FCA publishes Handbook Notice No. 67
Regulatory Updates | 28/06/19
The Financial Conduct Authority (FCA) has published Handbook Notice Number 67, which covers changes made to the FCA Handbook made by its board on 30 May and 27 June 2019. The Handbook Notice contains eleven instruments, including:
• Mortgages and Home Finance (Peer to Peer) Instrument 2019 (FCA 2019/75), which makes changes to the Handbook to apply the Mortgage and Home Finance Conduct of Business sourcebook (MCOB) to peer-to-peer lending platforms offering home finance products, where at least one investor is not an authorised provider of home finance products. It came into force on 4 June 2019. Feedback on the consultation paper CP18/20 has been published in PS19/14.
• Operating an Electronic System in Relation to Lending (Peer-to-Peer Lending) Instrument 2019 (FCA 2019/69), which makes changes to introduce a package of rules and guidance to improve standards in the peer-to-peer sector. It comes into force on 9 December 2019. Feedback on the consultation paper CP18/20 has been published in PS19/14.
• Personal Current Accounts and Overdrafts Instrument 2019 (FCA 2019/71), which makes changes to simplify the pricing of overdrafts, standardise how they are advertised, and require firms to develop a strategy to reduce repeat overdraft usage. This instrument comes into force on 18 December 2019, and 6 April 2020. Feedback on CP18/42 has been published in PS19/16.
• Buy Now Pay Later Instrument 2019 (FCA 2019/72), which makes changes designed to address the harm experienced by customers who use Buy Now Pay Later offers by preventing firms from charging backdated interest on money that the consumer has repaid during the offer period, and improving information received by customers on such offers. The instrument comes into force on 12 September and 12 November 2019. Feedback on CP18/42 has been published in PS19/17.
• Payment Services and Buy Now Pay Later (Administrative Amendments) Instrument 2019 (FCA 2019/79), which makes minor administrative amendments to several reporting rules related to payment services, ensuring the FCA’s forms and completion guidelines are aligned with those of the European Banking Authority. This instrument comes into force on various dates.
