Financial regulation matters

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Underwriting standards for BTL

The PRA has issued a policy statement on underwriting standards for buy-to-let (BTL) mortgages and a supervisory statement which outlines minimum expectations for firms. Where amendments to policies and systems are required to bring all lenders up to prevailing standards, firms have until 1 January 2017 in relation to the more straightforward changes and 30 September 2017 for all remaining expectations.  It is anticipated that the new standards may have a significant impact on the BTL sector, bringing it more into line with the regulated mortgage market.

Safeguards against fraudulent bank transfers

Which? has filed a super-complaint to the PSR calling for banks to take greater responsibility for protecting consumers against fraudulent bank transfers. In particular, the complaint calls for formal investigation into the scale of bank transfer fraud and new measures and greater liability for banks when customers are tricked into making a bank transfer to a fraudulent individual.  The PSR is due to respond to the complaint before the end of the year.  On the issue of fraud more generally, please see our recent briefing.

Financial services and the ageing population

Earlier this year the FCA published a discussion paper on how financial services meet the needs of our ageing population. In an update published in September 2016 the FCA explains its findings so far and its proposed next steps for making the industry work well for older consumers, in particular in relation to pensions; the provision of advice and guidance; mortgages; vulnerability; access; the risk of scams and fraud; and the improvement of consumer communications.