The Financial Conduct Authority (FCA)’s has recently published its Borrowers in Financial Difficulty report which includes good outcome examples from lenders who dealt with struggling customers during the pandemic. It may be useful for members who are involved in lending and may have customers who are currently struggling.
Download the Borrowers in Financial Difficulty report pdf from the FCA website.
Regulated members should already be aware that the FCA has published new rules to make authorised financial firms more responsible for their appointed representatives (ARs). As part of the enhanced reporting requirements, principal firms will receive a mandatory section 165 data request for information about their ARs – which will be issued between 8 to 10 December. Firms will have until 28 February to respond to the request.
The FCA has said: “We will send the S165 request by email to the Principal User on Connect. Therefore, firms should ensure their details are up to date. If you are a principal firm and you do not receive the S165, please check your spam/junk folder in the first instance. If the request is not there, please email the FCA at [email protected] and a new email and corresponding link will be sent to you.”
Also see the BVRLA’s guidance page: Regulatory changes from the FCA which includes a video with Harry Madan, the association’s Head of Compliance & Governance explaining the FCA’s changes to the Appointed Representatives regime.
