Welcome to the second edition of our Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the.
The UK financial services regulator Financial Conduct Authority’s latest three-year Strategy and annual Business Plan could have a significant impact on private capital sponsors and.
The Appointed Representatives Regime enables certain businesses to conduct regulated activities without having to be authorised by the FCA. The FCA is proposing new rules to increase the regulatory burden on Principals to oversee ARs and to provide information to FCA.
Regulation will ‘build trust’ in buy-now-pay-later market
Regulation will help clear-up product confusion and build trust in the buy-now-pay-later (BNPL) market, industry experts have said.
Yesterday, the government announced plans to regulate the BNPL market. This followed the publication of the Woolard Review, an evaluation of the unsecured payment market launched in September.
As part of the review’s proposals, BNPL products will be regulated by the Financial Conduct Authority (FCA), and customers will be able to escalate complaints to the Financial Ombudsman.
Lenders will also be required to carry out affordability checks on customers as part of the proposed regulations.