General legal and regulatory

MPs criticise “needlessly tougher” SME finance regulation

May 08, 2024: Damaging financial regulations and inadequate support from banks are deterring small businesses from innovating and growing, MPs are warning. A new report from the Treasury Committee criticises the Prudential Regulation Authority (PRA) over its hea...

Regulator “not good enough” at tackling SME finance worries

Apr 25, 2024: SMEs are facing a growing credit crunch, while financial regulators are failing to tackle one of the key obstacles to small business gaining access to the finance they need for growth, according to the Federation of Small Businesses (FSB). Its rese...

Regulatory reform essential for Fintech innovation

Apr 18, 2024: The next government must make “regulatory certainty” a cornerstone of the financial services regime, amid concerns that regulatory stagnation and regulator resource limitations are having a detrimental impact on the development of Fintech companies...

Bank of England holds interest rates at 5.25%

Mar 21, 2024: The Bank of England has announced that the base rate of interest will remain unchanged at 5.25% as widely expected. Despite a surprise fall in inflation in February to 3.4%, the central bank's Monetary Policy Committee (MPC) chose to hold the rate...

UK inflation slows to 3.4% in February

Mar 20, 2024: UK inflation slowed in February by slightly more than economists and the Bank of England had anticipated, possibly paving the way for interest rate cuts in the months ahead. The lower-than-expected monthly fall to 3.4% was down from a 4.0% increas...

Budget Q1 2024 - industry reactions

Mar 06, 2024: As part of his Spring Budget statement, the UK Chancellor of the Exchequer Jeremy Hunt has announced that draft legislation will be published within weeks to extend full expensing – a £10 billion tax cut for business every year to help them invest ...

FCA to investigate use of personal guarantees in certain small business lending

Mar 05, 2024: The Financial Conduct Authority (FCA) has today committed to investigate the use of personal guarantees by lenders to support loans to certain small businesses. The steps come in response to a super complaint from the Federation of Small Businesses...

Inflation holds steady at 4% in January

Feb 14, 2024: UK inflation was unchanged in January 2024 remaining at 4.0%, according to figures released today by the Office for National Statistics (ONS). Despite forecasters predicting a rise, the Consumer Prices Index (CPI) remained 4.0% in the 12 months to...

Interest rates held at 5.25% by Bank of England

Feb 01, 2024: The Bank of England has held interest rates at 5.25% for the fourth consecutive time, with the Monetary Policy Committee split three ways on the decision. It had been feared that interest rates would be increased following an inflationary rise in ...

UK inflation unexpectedly rose to 4% in December

Jan 17, 2024: UK inflation unexpectedly rose to 4.0% in December 2023 from 3.9% in November. The Consumer Prices Index (CPI) marginal rise was attributed to rising alcohol and tobacco prices as a result of recently introduced increases in tobacco duty. The Off...

Personal guarantees are a practical deterrent for unreasonable conduct: additional support for SME lending from Government is needed if their use is to be restricted or removed

Dec 18, 2023: As reported last week by Asset Finance International, the Federation of Small Business (FSB) has submitted a ‘super-complaint’ to the Financial Conduct Authority (FCA) dealing with lenders’ requirements for personal guarantees on business loans. ...

Bank of England holds interest rates at 5.25%

Dec 14, 2023: The Bank of England has today held interest rates at 5,25% for the third consecutive time. Following the US Federal Reserve in holding interest rates, the UK base rate will remain at the 15-year high of 5.25%, amid concerns over a slowing UK econo...

FSB super-complaint calls out banks’ use of harsh personal guarantees for business loans

Dec 14, 2023: The Federation of Small Businesses (FSB) has issued a ‘super-complaint’ to the Financial Conduct Authority (FCA) to highlight the harsh lending practices of banks that excessively demand personal guarantees for business loans. The 'super-complaint...

Chancellor of the Exchequer presents “an Autumn Statement for growth”

Nov 22, 2023: The Chancellor of the Exchequer today delivered his Autumn Statement to parliament, with 110 measures to “help grow the economy”. Jeremy Hunt noted that he had taken difficult decisions, and instead of entering a recession the UK economy has grown...

UK inflation plunges to 4.6% in October

Nov 15, 2023: UK inflation slowed to 4.6% in October thanks to a retreat in energy prices, meaning the Government has hit its target of halving the rate at which prices increase by the end of the year. The lower-than-expected monthly fall to below 5% was down f...

Bank of England holds interest rates at 5.25%

Nov 02, 2023: The Bank of England has today left interest rates unchanged at 5.25% for the second time in a row, amid concerns over a slowing UK economy. The Bank’s Monetary Policy Committee voted by a majority to maintain the bank rate at 5.25%, a 15-year high...

