Russell Green’s Post

We welcome the progress by government to bring BNPL (Buy Now Pay Later) under the FCA remit. And the acknowledgment that vulnerable customers are more likely to suffer harm with NBPL. 1.5 "The risks of detriment could be heightened, as the cohort of customers that use BNPL includes many borrowers who are potentially vulnerable. FCA research has found that adults with characteristics of vulnerability were more likely to report using BNPL, and that 44% of the most frequent users of BNPL were over-indebted." #FCA #BNPL #VulnerableCustomers #ConsuerDuty https://lnkd.in/euri5GV7

BNPL Regulation Update…   Proposals and consultations on the regulation of Buy-Now, Pay-Layer (BNPL) have been floating around for a number of years, as the use of such products has increased exponentially. Currently interest-free instalment payments of a fixed amount over a period of 12 months or shorter are exempt from consumer credit regulation. Yesterday the Government reaffirmed its commitment to such regulation by issuing a consultation on draft legislation.   A few high-level takeaways from the proposal: * The regulation will largely only apply to agreements with third party lenders and not with merchants themselves - query whether this could lead to entrepreneurial merchants rapidly scaling their own BNPL-type agreements across the market * The information disclosure regime in the Consumer Credit Act (CCA) is not best suited to BNPL products which tend to be more straightforward (eg interest-free, fixed term etc) than other credit products like secured loans and credit cards. Certain provisions of the CCA will therefore be disapplied and the FCA will consult on and develop a bespoke disclosure regime for these products. This also means that some of the more draconian sanctions in the CCA will fall away, such as a credit agreement being unenforceable without a court order in the event of certain breaches of the disclosure requirements. * A Temporary Permissions Regime (TPR) will be put in place to allow affected firms to continue their activities in the period in which their application for authorisation is being processed. * Existing provisions of the CCA which are not disapplied will start to apply to BNPL products, such as section 75 protection, the oversight of the Financial Ombudsman Service, and creditworthiness and affordability assessments. * The Government also restated its commitment to reforming the Consumer Credit Act more broadly, noting that this will take more time whilst regulating BNPL is a more pressing priority.   The Government intends to bring forward this legislation "as soon as possible", so BNPL providers who haven't should start laying the groundwork now. Read the rest of the consultation at the link below, respond by 29 November if interested, and do feel free to get in touch with me or one of the team to discuss further. https://lnkd.in/evSHdNuh   #BNPL #FCA

Alas, Phase 2 is here! Read this update to see how you may be affected and if so what needs to be done.

Subscription Traps: Protecting Consumers and Businesses Hard-to-cancel subscriptions cost UK consumers £1.6 billion a year! The government’s new measures will require businesses to simplify cancellations, send clear reminders, and improve refund rights. Read about the proposed changes here: https://lnkd.in/eCZ3p2ay What do you think—will these rules help consumers and businesses alike?

THE CBSA ASSESSMENT AND REVENUE MANAGEMENT SYSTEM: AN INTERIM REPORT by the Standing Committee on International Trade This 28 page report.

Areas that are prone to errors in prize money payouts: 1)International payee withholdings, 2)1099 reporting ... 👇 check the guide below for more 🎓 https://lnkd.in/guQpgST7 #payouts #prizemoney #prizemoneypayouts #prizepay

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In a stride towards transforming Egypt's financial landscape, the Financial Regulatory Authority (FRA) has ushered in a new era with the introduction of the Fintech Regulations Effective as of January 2nd, 2024. These regulations outline the establishment and licensing requirements for companies offering specific non-banking financial services (NBFS) in Egypt. Fintech companies aiming to provide services like mortgage financing, SME financing, microfinance, financial leasing, factoring, and consumer finance must adhere to the guidelines stated in the Fintech Regulations. This milestone development provides startups in the Egyptian market with a comprehensive framework, ensuring clarity and facilitating their entry into this sector.   Mostafa Lotayef and Hania Meshref shared their views on the said regulations. Read more here: https://lnkd.in/dAaXFdGg

Tired of international payment complications affecting your digital advertising game? Look no further! We've got the ultimate solution for you! ✅ Local Currency Payments ✅ Legal Gateway for Digital Marketing Transactions ✅ Hassle-Free Setup ✅ No Spending Limitations ✅ Local VAT Billing for International Services For more information: https://lnkd.in/gMfZtrk #DigitalAdvertising #PaymentSolution #GlobalMarketing #genesesolution

Tired of international payment complications affecting your digital advertising game? Look no further! We've got the ultimate solution for you! ✅ Local Currency Payments ✅ Legal Gateway for Digital Marketing Transactions ✅ Hassle-Free Setup ✅ No Spending Limitations ✅ Local VAT Billing for International Services For more information: https://lnkd.in/gMfZtrk #DigitalAdvertising #PaymentSolution #GlobalMarketing #genesesolution