Publication
Generative AI
Artificial intelligence (AI) raises many intellectual property (IP) issues.
United Kingdom | Publication | April 2020
COVID-19 has impacted the lives of every individual across the country. It is critical that firms are able to continue to treat customers fairly during this challenging time and it is also more likely that customers will become vulnerable as the crisis unfolds meaning certain customers require greater support than others.
There have been various support packages announced by the Government along with associated guidance from the regulator to set expectations as to how this should be achieved in practice. It is possible that these expectations will evolve as the crisis unfolds, therefore firms will need to be agile over the coming period having regard to regulatory expectation and actual customer outcomes.
The Financial Conduct Authority has published various guidance for lenders, the key points of which are:
The guidance for mortgage lenders came into effect on 20 March 2020 and the regulator has committed to reviewing the impact it has had in three months and may issue amended guidance following this review.
The guidance for consumer credit lenders and in respect of overdrafts came into effect during April 2020.
We have summarised below the key forbearance guidance issued by the regulator across key lending products to date. The regulator has committed to reviewing the impact these have had over the next three months and further announcements may be made as the COVID-19 pandemic evolves.
In scope of guidance (as at April 17, 2020) | Notes | |
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Mortgages |
✓ |
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Arranged overdrafts |
✓ |
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Personal loans |
✓ |
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Guarantor loans |
✓ |
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Logbook loans |
✓ |
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Regulated credit union loans |
✓ |
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Regulated CDFI loans1 |
✓ |
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Credit cards and store cards |
✓ |
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Catalogue credit |
✓ | |
Home-collected credit |
✓ | |
Buy-now pay-later (BNPL) |
✓ |
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Hire purchase (inc. motor finance) |
✓ |
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High-cost short-term credit |
✓ |
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Pawnbroking |
✓ |
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Peer-to-peer |
x |
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Premium finance | x |
Publication
Artificial intelligence (AI) raises many intellectual property (IP) issues.
Publication
On December 27, 2023, the European Union’s new Anti-Coercion Instrument (Regulation 2023/2675) (the ‘ACI’) came into force. It aims to protect the European Union (the EU), and its Member States, from economic coercion by third countries. This could be a double-edged sword for businesses, however. While it provides a mechanism for shaping the EU response to injurious third-country measures, it also generates additional regulatory risk for those operating both within and outside the EU.
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