The Criminal Finances Bill 2016-17 is scheduled to come into law this summer. It contains a raft of radical measures directed at the financial sector in a renewed effort to ensure that criminals cannot enjoy the fruits of their unlawful activities. When enacted, the legislation will represent the most extensive shake-up of asset confiscation and
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The following overview highlights the key themes of the General Data Protection Regulation (GDPR) to help organisations understand the new legal framework in the EU. It explains the similarities with the existing UK Data Protection Act 1998 (DPA), and describes some of the new and different requirements. It is for those who have day-to-day responsibility
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Mortgage credit directive MCD. We are an operational and compliance consultancy firm who are able to offer a balanced and independent review of your business, and provide a 3rd tier line of defence for your business by instigating operational compliance auditing, forming part of your overall regulatory compliance strategy planning. In addition, as we have
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New guidance for financial crime systems and controls, took effect from the 27th April 2015 Link to the FCA Hand book http://fshandbook.info/FS/html/FCA/FC/link/PDF
Issued on the 27th March 2015 by the FCA. Policy Statement which sets out their final rules for implementation of the Mortgage Credit Directive and the new regime for second charge mortgages. https://www.fca.org.uk/news/ps15-9-implementation-of-the-mortgage-credit-directive
Reminder concerning complaints handling Member States have until 9 July 2015 to implement the Directive. FCA rules require firms to resolve complaints within 8 weeks so we are proposing to implement the rule changes for firms 8 weeks before the Directive has to be implemented (i.e. on 15 May 2015) to ensure that if firms take
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Place these in order: Who has a detailed ‘conversation’ with their customer (s) concerning their income and expenditure. 1. National car dealerships 2. 1st Charge Lenders 3. 2nd Charge Lenders 4. Pay day lenders 5. Unsecured Lenders 6. Debt Management companies 7. Citizens Advice Bureau and free debt advice institutes
The MCD implementation applies equally to first and second charge mortgages. Full consultation can be viewed: CP14/20 Implementing the Mortgage Credit Directive and the new regime for second charge mortgages
Buy to Let Mortgages This paper outlines the FCA proposed approach to implementing a legislative framework for ‘consumer buy-to-let’ (CBTL) mortgages. http://www.fca.org.uk/your-fca/documents/consultation-papers/cp15-03
Important Dates MCD comes into action on 21 March 2016 MCD rules can be applied to business as of Dec 2015. 2nd Charge firms must apply for Mortgage Permissions By April 2015 Brokers must obtain level 3 qualifications by 21st Sept 2018 Fees payable by us to the FCA may be changed based on a
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