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Detailed Rules For The Fca Regime For Consumer Credit
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Book Synopsis Regulating Consumer Credit by : Great Britain: National Audit Office
Download or read book Regulating Consumer Credit written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2012-12-19 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: UK consumers borrowed £176 billion in 2011-12 from credit card companies, small businesses offering hire purchase arrangements and payday lenders. The NAO estimates the Office of Fair Trading saved consumers £8.60 for every £1 it spent on enforcing regulations in 2010-11 by taking action against non-compliant firms. During the same period, nevertheless, consumers lost at least £450 million from problems that regulation did not address, such as malpractice by firms that was not reported to the regulator. Consumers can also make poor choices themselves. The OFT is not resourced to carry out on a day-to-day basis either the supervision of firms or the monitoring of their compliance with licence standards. This means it can act only when it receives information of non-compliant behaviour by a firm. Therefore some harm must already have taken place in order to prevent further losses to consumers. The OFT funds consumer credit regulation solely from licence fees, and today's report shows it had £11.5 million to regulate the market in 2011-12 which is not enough. Furthermore, weaknesses in the OFT's management information mean it cannot be sure these limited resources are being targeted to the areas of greatest risk to consumers. The OFT's limited understanding of the costs of enforcement means it does not have an accurate picture of the proportion of its budget which is spent on different activities. In addition, the OFT does not collect information on the level of lending provided by each firm, and therefore does not have a quantified understanding of the supply in the market
Book Synopsis Consumer Credit Law and Practice - A Guide by : Dennis Rosenthal
Download or read book Consumer Credit Law and Practice - A Guide written by Dennis Rosenthal and published by Bloomsbury Publishing. This book was released on 2018-01-26 with total page 555 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A new edition of Dennis Rosenthal's Consumer Credit Law and Practice - A Guide is always an event to be welcomed by the busy practitioner... In all this welter of regulation, there is a great need for a work which reduces the mass of case law and regulation covered in encyclopaedic works into a clear, concise and readable form which steers a way through the labyrinth. This is just such a book... It is to be warmly welcomed.” From the Foreword by Roy GoodeThe most useful and comprehensive single volume work on the subject of consumer credit. Consumer Credit Law and Practice - A Guide, Fifth Edition is an easily accessible guide covering all aspects of consumer credit, consumer hire and ancillary credit businesses. Written in a clear and penetrating style, the new fifth edition has been extensively updated and rewritten to take account of all relevant case law, legislative changes and developments, including: - coverage of EU Directives relating to alternative dispute resolution, supervision of credit institutions and consumer credit agreements for residential immovable property - the transfer of licensing from the OFT under CCA 1974 to authorisation and permission by the FCA under FSMA - the substitution of substantial parts of CCA 1974 and regulations under that Act, by FSMA, regulations under FSMA including RAO, and the FCA Handbook, in particular the Consumer Credit sourcebook (CONC) and the Mortgages and Home Finance Conduct of Business sourcebook (MCOB) - new chapters on FCA requirements and procedures relating to authorisation and permission, treating customers fairly, supervision and reporting, and alternative dispute resolution - developments in related areas such as data protection, fraud prevention and anti-money laundering Consumer Credit Law and Practice - A Guide, Fifth Edition is essential reading for: banking and commercial law practitioners; in-house lawyers; companies operating in consumer credit related industries, including banks and building societies, credit card companies, finance and leasing companies; compliance personnel; and consumer advisers.
Book Synopsis The Regulation of Consumer Credit by : Sarah Brown
Download or read book The Regulation of Consumer Credit written by Sarah Brown and published by Edward Elgar Publishing. This book was released on 2019 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This incisive book gives a comprehensive overview of the regulation of consumer credit in both the US and the UK. It covers policy, procedure and the dynamics of the consumer credit relationship to advocate for a balanced approach in achieving more effective consumer protection.
