Treasury Committee
Decarbonisation of the UK economy and green finance - Treasury Committee relaunches inquiry to account for COVID-19 - 24 July 2020
The House of Commons Treasury Committee has relaunched its inquiry into the decarbonisation of the UK economy and green finance. The Treasury Committee will seek additional evidence on how and whether the UK’s response to COVID-19 should take into account the government’s target for achieving net zero carbon emissions by 2050. The inquiry was originally launched in June 2019.
The additional terms of reference for the inquiry include whether HM Treasury’s support should distinguish between companies based on how much they pollute and whether it should fund green infrastructure directly as part of its COVID-19-spending package.
The Treasury Committee requests written submissions to be made in response to its call for evidence by 28 August 2020.
Press release: Treasury Committee relaunches inquiry into the decarbonisation of the UK economy and green finance to take account of COVID-19
Call for evidence
Webpage
Financial Conduct Authority
Supervisory correspondence - FCA publishes new webpage - 24 July 2020
The FCA has published a new webpage containing information on how it communicates with FCA-regulated firms. The FCA explains that it uses a range of different channels to communicate with firms, including sending letters to senior individuals in firms, using social media, hosting industry events and delivering speeches.
The FCA also explains that all firms it supervises are categorised as members of a portfolio of firms that share a common business model. For portfolio communications, the FCA states that it will set out: (i) its view of the main risks of harm in a portfolio; (ii) the action it expects firms to take; and (iii) what it will be doing to reduce the level of harm in that sector. The webpage also lists all the portfolio letters the FCA has published to date.
FCA webpage on supervisory correspondence
Financial Services Register - new version launched by the FCA - 27 July 2020
The FCA has launched a new version of its Financial Services Register. The FCA states that the redesigned register aims to make it easier for users to navigate and understand the information it contains. In particular, the new version contains more information on the purpose of the register and how to use it, and more prominent information relating to consumer protection. The FCA intends to review and improve the register on an ongoing basis to ensure that it continues to meet the needs of users.
The FCA confirms that it intends to publish its directory of certified and assessed persons on the register later in 2020. The FCA further notes that it is currently proposing to extend the previous deadline of 9 December 2020 for solo-regulated firms to submit information about Directory Persons to the Register to 31 March 2021.
Press release: FCA launches enhanced Financial Services Register
Webpage
FCA Guidance Consultation GC20/3: Guidance for firms on the fair treatment of vulnerable customers - July 2020
The FCA has published a Guidance Consultation (GC20/3) setting out draft guidance on the fair treatment of vulnerable customers. This consultation forms the second stage of the consultation process and follows the FCA’s prior Guidance Consultation (GC19/2) on the aims and content of the draft guidance in July 2019.
The guidance aims to ensure that vulnerable consumers experience the same outcomes as other consumers and that they receive consistently fair treatment across the sectors regulated by the FCA. It is relevant to all firms involved in the supply of financial products and services to retail customers who are natural persons, even if they do not have a direct client relationship with the customers.
The draft guidance includes the FCA’s definition of vulnerability and sets out the regulator’s expectations on several issues, including:
- ensuring that firms understand the nature and scale of characteristics of vulnerability in their target market and customer base and understand the impact of vulnerability on consumers’ needs;
- ensuring that staff have the skills and capability to address the needs of vulnerable consumers they have identified; and
- ensuring that firms translate their understanding of the needs of vulnerable consumers into practical action.
The FCA has also published case studies and a report on the outcome of research it has undertaken on the experiences of vulnerable customers in the financial services sector.
The consultation period closes on 30 September 2020. The FCA intends to finalise the guidance later in 2020 or early in 2021.
FCA Guidance Consultation GC20/3: Guidance for firms on the fair treatment of vulnerable customers
FCA report on its research on the experiences of vulnerable customers in financial services
FCA case studies on the experiences of vulnerable customers in financial services
Webpage
Press release
