This weekly update from Clyde & Co's Financial Services Regulatory Team summarises new developments as reported by the FCA, the PRA, the UKLA, the Upper Tribunal, the Financial Ombudsman Service and the London Stock Exchange over the past week, with links to the full documents where these are available.

We hope that you will find this update useful.

Consultation papers:

15 May: CP13/2 – Mortgage Market Review – Data reporting. The FCA has published a consultation paper (CP13/2) regarding a proposed change of rules on the data that firms have to send it about mortgages. The FCA is proposing new rules on additional data collection to enable it to supervise the new requirements coming into effect on 26 April 2014 following the Mortgage Market Review. The proposed changes will affect two existing returns that lenders submit once a quarter: Product Sales Data; and Mortgage Lending and Administration Return. The FCA expects these changes to be finalised in the fourth quarter of 2013, giving firms 12 months to implement the changes before they would need to start collecting the new data in the first quarter of 2015. Responses to this consultation must be received by 15 August 2013.

http://www.fca.org.uk/static/documents/consultation-papers/cp13-02.pdf

Discussion papers:

No new developments this week.

Policy statements:

No new developments this week.

Press releases:

13 May: FCA Handbook Release 137. The FCA has published its Handbook Release 137 containing new pages to be inserted into the Handbook, and existing pages to be removed, in order to bring it up to date. This Handbook Release reflects changes that came into force between 7 April 2013 and 6 May 2013.

http://www.fca.org.uk/news/handbook/handbook-release-137

Speeches:

15 May: Meeting the growth challenge. The FCA has published a speech by Martin Wheatley, its Chief Executive, delivered to the British Insurance Brokers' Association conference at the ExCel Centre, London. In his speech, Mr Wheatley described the growth and prominence of the UK insurance industry but noted that a new approach to regulation is required. He stated that this new approach will be more forward looking and that the FCA will be more willing to take early action to prevent loss. The FCA will be more interested in general areas like behavioural economics, product design and industry trends. Furthermore, it will be acting on behalf of both the industry and consumers, as good regulation is in everyone's interests. Mr Wheatley noted that the change of focus should support all market players by promoting competition and reducing the risk of systemic failure, costly litigation and consumer loss. Mr Wheatley went on to describe how the FCA will play a more investigative role in insurance markets, with a particular focus on personal claims, to be addressed by a strategic review into the claims process. This review will look at themes across the general insurance market but with a particular focus on household and travel claims. Its findings and final recommendations are expected to be delivered in the last quarter of the year. Mr Wheatley noted that the review may result in rule changes, but requested that in the meantime, firms look at their claims culture and ensure that it is fit for the modern world.

http://www.fca.org.uk/news/firms/meeting-the-growth-challenge

Final notices:

No new developments this week.

Application refusals:

No new developments this week.

Approved person refusals:

No new developments this week.

Research publications:

No new developments this week.

UKLA publications:

No new developments this week.

Upper Tribunal (Tax and Chancery Chamber) (formerly Financial Services and Markets Tribunal (FSMT)):

No new developments this week.

Financial Ombudsman Service (FOS):

No new developments this week.

London Stock Exchange (LSE):

No new developments this week.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.