Author :Great Britain. Department of Trade and Industry Publisher :Stationery Office/Tso ISBN 13 :9780101604024 Total Pages :114 pages Book Rating :4.6/5 (4 download)
Book Synopsis Fair, Clear and Competitive by : Great Britain. Department of Trade and Industry
Download or read book Fair, Clear and Competitive written by Great Britain. Department of Trade and Industry and published by Stationery Office/Tso. This book was released on 2003 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although consumer credit is central to today's UK economy, the laws regulating the market were mostly established in the early 1970's. At that time, there was only one credit card available and the amount owed totalled [pound]32 million. Today, there are 1,300 credits cards available and the total level of personal debt owed amounts to [pound]49 billion. This White Paper contains proposals for reform of Britain's consumer credit legislation, in order to modernise the current regime and to promote innovation and market competition whilst also providing adequate levels of consumer protection, choice and information. It includes proposals to address unfair credit practices and promote greater market transparency, tackle the problems of illegal money lenders or 'loan sharks', further European-wide consumer credit provision, and develop a strategy to minimise levels of personal finance debt. This two volume set also contains a consultation paper with proposals for regulations on early settlement; consumer credit advertising; the form and content of credit agreements; APRs on credit cards; and on-line agreements. The deadline for responses is Monday 15th March 2004.
Book Synopsis A new approach to financial regulation by : Great Britain. Treasury
Download or read book A new approach to financial regulation written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2012-01-27 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document accompanies the introduction into Parliament of the Financial Services Bill (HC Bill 278, session 2010-12, ISBN 9780215039545 and Explanatory notes Bill 278-EN, ISBN 9780215039132) and explains the Government's final proposals to reform the failed system of financial services regulation. These proposals follow on from extensive consultation, and a draft of the Bill was subject to pre-legislative scrutiny by a Joint Committee (report published as HL Paper 236/HC 1447, ISBN 9780108474064). This document details the main changes the Government is making to the Bill. Chapters cover: Bank of England and Financial Policy Committee; Prudential Regulation Authority; Financial Conduct Authority; regulatory processes and coordination; European and international regulation. Annexes include the Government's responses to the Joint Committee and to the Treasury Committee's inquiries into financial services regulation. The core proposals are: to establish a strong and expert macro-prudential authority, the Financial Policy Committee within the Bank of England to monitor and respond to systemic risks; to transfer responsibility for micro-prudential management of firms that manage complex risks on their balance sheets to a focused new regulator, the Prudential Regulatory Authority; and to provide for a focused new conduct of business regulator, the Financial Conduct Authority, to ensure that business across financial services and markets is conducted in a way that advances the interests of all users and participants. In any future crisis it will be clear that the Chancellor of the Exchequer is in charge. Regulation of consumer credit will be brought within the remit of the Financial Conduct Authority.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :Stationery Office ISBN 13 :9780215058683 Total Pages :80 pages Book Rating :4.0/5 (586 download)
Book Synopsis Regulating consumer credit by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Regulating consumer credit written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by Stationery Office. This book was released on 2013-05-31 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporating HC 866 of Session 2013-14. The NAO report on this report published as HC 685, session 2012-13 (ISBN 9780102980578)
Book Synopsis Credit, Consumers and the Law by : Karen Fairweather
Download or read book Credit, Consumers and the Law written by Karen Fairweather and published by Routledge. This book was released on 2016-10-14 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer law, particularly consumer credit law, is characterised by increasingly complex regulation in Western economies. Reacting to the Global Financial Crisis, governments in the UK, the EU, Australia, New Zealand and the United States have adopted new laws dealing with consumer credit, responsible lending, consumer guarantees and unfair contracts. Drawing together authors from all of these jurisdictions, this book analyses and evaluates these initiatives, and makes predictions as to their likely success and possible flaws.
Book Synopsis A new approach to financial regulation by : Great Britain. Treasury
Download or read book A new approach to financial regulation written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2011-02-17 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document presents more detailed proposals for financial regulation following on from the consultation paper "A new approach to financial regulation: judgment, focus and stability" (July 2010, Cm. 7874, ISBN 9780101787420) and continuing policy development by the Treasury, Bank of England and Financial Services Authority. The Government's reforms focus on three key institutional changes. First, a new Financial Policy Committee (FPC) will be established in the Bank of England, with responsibility for 'macro-prudential' regulation, or regulation of stability and resilience of the financial system as a whole. Second, 'micro-prudential' (firm-specific) regulation of financial institutions that manage significant risks on their balance sheets will be carried out by an operationally independent subsidiary of the Bank of England, the Prudential Regulation Authority (PRA). Thirdly, responsibility for conduct of business regulation will be transferred to a new specialist regulator, the Financial Conduct Authority (FCA). Individual chapters cover: Bank of England and Financial Policy Committee; Prudential Regulation Authority; Financial Conduct Authority; regulatory process and co-ordination; compensation, dispute resolution and financial education; European and international issues; next steps; how to respond; impact assessment. The chapters contain significant detail on how the legislative framework will be constructed in order to deliver the Governments' priorities for the framework. The Government will consult on these proposals with a view to publishing a draft bill in spring 2011.
