consumers Archives - The Industry Spread

FCA Publishes Decision Notices Concerning Cathay International Holdings Limited, its CEO and Finance Director

June 10, 2019

The Financial Conduct Authority (FCA) has today published Decision Notices concerning Cathay International Holdings Limited and 2 of its directors, Mr Jin-Yi Lee and Mr Eric Siu.

The FCA considers that Cathay breached the FCA’s Listing Principles and Disclosure Rules and Transparency Rules (DTR) and has imposed a fine of £411,000. In the FCA’s view, Mr Lee was knowingly concerned in the company’s breaches and so has been fined £214,300. The FCA also considers that Mr Siu was knowingly concerned in one of the company’s breaches and so has been fined £40,200.

CFPB Proposes Regulations to Implement the FDCPA

May 13, 2019

Today the Consumer Financial Protection Bureau (Bureau) issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the NPRM would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.

FCA Changes Mortgage Advice Rules to Encourage Consumer Choice

May 11, 2019

The Financial Conduct Authority (FCA) has today published proposals for changes to its mortgage advice rules which will help to give consumers more choice in how they buy a mortgage.The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make it easier for customers to find the right mortgage.

FCA Begins Review of Financial Advice Market

May 6, 2019

The FCA’s review will consider whether these initiatives have been successful in achieving their objectives. The review will look at what consumers want from the market and how the market works to deliver this. It will also consider how new market trends and developments might affect the future development of advice and guidance services.

FCA Data Show 5% Drop in Complaints in the Second Half of 2018

April 23, 2019

The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the second half of 2018. FCA Data Show, During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the way they report complaints, in 2016. 3,181 firms reported receiving one or more complaints during 2018 H2, with 231 of these firms reporting 500 or more. These firms accounted for almost 98% of all complaints reported.