Welcome to the December edition of the Technical Briefing for CICM members. In this edition, you can read the Institute’s response to consultations from the Money Advice Service on its independent review of the funding of debt advice and to HM Treasury on legislation to support cheque imaging. There is also still time to add your views to important consultations including those on breathing space and retention payments in the construction industry. In other news, read more on the Law Commission’s 13th Programme of Law Reform, the Insolvency Service assessment of pre-pack measures, and the summary of key themes discussed at recent FCA roundtables on alternatives to high-cost credit. All this and more, including the latest Bank of England Financial Stability Report, and UK Money Statistics from The Money Charity, can be found below.
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The Institute has
responded
to the
Money Advice Service
Independent Review of the Funding of Debt Advice in the UK on behalf of Peter Wyman CBE, DL. The Review will make recommendations for an appropriate funding framework for the future, and looks at issues that affect some of the most financially vulnerable people in society.
The Institute has
responded
to the
HM Treasury
consultation ‘Legislation to support cheque imaging’. The consultation focused on two pieces of legislation; the use of cheques as evidence of payment and also the compensation for a loss the customer may face.
Closing shortly
…
As featured in last month’s Technical Briefing, we welcome your views on the following:
A
consultation
has been published by
HM Treasury
which seeks 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.
Please complete the CICM survey
here
which links to a condensed version of the consultation, and also poses questions around different aspects of breathing space, and the potential impact on debtors and creditors. Please complete the survey by 17:00 on 8 January 2018.
The
Financial Conduct Authority
(FCA)
has published its ‘Regulatory fees and levies policy proposals 2018/19’
consultation
. The consultation sets out proposed policy changes to the way the FCA fees will be raised from 2018/19 and identifies the firms and other bodies affected by any such changes.
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 8 January 2018.
The Department for Business, Energy & Industrial Strategy (BEIS)
has published a
consultation
‘Retention Payments in the Construction Industry’. The paper seeks to review the practice of cash retention in the construction industry which may potentially cause a barrier to investment, productivity improvements and growth. To support this review, Government commissioned independent research from Pye Tait, and findings from the research can be seen
here
.
Government aims to gain insight into alternative mechanisms to retentions already used in some parts of the industry, and to research further into others which could be employed in the future. The consultation also aims to gather views and information on the effectiveness of existing prompt and fair payment measures for retentions, views on the Pye Tait research, late and non payment of retentions, the appropriateness of a ‘cap’ on the proportion of contract value and length of retention, and the costs and benefits of holding retentions in a retention deposit scheme or trust account.
Please complete the CICM survey
here
which poses questions we feel are most likely to be relevant to CICM members, by 17:00 on Wednesday 10 January 2018.
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.
In addition, we welcome your comments on the recently published...
The
Financial Conduct Authority
(FCA)
has published an updated
consultation
on rules to help customers in persistent credit card debt. This follows the April 2017
consultation
‘Credit Card Market Study: consultation on persistent debt and earlier intervention remedies’ to which the Institute
responded
. The focus of the paper is on proposed changes to the planned rules and guidance, and revisions to the original cost benefit analysis.
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 Thursday 18 January 2018.
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As part of its ongoing review of high-cost credit, the
Financial Conduct Authority (FCA)
is reviewing consumers’ alternatives to high-cost credit and how access to these alternatives can be improved. There have recently been three FCA roundtables held in London and Edinburgh to listen to consumer groups, industry bodies and others about their views and ideas. Read a
short summary of the key themes
from these discussions, which will be used as an insight to help develop proposals for action.
The
Financial Conduct Authority (FCA)
has published final rules which will require providers of personal current accounts and business current accounts to publish information that will help customers to compare the service they could receive from different providers. To read the Policy Statement, click
here
.
The
Financial Conduct Authority (FCA)
has published its December issue of
Regulation round-up
, a newsletter providing details of the FCA's recent activities.
The
Law Commission
has announced its 13th Programme of Law Reform. Read more
here
.
The
Money Advice Trust
has launched a #peaceofmind campaign focusing on how getting help to start to deal with debts can give peace of mind. Read more
here
.
A report by
Joseph Rowntree Foundation
has been published which examines poverty rates in the UK, and changes to figures over the past two decades. Read ‘UK Poverty 2017’
here
.
The Money Charity
has
announced
a new partnership with NextGen Planners who will be supporting the charity with its financial education workshops in schools.
The Insolvency Service
has announced that an assessment of the impact of the voluntary industry measures introduced in November 2015 to improve the transparency of connected party pre-pack sales in administration is to be undertaken. To read more, click
here
.
BACS
has launched a free, online marketing toolkit to help promote and increase Direct Debit sign-up rates. Read how you can receive the toolkit
here
.
CICM Legal Partner
DWF
examines Lord Justice Jackson’s fixed-costs proposals - read more
here
.
The
Bank of England
has published its latest ‘
PRA Regulatory Digest’
highlighting key regulatory news and publications for the month of November.
The
Bank of England
has redesigned its website. The new look site aims to be more modern and engage its users. To view the new look website, click
here
.
The Bank of England
has published its Financial Stability Report (November 2017). Click
here
to read.
Companies House
has announced that The Insolvency (Miscellaneous Amendments) Regulations 2017 came into force on 8 December 2017. To read more about the forms an Insolvency Practitioner administering a LLP insolvency must now use, click
here
.
Government
has published a white paper which sets out a long-term plan to boost the productivity and earning power of people throughout the UK. To read ‘Industrial Strategy: building a Britain fit for the future’ click
here
.
Mental Health UK
has announced the launch of a free service designed to help people experiencing both poor mental health and money problems in the UK. To read more, visit
Mental Health and Money Advice
.
The Money Charity
has announced the launch of its new ‘
Budget Builder’
which aims to track day-to-day spending, create a customised budget and set up a simple system for organising people’s money across various bank accounts.
The
Pensions Advisory Service
and the
Money Advice Service
have launched an integrated webchat service. Read more
here
.
The
Department for Business, Energy & Industrial Strategy (BEIS)
has published its ‘Business population estimates for the UK and Regions 2017’ statistics. Read more
here
.
‘The state of the credit management nation’ - read more and take the survey
here
.
Natasha Kaplinsky OBE interviews CICM Chief Executive - Watch an exclusive preview
here
.
Don’t miss out: Fantastic HALF-PRICE Credit Summit / Trade Credit Conference. Register by end of December for early bird offer- more information
here
.
Be a CICM Superhero - extend your professional network and earn rewards - visit
here
for more information. T&Cs apply.
10% Discount! - Give your team a great start to the New Year with 10% discount on CICM Open or In-company training. Read how,
here
.
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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 Credit Conditions Review from the Bank of England
here
, and also its latest statistical releases,
here
.
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