News & Analysis as of

Payment Protection Insurance

Regulation Round Up - August 2017

by Proskauer Rose LLP on

2 August - The UK Competition and Markets Authority announced a consultation on proposed revisions to its published guidance on penalty setting in Competition Act 1998 cases....more

Claims management companies face stronger regulation

by DLA Piper on

Tighter regulation of Claims Management Companies (CMCs) is edging closer as the Financial Guidance and Claims Bill (Bill) makes its way through parliament. The Bill was announced in the Queen's Speech on 21 June. Amongst...more

Italy: IVASS once again shines a spotlight on PPI policies

by Hogan Lovells on

After one year from the last coordinated intervention of IVASS and the Bank of Italy in this sector aimed at better protecting policyholders/borrowers, IVASS issued a new letter to the market addressed to insurance...more

PPI Complaints – FCA publishes final rules and guidance

by DLA Piper on

Payment Protection Insurance (PPI) mis-selling has been a huge issue for firms. Not only has it damaged public trust and confidence but it has also been an enormous drain on resources with firms handling over 18.4 million PPI...more

French Legal and Regulatory Update - February 2017

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for February 2017. Commercial Law...more

UK: FCA's policy statement on the final rules and guidance for PPI complaints handling

by Hogan Lovells on

On the morning of 2 March 2017 the FCA published PS 17/3 (the “Policy Statement”), its response to feedback on its proposals regarding the handing of Payment Protection Insurance (“PPI“) mis-selling complaints. The FCA’s...more

New York City Enacts Nation’s First Freelance Worker Protection Law

As 2016 came to a close, New York City became the first in the nation to enact a law establishing payment protections and remedies for freelance workers. On November 16, 2016, Mayor de Blasio signed into law the Freelance...more

Financial Services Report, Summer 2016

by Morrison & Foerster LLP on

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Blog: UK Public Accounts Committee Criticises FCA – Regulatory Change Inevitable

by Cooley LLP on

The UK’s Public Accounts Committee (PAC) has published its report on “Financial Services Mis-selling: Regulation and Redress“. The Report examines and then criticizes the joint and several responses of the Financial...more

FOS consults on plans and budget for 2016/2017

by Dentons on

FOS is consulting on its proposed plans and budget for the next financial year (2016/2017). FOS also published an update on the figures for the current financial year (2015/2016). FOS plans to...more

FOS consults on PPI complaint changes

by Dentons on

FOS is consulting on possible changes to the time limits for PPI complaints. The change would mean that prospective complainants will have to submit their PPI complaint by a specific date, or lose the right to have their...more

FCA consults on PPI rules

by Dentons on

FCA is consulting on proposed new rules and guidance for payment protection insurance (PPI) complaints. This follows FCA’s statement that it would consult on introducing a deadline for PPI complaints, accompanied by a...more

FCA issues statement on PPI

by Dentons on

FCA has published a statement on payment protection insurance (PPI). FCA will consult by the end of 2015 on introducing a deadline by which consumers would need to make their PPI complaints or else lose their right to have...more

UK FCA to Consult on Introducing PPI Complaints Deadline

On October 2, 2015 the UK Financial Conduct Authority (FCA) published an announcement that it has decided to consult, by the end of the year, on the introduction of a deadline by which consumers would need to make their PPI...more

High Court Holds That Liability For Series Of FOS Complaints Did Not Transfer By Way Of Part VII FSMA Business Transfer Scheme

by Allen & Overy LLP on

The court considered whether liability for a series of Financial Ombudsman Service (FOS) complaints had been transferred by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act...more

Insurance and Reinsurance Newsletter - Italy: July 2015

by DLA Piper on

1. Solvency II - Insurance Code Amended - Legislative Decree No. 74 of 12 May 2015 was published in the Official Gazette on 15 June 2015, which has made all necessary amendments to the Insurance Code in order to...more

FSA Fines Lloyds Banking Group for Delayed PPI Payments

On February 19, the FSA published a final notice announcing that it had fined Lloyds Banking Group (LBG) a total of £4,315,000 for failing to make payment protection insurance (PPI) redress payments promptly. Between May 2011...more

Joint Finalized Guidance from the FSA and OFT on Payment Protection Products

On January 24, the FSA and the Office of Fair Trading (the OFT) published their joint finalized guidance on payment protection products....more

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