Book Synopsis The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 by : Great Britain
Download or read book The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 written by Great Britain and published by . This book was released on 2020-11-11 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Enabling power: Consumer Credit Act 1974, ss. 76 (3), 88 (1) (4), 98 (3),182 (2) (c), 189 (1). Issued: 11.11.2020. Sifted: -. Made: 10.11.2020. Laid: 11.11.2020. Coming into force: 02.12.2020. Effect: S.I. 1983/1561 amended. Territorial extent & classification: E/W/S/NI. General
Book Synopsis The EU Crowdfunding Regulation by : Pietro Ortolani
Download or read book The EU Crowdfunding Regulation written by Pietro Ortolani and published by Oxford University Press. This book was released on 2022 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an in-depth and timely analysis of the EU Crowdfunding Regulation. Striking a balance between academic scrutiny and practical context, and drawing upon various aspects of financial law, consumer law, and dispute resolution, it is invaluable for practitioners and academics seeking to understand an innovative alternative mode of funding.
Book Synopsis Research Handbook on Shadow Banking by : Iris H.-Y. Chiu
Download or read book Research Handbook on Shadow Banking written by Iris H.-Y. Chiu and published by Edward Elgar Publishing. This book was released on with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Handbook on Shadow Banking brings together a range of international experts to discuss shadow banking activities, the purposes they serve, the risks they pose to the financial system and implications for regulators and the regulatory perimeter. Including discussions specific to the UK, European Union, US, China and Singapore, this book offers high level and theoretical perspectives on shadow banking and regulatory risks, as well as more detailed explorations of specific markets in shadow banking.
Download or read book Fringe Finance written by Rob Aitken and published by Routledge. This book was released on 2015-02-11 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most recent conversations about financial instability in International Political Economy have addressed the ongoing financial spasms of the past five years; a global financial spasm unleashed by the 2008 subprime debacle, ongoing Eurozone instability, and general price volatility in securities markets globally. Alongside and as part of these broader spasms, however, has been another key trend—the intensifying reach of global financial markets into and among those populations which live at its very edges. There are increasing, and increasingly profitable, experiments which are explicitly targeted to those without regular access to full or formalized financial practices. This book places the practices of fringe finance in critical context by situating them within a larger set of discussions in the field. Most importantly, this book is part of a much broader attempt in IPE to rethread the study of finance to questions of cultural and social theory in a meaningful manner. Finance is increasingly subjected to innovative forms of social inquiry influenced by a range of diverse methods including governmentality, actor-network theory and cultural economy. By drawing on several strands of social theory, this book contributes to this broader movement in IPE and helps open more space for the continuation of these interdisciplinary conversations. This work will be of great interest to students and scholars of IPE, development studies and economic sociology.
Book Synopsis The Future of High-Cost Credit by : Jodi Gardner
Download or read book The Future of High-Cost Credit written by Jodi Gardner and published by Bloomsbury Publishing. This book was released on 2022-07-14 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book proposes a new way of thinking about the controversial and complex challenges associated with the regulation of high-cost credit, specifically payday lending. These products have received significant attention in both the media and political arena. The inadequacy of regulatory interventions has created ongoing problems with the provision of high-cost credit, particularly for consumers with lesser bargaining power and who are already financially vulnerable. The book tackles two specific gaps in the existing literature. The first involves inadequate analysis of the relevant philosophical concepts around high-cost credit, which can result in an over-simplification of what are particularly complex issues. The second is a lack of engagement in both the market and lived experience of borrowers, resulting in limited understanding of those who use these financial products. The Future of High-Cost Credit explores the theoretical grounding, policy initiatives and interdisciplinary perspectives associated with high-cost credit, making a novel and insightful contribution to the existing literature. The problems with debt extend far beyond the legal sphere, and the book will therefore be of interest to many other academic disciplines, as well as for those working in public policy and 'the third sector'.
