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In recent months, the consumer finance sector has experienced a wave of significant legislative and regulatory developments.
United Kingdom
Finance and Banking
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In recent months, the consumer finance sector has experienced a
wave of significant legislative and regulatory developments. A
series of high-profile publications and announcements have brought
about important changes that are set to reshape the landscape for
both businesses and consumers. As the sector adapts to this dynamic
environment, it is crucial for market participants to stay informed
and understand the implications of these new rules and
requirements. In this issue, we explore these legislative and
regulatory changes, highlighting their potential impact on the
consumer finance industry and offering insights into what
businesses should be considering as they navigate this period of
transformation.
Renters’ Rights Act 2025: scope and implementation
dates
The new Renters’ Rights Act 2025 is a significant
legislation marking the greatest increase to renters’ rights in
a generation. The Act introduces several implications for lenders,
primarily by increasing operational and financial risk for
buy-to-let landlords, which can affect the security and value of
mortgaged properties and the reliability of loan repayments. The
long-awaited changes to the assured tenancy regime will be
implemented in phases, beginning at the end of 2025. This article
sets out the scope of and timescale for the reforms to be brought
into force and the impact for the buy to let sector. Private sector
landlords (and their funders) will need to think about how they
comply with the new assured periodic tenancy rules and to consider
the operating impacts of the new regime.
Read more here on the scope of and timescale for
the reforms >
Navigating the Public Authorities (Fraud, Error and Recovery)
Act 2025: key implications and challenges for deposit takers
The newly introduced Public Authorities (Fraud, Error and
Recovery) Act 2025 will safeguard public money by reducing public
sector fraud, error and debt. The Act introduces new powers for
relevant Government authorities which will impact authorised
deposit takers i.e., banks and building societies. The Act creates
several compliance requirements for these institutions to help the
authorities to counter public sector fraud.
Read more on the key implications and
challenges for deposit takers here >
Motor Finance Consumer Redress- current concerns and status
update
The Financial Conduct Authority’s (FCA) recently proposed
draft rules for a motor finance consumer redress scheme have
attracted considerable scrutiny from across the industry.
Stakeholders have voiced a range of concerns, notably the legal
basis and proposed time period for the scheme, the rate of
compensatory interest, the operationalisation of the scheme, the
criteria for redress and whether those criteria have a legal basis,
and the short timeframe for the consultation, all of which present
significant challenges for firms seeking to respond effectively. In
recognition of these issues, the FCA has issued a series of updates
and guidance designed to assist firms in understanding the
proposals and preparing for the potential implementation of the
scheme.
Read more on the current concerns and status
of the proposed redress scheme here >
Upcoming events
For information on our upcoming training events including our
Regulatory Essentials programme, please visit our Financial Regulation page on our website.
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.