In Practice
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Buy-Now Pay-Later Regulation: what’s next for third-party lenders?
HM Treasury’s (HMT) latest consultation on the UK regulation of Buy-Now Pay-Later lending (BNPL) includes welcome clarification regarding the scope of regulation and the application of exemptions, plus proposed draft amendments to the existing legislation. We examine the ambit of future regulation, where further clarification is required and the likely impact on consumer experience.
19 March 2024Climate derivative actions: over before they began?
Earlier this year, environmental law charity ClientEarth announced the first UK climate-based shareholder derivative action, seeking to hold a board of directors accountable for alleged deficiencies in their emissions reduction strategy. The claim fell at the first hurdle, the High Court refusing it permission to proceed on the papers – albeit ClientEarth will now have a second bite at the cherry in an oral hearing. This In Practice article considers the lessons learnt for future climate-related claims and the potential impact for the financial services sector.
19 March 2024Sustainability-linked loans: what more do you need to know?
Sustainability-linked loans continue to be a hot topic in the banking and finance industry, having significantly gained in popularity over recent years. This popularity is partly driven by the increasing social and environmental commitments and sustainability-related disclosure obligations on banks and financial institutions. This In Practice article covers some of the key principles and new elements to be aware of in this form of financing, including the LMA guidance on the external review process.
19 March 2024Corporate climate-related disclosures: what’s next?
The authors look at the progress made to date by the UK government in implementing climate-related disclosure rules and consider the preparatory steps that organisations should take ahead of the inevitable introduction of additional disclosure requirements.
19 March 2024Generative AI, banking and financial markets
In this In Practice article the authors consider the steps for financial institutions to consider when developing a new AI strategy.
19 March 2024The FCA’s new consumer duty could affect FCA regulated investors in asset backed financings of products offered to retail customers
The policy statement and final guidance on the consumer duty published on 27 July 2022 by the UK’s Financial Conduct Authority (FCA) set out a new Principle for Business for regulated firms, new cross-cutting rules and detailed expected outcomes that these rules and the new principle should have on retail customers (together the “Duty”). The Duty has multiple implementation stages with the key dates being: (i) 31 July 2023, when the Duty will apply to all new products and services and existing products and services that are open to sale or renewal; and (ii) 31 July 2024, when the Duty will extend to all closed products and services. This article explores some practical considerations for FCA regulated investors in asset backed financings (Investors) of products offered to retail customers when determining whether the Duty applies to them.
19 March 2024Scope 1, 2 and 3 emissions as KPIs in sustainability-linked loans
This In Practice article explains the differences between Scope 1, 2 and 3 emissions as key performance indicators (KPIs) and sustainability performance targets (SPTs) in sustainability-linked loans and then explores factors to consider when adopting Scope 3 emissions.
19 March 2024Practical implications of USD LIBOR panel cessation for “tough legacy” contracts: a brief refresher
LIBOR cessation and contract continuity may seem like “old news”. After all, most LIBOR rates ceased almost 18 months ago – and the last of the “synthetic” rates created for certain Sterling and Japanese Yen tenors will shortly expire. Nonetheless, the impending cessation of the final USD LIBOR panel rates on 30 June 2023 means that questions on legal implications are once again coming to the fore – especially given the FCA’s announced intention to create a time-limited synthetic USD LIBOR rate. This piece provides a brief Q&A refresher.
19 March 2024Embedded finance: Dear CEO
In March (2023) 3 JIBFL 190, we discussed some of the challenges in providing sustainable finance products to consumers from the perspective of revenue-based finance; an embedded finance offering. Namely, there is a balance to strike between: (i) speed and automation; and (ii) positive customer outcomes. On 16 March 2023, the Financial Conduct Authority (FCA) issued a Dear CEO letter (Letter), addressed to payment firms supervised by the FCA within its payments portfolio, highlighting concerns that certain payment firms are not currently striking this balance. For embedded finance, the Letter will primarily impact providers that offer embedded banking services (if they are supervised payment firms), but it may have a wider impact across the industry.
19 March 2024Implementing the UK Wholesale Markets Review
This snapshot indicates how reforms proposed under the UK Wholesale Markets Review (WMR) will be implemented and also compares proposals with EU measures.
19 March 2024
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