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Financial Services Regulatory update, 17 December 2014 - 6 January 2015

Welcome to TLT's Financial Services Regulation round up. In each edition we summarise the latest regulatory news, focusing specifically on regulatory reform, consumer credit, the Financial Ombudsman Service, advertising, insurance, mortgages, banking and payments, and give a round up of industry news. Among the stories we cover this week are:

  • The EP and EC agree on an AML directive obliging Member States to maintain central registers of ultimate beneficial owners;
  • Which? reviews the payday market following implementation of the price cap and calls for the FCA to 'turn the spotlight on unfair practices in the wider credit market';
  • EU Parliament decides to cap credit card and debit card transaction fees;
  • FCA and PRA publish consultation paper on 'Strengthening accountability in banking: forms, consequential and transitional aspects; and
  • TLT comments on how the FCA will 'crackdown' on the wider consumer finance industry.

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