News & Analysis as of

Borrowers Financial Conduct Authority (FCA)

Hogan Lovells

UK FCA finalises changes to create stronger framework to support borrowers in financial difficulty

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The FCA has published its final rules and guidance aimed at strengthening protections for borrowers in financial difficulty, incorporating aspects of the Tailored Support Guidance (TSG) introduced during the COVID-19 pandemic...more

Hogan Lovells

Credit information: UK FCA publishes final report with remedies package for improving the market

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The Financial Conduct Authority (FCA) has published a final report containing remedies for the credit information market to help deliver better lending decisions for borrowers and improve competition and innovation for market...more

Proskauer Rose LLP

Green Loans – The FCA's Review of the Sustainability-Linked Loans Market

Proskauer Rose LLP on

Background On 29 June 2023, the UK’s Financial Conduct Authority (“FCA”) published a letter on the findings of its review of the sustainability-linked loans (“SLL”) market. SLLs aim to support sustainable economic activity...more

Hogan Lovells

As economic headwinds increase, lenders need to focus more on ensuring good customer outcomes

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The FCA has highlighted its concerns that lenders may not be ensuring fair outcomes for borrowers who find themselves in financial difficulty. With the cost of living crisis and a potential economic downturn, borrowers have a...more

Hogan Lovells

Borrowers in financial difficulty: FCA research report highlights areas of improvement for lenders

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In the context of its ongoing Borrowers in Financial Difficulty project, the FCA has published a research report that suggests there’s scope for more and better engagement by lenders with such customers. The message in the...more

Husch Blackwell LLP

LIBOR Transition FAQs - UPDATED March 2021

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With the use of LIBOR being phased out by the end of 2021 and its prevalence in corporate loans, adjustable-rate mortgages, floating rate notes, securitized products and derivatives products, nearly all lenders and borrowers...more

Pillsbury Winthrop Shaw Pittman LLP

Preparing for Take-Off: The LIBOR Transition and Aviation Finance

Recent developments mean a delayed departure for LIBOR. The cessation of most U.S. dollar LIBOR tenors has been delayed until June 30, 2023. Aircraft financiers, borrowers and lessors should take advantage of the...more

Hogan Lovells

Woolard Review sets out vision for unsecured credit: now over to the FCA to make it happen

Hogan Lovells on

The Woolard Review team has acted swiftly in publishing their recommendations to the FCA, publishing their findings just over two months after the initial Call for Input closed. The Review contains a number of recommendations...more

McNees Wallace & Nurick LLC

Transition From LIBOR Appears to Remain on Track (At Least for Now)

As both lenders and borrowers in the financial industry are well aware, the Financial Conduct Authority (FCA) of the United Kingdom publicly announced in 2017 that it would no longer compel financial institutions comprising...more

Cohen & Gresser LLP

COVID-19: Will Borrower Defaults Increase?

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On 11 March 2020, the Bank of England (the “Bank”) warned of “an economic shock that could prove sharp and large” resulting from the coronavirus outbreak that started in Wuhan, China, at the end of 2019. Presenting a package...more

Goodwin

Real Estate Peer to Peer Platform Lendy’s Demise and the Future of P2P Lending

Goodwin on

THE RISE OF P2P LENDING - With interest earned on capital at a low, a decreased appetite by High Street lenders to lend to small and medium-sized enterprises (SME’s) in the wake of the financial crisis and an opportunity...more

Steptoe & Johnson PLLC

LIBOR To Be Discontinued! What Will Your Bank Do?

Steptoe & Johnson PLLC on

In case you haven’t heard, the London Interbank Offered Rate (“LIBOR”) may be phased out by the end of 2021. Why? Because the Financial Conduct Authority (“FCA”) in the U.K. announced in July 2017 that it will stop requiring...more

Mintz - Real Estate, Construction &...

LIBOR Phase Out: Important Considerations for Negotiating Loan Documents

On July 27, 2017, the United Kingdom Financial Conduct Authority announced, without specifying a replacement, that it would phase-out the London Interbank Offer Rate (LIBOR) by the end of 2021. LIBOR, a rate measured by...more

Cole Schotz

Preparing Borrowers For The LIBOR Phase-Out: Some Practical Advice

Cole Schotz on

As a result of the well-publicized scandals involving LIBOR rate manipulation, British regulators announced plans in July 2017 to phase-out LIBOR by 2021 and replace it with a more reliable benchmark. In addition to other...more

Morrison & Foerster LLP

UK Regulations: Urgent Action Required from Loan-based Crowdfunding Platforms

The UK’s Financial Conduct Authority (“FCA”) published a “Dear CEO” letter on 28 February 2017 that requires urgent action from firms which operate a loan-based crowdfunding platform that facilitates loans to lending...more

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