Welcome to the January edition of the Technical Briefing for CICM members. In this edition, read the Institute’s response to the HM Treasury consultation on Breathing Space and also to the BEIS consultation on retention payments in the construction industry. In other news, read how hidden charges for paying with a debit or credit card have been banned from 13 January, the Money Advice Service report on its review into the effectiveness of debt solutions in the UK, and the Crown Commercial Service January newsletter. All this and more, including the Information Commissioner’s Office updated guide to GDPR, the UK Finance update on Lending and the UK Money Statistics from The Money Charity, can be found below.
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The Institute has
responded
to the
Department for Business, Energy and Industrial Strategy (BEIS)
paper
which sought to review the practice of cash retention in the construction industry.
The Institute has
responded
to the
HM Treasury
consultation
on Breathing Space which sought to gather information to gain insight into how a six week breathing space and statutory debt repayment plan could be best designed, implemented, administered and monitored.
The Institute has
responded
to the
Financial Conduct Authority
consultation
‘Regulatory fees and levies policy proposals 2018/19’. The consultation set out proposed policy changes to the way the FCA fees will be raised from 2018/19 and identified the firms and other bodies affected by any such changes.
The
Ministry of Justice
has published a
consultation
‘Default County Court Judgements’ which aims to review the process for debt recovery through the courts, ensuring that it strikes the right balance between the legitimate right of a business or individual to pursue a money claim and the right of the debtor to know of any claim against them and the chance for them to defend that claim.
If you have any comments you wish to be reflected in the Institute’s response, please send them to
governance@cicm.com
by 17:00 on 8 February 2018.
Reminder: The Financial Conduct Authority (FCA)
has published its ‘Future Approach to Consumers’
paper
which explores its approach to regulating for retail consumers. The paper sets out the FCA’s initial views on what ‘good’ looks like for all retail consumers, and aims to explain how it will work to diagnose and remedy actual and potential harm, giving more certainty about its framework.
If you have any comments you wish to be reflected in the Institute’s response, please send them to
governance@cicm.com
by 17:00 on Monday 29 January 2018.
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The
Federation of Small Businesses
(FSB)
has launched a new FinTech platform to help further the success of the UK's small business and self-employed communities, after research found confidence within the sector has fallen. The FSB Funding Platform matches applicants with finance providers. Find out more
here
.
Businesses were no longer able to charge customers for using credit and debit cards due to new EU rules which took effect on 13 January, under new
legislation
known as the revised Payment Services Directive (PSD2).
HMRC
has
announced
that it will stop accepting payments by personal credit card as a result. It will continue to apply surcharges to payments made using corporate credit cards. To read an associated news story from
HM Treasury
, click
here
.
The
Money Advice Service
has published a report which sets out final recommendations resulting from an in-depth review into the effectiveness of debt solutions in the UK. Read the report
here
.
The
Financial Conduct Authority
(FCA)
has published its January issue of
Regulation Roundup
, a newsletter providing details of the FCA's recent activities.
The
Crown Commercial Service
has published its January newsletter which includes details of a Procurement Policy Note (PPN), aimed to assist companies to comply with GDPR requirements. Read more
here
.
StepChange Debt Charity
has published a
briefing
called ‘Stuck in the Red’ which looks at the impact persistent overdraft debt is having in the UK.
The
Information Commissioner’s Office
has produced an updated guide to GDPR covering contract, legal obligation and vital interests. Read more
here
.
The
Money Advice Service
has published ‘The Economic Impact of Debt Advice’, a
report
that demonstrates a financial return of up to £960m per year to the UK economy.
The
Credit Services Association (CSA)
has published a new Code of Practice, which can be found
here
. The new revised Code continues to promote best practice in terms of collections activity, and also details what the CSA expects of its members in terms of their business set-up, financial stability, employing people with the right skills, staff training, and how they treat all customers fairly. This Code of Practice replaces all previous versions and came into effect on 4 January 2018.
On 6 April 2018, the
Government
is introducing a number of changes to the fees for applying for patent protection and renewing granted patents. For more information, click
here
.
UK Finance
has issued its latest
update
on Lending which shows the recent trends in mortgage activity, credit card spending and business borrowing.
Companies House
has updated its
guidance
on ‘Liquidation and insolvency: companies in Scotland’ and also its
guidance
on ‘Liquidation and insolvency: companies in Northern Ireland’.
The
Money Advice Service
has published
A strategic approach to debt advice commissioning 2018-2023
.
This five-year strategy sets out an approach to commissioning free to client debt advice services, and outlines a plan to deliver better outcomes for the UK’s over-indebted population. The strategy document follows the July 2017
consultation
‘Strategic Approach to Debt Advice Commissioning 2018-2023’, to which the Institute
responded
.
The
Bank of England
has published its latest ‘Money and Credit’ statistical release. Read more
here
.
Applications are now open for prospective research assistants at the
Law Commission
. Read more
here
.
CICM Training Discounts - Give your team a great start to the New Year with 10% discount on Open or In-company training. To receive the 10% discount you must book by 31 January 2018 and schedule your training session before 31 March 2018. For an informal chat about your specific requirements contact
training@cicm.com
.
CICM UK Credit Management Index for Quarter 4 2017 is open – please take just 5 minutes to complete the short CICM
survey
for Q4 2017.
The
Bank of England
has published its latest ‘
PRA Regulatory Digest’
highlighting key regulatory news and publications for the month of December.
The
Cheque and Credit Clearing Company
has published its latest edition of
Cheque Matters
- this issue features a look at the launch of the Image Clearing System, which went live in October 2017.
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The
Office for National Statistics
-
The latest UK statistics
for GDP, debt, retail sales, public sector, inflation, population and employment.
Read the latest publications from the Bank of England
here
, and also its latest statistical releases,
here
.
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