October 15, 2019 James Hinch

The FCA says there is evidence that customers are losing out due to the way some lenders are rewarding those who sell car finance. The Financial Conduct Authority (FCA) declared war on discretionary commission models and is proposing a ban. What does this mean for NACFB Brokers? Following the Motor Finance Review in March, the…

October 15, 2019 James Hinch

Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay. The broker can set that rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act against customers’ interests. The FCA estimates the changes would save customers £165 million a…

October 11, 2019 Claire Cheung

The FCA and regulated firms have been taking steps to prepare in the event the UK leaves the EU on 31 October 2019 without a deal. Today the FCA has issued an update on steps certain firms need to take. The FCA is aware that leaving the EU during the working week could pose operational challenges…

October 11, 2019 James Hinch

The ICO has designed some guidance to help small to medium-sized UK businesses and organisations keep personal data flowing with Europe (the EEA) after Brexit. (The EEA is the EU plus Iceland, Norway and Liechtenstein.) If we leave the EU without a deal, most of the data protection rules affecting small to medium-sized businesses and…

October 11, 2019 James Hinch

The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA. Tullett Prebon, now part of TP ICAP, is an electronic…

October 10, 2019 Claire Cheung

As financial crime is on the increase, it is important to be aware that the Fifth Anti- Money Laundering Directive (5AMLD) comes into force on 10th January 2020. The directive seeks to addresses various weaknesses in the European Union’s current Fourth Anti- Money Laundering Directive (4AMLD). The major element of the 5AMLD is to reduce…

October 8, 2019 James Hinch

Natalie Charteris of South West Business Finance writes a review of the NACFBs’ SM&CR Hub. Having seen a few articles and Financial Conduct Authority (FCA) press releases regarding the SM&CR, I was initially daunted by yet another acronym (having just recovered from GDPR)!  However, I was delighted to find out that the NACFB compliance team…

September 16, 2019 Claire Cheung

The FCA has issued a new reminder for firms to register for its online Connect platform ahead of the January 2020 deadline. All authorised firms will need to use Connect to review and confirm the accuracy of their details annually, in line with their Accounting Reference Date (ARD), known as a mandatory annual update. Even…

August 30, 2019 Nicholas Murphy

Simon Lovell, field compliance manager at TMA Club, has said that the majority of brokers are not ready for the Senior Managers and Certification Regime, just 100 days before it replaces the Approved Persons Regime. Whilst high level awareness is currently good, he said, he urged brokers to “engage with the scheme” and “do what…

July 17, 2019 James Hinch

The Financial Conduct Authority is to move to a new platform for its data collection systems, which will include replacing Gabriel. Gabriel is the FCA’s main regulatory data collection system, facilitating the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms. The regulator has asked all users to complete a short survey…