Book Synopsis Microfinance and Financial Inclusion by : Eugenia Macchiavello
Download or read book Microfinance and Financial Inclusion written by Eugenia Macchiavello and published by Routledge. This book was released on 2017-07-20 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the recent global financial crisis there is a growing interest in alternative finance – and microfinance in particular – as new instruments for providing financial services in a socially responsible way or as an alternative to traditional banking. Nonetheless, correspondingly there is also a lack of clarity about how to regulate alternative financial methods particularly in light of the financial crisis’ lessons on regulatory failure and shadow banking’s risks. This book considers microfinance from a legal and regulatory perspective. Microfinance is the provision of a wide range of financial services, particularly credit but also remittances, savings, to low-income people or financially excluded people. It combines a business structure with social inspiration, often resorts to technological innovations to lower costs (Fintech: e.g. crowdfunding and mobile banking) and merges with traditional local experiences (e.g. financial cooperatives and Islamic finance), this further complicating the regulatory picture. The book describes some of the unique dimensions of microfinance and the difficulties that this can cause for regulators, through a comparative analysis of selected European Union (EU) countries’ regimes. The focus is in fact on the EU legal framework, with some references to certain developing world experiences where relevant. The book assesses the impact and validity of current financial regulation principles and rules, in light of the most recent developments and trends in financial regulation in the wake of the financial crisis and compares microfinance with traditional banking. The book puts forward policy recommendations for regulators and policy makers to help address the challenges and opportunities offered by microfinance.
Book Synopsis The Palgrave Handbook of Technological Finance by : Raghavendra Rau
Download or read book The Palgrave Handbook of Technological Finance written by Raghavendra Rau and published by Springer Nature. This book was released on 2021-09-09 with total page 888 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrencies, and blockchains. Section 3 addresses alternative payment systems such as digital money and asset tokenization. Section 4 deals with crowdfunding models from both a theoretical perspective and from a regulatory perspective. Section 5 discusses data-driven business models and includes a discussion of neural networks and deep learning. Finally, Section 6 discusses welfare implications of the technological finance revolution. This collection highlights the most current developments to date and the state-of-the-art in alternative finance, while also indicating areas of further potential. Acting as a roadmap for future research in this innovative and promising area of finance, this handbook is a solid reference work for academics and students whilst also appealing to industry practitioners, businesses and policy-makers.
Book Synopsis Nigerian Consumer Credit by : Philemon Iko-Ojo Omede
Download or read book Nigerian Consumer Credit written by Philemon Iko-Ojo Omede and published by Springer Nature. This book was released on 2022-08-30 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book critically reviews transnational banking regulations that specifically impact consumer lending in Africa's largest economy. It provides a comprehensive analysis on the politics and economics of financial sector consolidation in an emerging market in West Africa, also covering law, consumer credit, and consumer policy along with a discussion of banking sector reforms heavily influenced by the neoliberal economics paradigm. There have been several developments since the publication of the existing books especially in the area of regulatory theory and social protection that are captured in this book, which will be of interest to researchers, students, and scholars of banking regulation, development economics, and international finance.
Book Synopsis Law and Practice of Crowdfunding and Peer-to-Peer Lending in Australia, China and Japan by : Pelma Rajapakse
Download or read book Law and Practice of Crowdfunding and Peer-to-Peer Lending in Australia, China and Japan written by Pelma Rajapakse and published by Springer Nature. This book was released on 2022-08-03 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revolution in financial technology (FinTech) has created many advancements in the lending and investment space across the world. Law and Practice of Crowdfunding and Peer-to-Peer Lending in Australia, China, and Japan is a timely publication as FinTech grows up and moved into the mainstream of finance in the last decade. Financial services is a highly regulated industry as it is the lifeblood of a modern economy. Pelma Rajapakse, Hatsuru Morita, and Yinxu Huang have done very solid work blazing a new trail in what is a new industry and how to regulate it properly instead of stifling innovation. They have carried out a deep exploration and a thorough compilation of research that will bring everyone up to date on what Australia, China, and Japan are planning and doing in the field of crowdfunding and peer-to-peer lending. In addition to peer-to-peer lending, the book focuses on laws and practices related to Central Bank digital currencies, cryptocurrency, Bitcoin, and Initial Coin Offerings (ICOs) which is very meaningful and forward-looking. The authors presented their thoughts in such clarity that, even those who lack familiarity with Asia-Pacific, will see how FinTech was growing in various ways driven by different factors. For example, peer-to-peer lending in Japan is mostly for small and medium enterprises. It was popular in China but cracked down by the authorities for a few years. It provides an alternative fundraising channel for the capital market in Australia. We also see a set of regulatory approaches among jurisdictions. Some countries draft new regulations, while others amend existing laws. The mechanism of the regulatory sandbox was introduced. As we know, one size does not fit all. What kind of best practices or lessons learned can we apply to our own jurisdiction? This book covers all available answers to date. This volume speaks highly of the quality and foresight of Pelma Rajapakse and her co-authors.
