SG Umbrella’s Post

CP24/19 submissions - deadline 31/10/2024 #FairValueAssessments #ConsumerDuty #SupplyChain CP24/19 reflects the proposed changes to the Financial Conduct Authority Consumer Credit Regulatory (CCR) returns. This applies to the permissions around Credit Broking, Debt Adjusting, Debt Counselling and providing Credit Information Services. It is aligned with the 'Big Data' changes around PS24/3 (Product Sales Data) for lenders and debt buyers in 2025. DEMSA has responded this week to the consultation. Some firms have had some direct feedback from the FCA where they are looking at questions where there may be some ambiguity around how to respond. The changes are substantial and impacted firms received a link to the prototype form including the new 'branching logic'. Given that the FCA request around Fair Value Assessments (FVAs) closed on 18 October 2024, the prototype highlights the level of data that needs to be captured from January 2025 for the first full year submission. I have outlined Question 93 for 'manufacturers'. The same process applies for 'distributors'. DEMSA recommends that for-profit and not-for-profit firms regulated by the FCA with any of the permissions above complete the prototype by the deadline. Forewarned is forearmed. The return includes splits between permanent and contract staff. It also looks at remuneration schemes. It may be worth looking at FG18/2 again. We are providing support. Melanie Giles Kevin Still

⏰ If you register after the deadline, you risk delays in obtaining Release Prior to Payment (RPP) benefits and will need to manually register for those benefits in your CARM Client Portal. The CBSA’s processing takes time, without RPP benefits you will need to pay upfront for entries made. #HOCGlobalSolutions #CustomsBroker #ImportExport #CustomsClearance #CARM #CBSA

When managing SMSFs (Self-Managed Super Funds) on BGL360, I often encounter situations where distributions are received from trusts and managed funds. In these cases, I usually go to the report section and print out the distribution reconciliation. This helps me check the cash distribution income and review the details of taxable income against the provided documents. The purpose of this is to ensure that the cash distributions are accurately recorded and match the annual statement given by the client. Over the years, I have reviewed many reports from BT Panorama, CommSec, Hub24, IOOF, Macquarie Wrap, MLC, and Netwealth. By comparing the data recorded in BGL with the statements provided by these organizations, I can ensure that the taxable income and tax offsets are calculated correctly #SMSF #australiantax #outsourcedaccounting

It should not be surprising to read that the #CFPB’s crackdown on “Junk Fees” has ignited a heated debate across all FIs. While they mean well and aim to protect consumers, their broad approach raises many concerns about how it will impact FIs and consumers. Having a better understanding of where the CFPB is coming from can help FIs better strategize their response to the ruling. When partnering with an #expert in the #overdraftprotection realm, FIs can gain guidance on navigating the complex world of #overdraftfees. Staying ahead of the ruling and being in front of the curve can help keep your FI consumer-centric and help you slowly move away from relying solely on overdraft fees for revenue. https://okt.to/muMpxy

It should not be surprising to read that the #CFPB’s crackdown on “Junk Fees” has ignited a heated debate across all FIs. While they mean well and aim to protect consumers, their broad approach raises many concerns about how it will impact FIs and consumers. Having a better understanding of where the CFPB is coming from can help FIs better strategize their response to the ruling. When partnering with an #expert in the #overdraftprotection realm, FIs can gain guidance on navigating the complex world of #overdraftfees. Staying ahead of the ruling and being in front of the curve can help keep your FI consumer-centric and help you slowly move away from relying solely on overdraft fees for revenue. https://okt.to/cUqsnR

The Role of Affirmations in the U.S. T+1 Transition With the upcoming T+1 settlement change, determining the right affirmations model will be critical in getting the most out of the new deadline. Great insights from Derek Coyle and the BBH US T+1 team. #USTplus1 #T1 #Affirmations #DTCC #TradesuiteID #ontheregs #BBHInsightsExchange

In December 2023, the Treasury released new guidelines for #financialinstituions to become certified as a #CDFI. We’ve written a blog post to share the basics of the new guidelines and what they mean for your #creditunion or #bank (https://lnkd.in/gqPAM5eq). If you’re looking to chat about the CDFI certification process or want to learn how we can help you get certified, shoot us a DM or email partner@withfloat.io!

1974 FCBA l Cardholder Protection and Chargeback Management 📺 Read more: https://hubs.li/Q030x3K-0 The Fair Credit Billing Act (FCBA) is a crucial law designed to protect consumers from billing errors on credit cards and open-end credit accounts. It gives cardholders the right to dispute unauthorized charges, incorrect amounts, or unfulfilled orders, while limiting liability to just $50 for unauthorized charges. In our latest blog, David Pirtle breaks down how the FCBA works, why it's essential for both consumers and businesses, and how it helps foster trust in financial transactions. #FCBA | #ConsumerProtection | #CreditCardSecurity

The Fed just cut rates! With our Improved Credit Notice, powered by proprietary credit file data (FCRA approved), you can become a financial ally to your community. Help customers with improved credit scores get into a new or newer vehicle with lower payments and better rates. Stop selling and start helping your community save! Reach out today to learn more. #AutoIndustry #CreditImprovement #InterestRates #CarDealers #ImprovedCreditNotice #FCRA #FinancialAlly #ToddVowell #Disruptor

The most recent CFPB Supervisory Highlights show why lenders need a full system of record and facilitation for VPP cancellations and refunds. It is not enough to 1.     Lenders MUST own the process and cancel products when they no longer provide value to the consumer. The regulators are putting the burden on the lender. Directing the consumer to go back to the dealer is viewed as unreasonable. 2.     It is not enough to calculate the refund on your own. Calculations are often inaccurate and the regulators know it. LCT is the only vendor who verifies the refund amount with the Product Administrators directly.   3.     Lenders must issue the refund accurately and in a timely manner. LCT Refund Control includes tracking and reporting on how you are doing this.   4.     Lender must be able to show the regulator their process and control layers. LCT includes this out of the box for all our clients. https://lnkd.in/eGWEhRke