Financial Regulatory Developments (FReD) - 28 February 2014

UK Government and Parliament

Parliament

Treasury Committee launches inquiry into SME lending: The Treasury Committee is carrying out an inquiry into access to finance by SMEs, opening up competition in the sector and treatment of SMEs by banks. Andrew Tyrie, the Chair of the Treasury Committee, said that it will be looking at whether the scope and remit of the regulators provide adequate protection. (Source: Evidence Session on SME Lending) 

Legislation

Treasury makes CC transitionals order: Treasury has made the FSMA 2000 (Consumer Credit) (Transitional Provisions) Order which takes effect on 1 April. The Order will enable firms whose consumer credit (CC) licence is suspended immediately before 1 April to get interim permission from FCA if they successfully appeal against the suspension. The Order, also makes transitional provisions in relation to disciplinary and enforcement notices served by the Office of Fair Trading. (Source: Treasury Makes CC