FCA

18/11/2024

FCA Update

  • Annual Statement templates have been issued to members, we recommend that you liaise with your platform providers to discuss your individual needs. We have engaged with two suppliers who are currently reviewing their systems.
  • Consumer Duty – Members have been previously reminded how CD and the Principles of Business should be at the centre of their decisions. The NPA wants to remind our members that these principles are mandatory, rather than being optional.
  • Call for Action – The FCA have been issued with the NPAs’ response. Following the FCAs’ confirmation that Buy Now Pay Later products will be regulated by 2026, an additional query has been raised in relation to Brokering within our sector.
  • Buy Now Pay Later (BNPL) – The FCA states, “Once legislation and our rules are finalised, BNPL firms not currently authorised to lend to consumers will need to apply. Merchants offering goods or services in a person’s home and who offer agreements from third-party lenders will need to apply to become authorised for credit broking. We’ll assess all applications and seek additional information from firms where needed, to decide if they can be authorised. We will soon begin engaging with firms we expect will need to become authorised.” FCA expect to take on regulation of the sector in 2026.