FCA's Occasional Paper 58 analyses survey responses and respondents’ personal banking data in order to better understand consumer financial wellbeing.

TSC had written to FCA following reports that customers of UK banks living in the EU have been advised by their provider their current accounts will be closed once the transition period ends. It has now published FCA’s response on its expectations of banks and has called it a "welcome step".

TSC has now published the text of a letter sent to FCA with regard to concerns over customers of UK banks living in the EU who have been advised by their banks that their accounts will be closed after the transition period. It asks FCA to set out its expectations for how much notice firms must provide such customers with should they decide to close their customers’ accounts, and how FCA intends to ensure that firms do provide customers with sufficient notice prior to account closures.

TSC notes that there have been reports that customers of UK banks living in the EU have been advised by their provider their current accounts will be closed once the transition period ends. TSC has asked FCA to set out the regulator’s expectations with regard to notice periods and how it intends to ensure that banks provide customers with sufficient notice prior to account closures in order to make alternative arrangements.

Further to its July 2020 guidance consultation, FCA has published finalised guidance which clarifies that banks, building societies and credit unions are now expected to keep FCA informed of any plans for closures or conversions in good time before any final decision is made. This is in order to enable FCA to monitor whether customers are being treated fairly. Firms will also be expected to communicate information about closures to its customers no less than 12 weeks before the proposals are implemented. This should include making customers aware of alternatives they can use. This guidance is applicable from 21 September 2020.

This article by PSR’s Head of Policy, Genevieve Marjoribanks, discusses the regulator’s work in relation to APP scams, particularly with regard to the CRM Code, and indicates what outcomes it would like to see for consumers

FCA has published a guidance consultation setting out its expectation that firms should carefully consider the impact of a planned closure or conversion on their customers’ everyday banking and cash access needs, including withdrawals, deposits and other cash-related branch services such as cheque cashing. It also sets out FCA’s expectation that firms consider providing, and put in place alternative access arrangements where it is reasonable to do so.. FCA has also made it clear that. although closures or conversions are decisions for firms to take, firms should inform it at an early stage of any plans to close or convert branches or ATMs, and continue to engage with it through any process.

FCA has updated its statement of 25 March 2020 and sets out its expectations of firms as they begin to re-open branches and increase the range of services available. FCA also sets out advice for consumers.

LSB has published its summary report on provision R2(1) (c) of the Contingent Reimbursement Model Code for Authorised Push Payment Scams (the CRM Code). This sets out LSB’s findings and recommendations, including how have interpreted and applied the requirements of the Code for reimbursing customers; its effectiveness in delivering fair outcomes for consumers; and the consistency of approach. LSB notes examples of good practice and cites key areas for improvement, including reimbursement processes, identification of vulnerability, effective warnings, and record keeping. LSB will conduct a follow up review and a full review of the CRM Code later this year and launch a thematic review focused on effective warnings.

This draft SI sets out amendments to a number of financial-services related Regulations, including the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018; the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018; the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 and the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019.