, as in so many others.

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

UK Financial Services face anxious wait for trading to commence following Brexit deal uncertainty

Jan 05, 2021

The key UK financial services sector faces an anxious wait to learn on what basis it can keep dealing with Europe. This is after being largely omitted from the trade deal along with services in general, which account for 80% of Britain’s economy. While market players hope that years of preparations since Britain voted to leave the European Union means the transition of most euro-denominated assets like shares and derivatives out of the country will be relatively smooth - the long-term impact remains unclear.

General legal and regulatory

DF Capital primed to aid in liquidity crisis as it hits major milestone with new banking licence

Oct 14, 2020

Following the resubmission of its banking licence application last year, Distribution Finance Capital (DF Capital) has received confirmation from the PRA and FCA that it has been authorised as a bank. This news represents a significant milestone for the company as it raises them to the next level when it comes to their ability to raise funds and to lend. Also, the arrival of another lender with significant funds to place is certain to aid in the response to the numerous liquidity issues facing the industry in the wake of the pandemic.