News & Analysis as of

Consumer Financial Products Interest Rates Financial Conduct Authority (FCA)

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Premium Finance Study: Concerns Raised but No Regulatory Changes Proposed

- What is new: Preliminary findings from the Financial Conduct Authority’s (FCA’s) market study of premium finance, which focuses on motor and home insurance, highlight concerns about affordability, value and transparency,...more

Hogan Lovells

UK Mortgage Rule Review: FCA takes first step in introducing targeted flexibilities into the regulatory framework

Hogan Lovells on

The FCA has finalised the changes that were proposed in May this year to make it easier for customers to engage with mortgage providers and make reductions to mortgage terms and remortgaging easier. This includes removing the...more

Mayer Brown

UK Supreme Court Grants Permission to Appeal Landmark Case on Motor Finance Commission Payments and Disclosure Thresholds

Mayer Brown on

Last week the Supreme Court granted permission to appeal the Court of Appeal's decision in a case examining the permissibility of motor finance commission payments, which challenged traditional legal thinking relating to...more

Jones Day

FCA Consulting on Proposed Changes to the Derivatives Trading Obligation

Jones Day on

The Background: In 2021, the Financial Conduct Authority ("FCA") and HM Treasury began consulting on the Wholesale Markets Review (the "Review"), a broad review of the structure, functioning, and regulation of secondary...more

BCLP

FCA’s Cash Savings Market Review

BCLP on

On 31 July 2023, following roundtable discussions held with banks earlier that month, the FCA published its Cash Savings Market Review (the “Review”). In this insight we explore the content of the Review, as well as...more

ArentFox Schiff

A Long Hot Summer: Effective Variable Rates Subject to Increase (Irrespective of General Market Conditions)

ArentFox Schiff on

There are major issues arising from the phaseout of the US Dollar London InterBank Offered Rate (LIBOR), which will soon become apparent in connection with LIBOR’s fast-approaching end date. This will dramatically impact many...more

Cadwalader, Wickersham & Taft LLP

Springing into Q2 April 2023 - LIBOR Transition Update: Synthetic LIBOR Is Here

Back in March of 2021, we covered a number of developments pertaining to the end of LIBOR that came out of certain announcements made early that month by the Intercontinental Exchange Benchmark Administration (the “IBA”),...more

Cadwalader, Wickersham & Taft LLP

FCA Compels the Publication of ‘Synthetic’ USD LIBOR

After USD LIBOR stops being published on June 30, 2023, “synthetic” USD LIBOR will continue to be published for a limited period, according to the UK’s Financial Conduct Authority (“FCA”). The FCA said that the “synthetic”...more

Mayer Brown Free Writings + Perspectives

FCA Synthetic LIBOR Announcement

On April 3, 2023 the U.K. Financial Conduct Authority (“FCA”) announced that it will require the administrator of U.S. dollar LIBOR to continue to publish one, three and six-month U.S. dollar LIBOR settings until September...more

Cadwalader, Wickersham & Taft LLP

FCA Seeks Feedback on ‘Synthetic’ USD LIBOR

On November 23, the UK’s Financial Conduct Authority (“FCA”) released its further consultation to require the administrator of LIBOR to publish a synthetic version of 1-, 3-, and 6-month U.S. dollar LIBOR settings for a...more

Cadwalader, Wickersham & Taft LLP

FCA Issues Statement on the End of Synthetic Sterling LIBOR

On September 29, the UK’s Financial Conduct Authority (“FCA”) issued a statement that the publication of the 1-month and 6-month synthetic sterling LIBOR would permanently cease at the end of March 2023....more

Cadwalader, Wickersham & Taft LLP

SONIA: A Primer

As we approach the end of LIBOR, the next phase of the transition is already upon us: incorporating the new fallback rates and market conventions into our transactions. This article highlights SONIA, the Bank of England’s...more

Cadwalader, Wickersham & Taft LLP

Five Bullet Points in the LIBOR Transition That Happened in March (That You Want to Act Like You Know All About in Case Your Boss...

March was a big month for the LIBOR endgame. There were several big announcements, some important (but technical) developments, and new deadlines. Simply put, the March developments matter to the fund finance community...more

Cozen O'Connor

Transitioning for the End of LIBOR

Cozen O'Connor on

In July 2017, Andrew Bailey, chief executive of the UK Financial Conduct Authority (FCA), announced that by the end of 2021, the FCA would no longer seek to compel or persuade panel banks to submit quotes for LIBOR....more

Orrick, Herrington & Sutcliffe LLP

LIBOR Primer

The reference rate provided by selected panel banks to the LIBOR administrator, ICE Benchmark Administration (IBA) and that is used to establish interest rates on many loans, notes, bonds and other financings, derivatives,...more

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