UK inflation holds firm at 6.7% in September

Oct 18, 2023: UK inflation remained at 6.7% in September according to figures released today by the Office for National Statistics (ONS). The identical annual inflation rates in August and September 2023 were the lowest since February 2022, and down from a peak...

Government takes action to back small businesses and tackle late payments

Oct 04, 2023: The government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery...

Bank of England will set back some Basel III reform rules

Sep 25, 2023: The Financial Times has today reported that the Bank of England will delay implementing the latest package of global post-crisis banking reforms for another six months, aligning its approach with the US. ...

Bank of England maintains interest rates at 5.25%

Sep 21, 2023: The Bank of England has chosen to hold the bank rate at 5.25%, after yesterday’s announcement that UK inflation had unexpectedly fallen in August. Today’s decision from the Bank of England ends a series of 14 successive increases in the cost of bo...

UK inflation unexpectedly slow to 6.7%

Sep 20, 2023: UK inflation unexpectedly fell in August, with falling hotel and air fare costs along with a slowdown in food price rises helping to offset a rise in fuel prices, according to official figures. The Office for National Statistics (ONS) said that Co...

FCA introduce new screening checks to approve financial adverts

Sep 12, 2023: To help people to make informed decisions to save, invest and borrow with confidence, the Financial Conduct Authority (FCA) is introducing new screening checks for firms that approve financial adverts. Firms approving financial marketing for unreg...

UK Business Climate Hub to support SMEs to go green

Aug 16, 2023: The UK Government has launched a new sustainability hub to support Britain’s small and medium sized businesses (SMEs) to decarbonise. British businesses will be able to access new advice and support to reduce their energy bills and cut their carbo...

UK inflation slows to 6.8% thanks to falling energy prices

Aug 16, 2023: The latest UK monthly inflation estimates have been announced by the Office for National Statistics (ONS) showing the Consumer Prices Index (CPI) rose by 6.8% in the 12 months to July 2023, down from 7.9% in June. On a monthly basis, CPI fell by 0...

Bank of England raises UK interest rate to 5.25%

Aug 03, 2023: The Bank of England has today raised interest rates by a quarter of a point to 5.25% as it continues its battle against inflation, which remained high at 7.9% in June. The Bank’s move - the 14th successive increase in the cost of borrowing since D...

New Consumer Duty sets higher standards for financial services customers

Jul 31, 2023: Today, the long-heralded Financial Conduct Authority (FCA) rules, known as the Consumer Duty, have come into force for financial services firms that set higher and clearer standards of consumer protection in financial services. Firms must be able ...

June inflation rate lower than expected at 7.9%

Jul 19, 2023: The rate of the UK’s price rises has fallen from 8.7% in May to 7.9% in the 12 months to June, according to the latest Consumer Prices Index (CPI) from the Office of National Statistics (ONS). The UK’s annual inflation rate fell by more than expec...

MPs launch inquiry into the financing of SMEs

Jul 06, 2023: The Treasury Committee has launched a new inquiry into small business access to finance and small and medium-sized enterprise (SME) lending. The cross-party Committee of MPs will examine the key challenges SMEs face when seeking finance, the regul...

Provisional agreement reached on the implementation of Basel III reforms

Jun 27, 2023: The EU is about to boost the resilience of banks operating in the Union and strengthen their supervision and risk management by finalising the implementation of the globally agreed Basel III regulatory reforms. Today, negotiators from the Council ...

Bank of England hikes UK interest rates to 5%

Jun 22, 2023: The Bank of England has today raised UK interest rates by 0.5 percentage points to 5 percent as it continues its battle against inflation, which remained high at 8.7% in April and May. The Bank’s move - the 13th successive rise in the cost of borr...

Shoosmiths host legal workshop at AFC Summer Conference

Jun 21, 2023: Against a backdrop of a changing landscape for financial services firms, understanding the legal and regulatory challenges within the asset finance sector is more important now than ever before. On June 13th, Shoosmiths hosted a Legal and Regulato...

UK economy returns to growth with 0.2% rise in GDP in April

Jun 14, 2023: Monthly real gross domestic product (GDP) is estimated to have grown by 0.2% in April 2023. Following a 0.3% drop in March, UK GDP has bounced back with an increase of 0.2%, according to new figures from the Office of National Statistics (ONS). ...

Consumer Duty: what to expect post implementation deadline

May 31, 2023: Free to attend workshop – limited places available After the Consumer Duty comes into force on 31 July, the FCA have said they will act swiftly and assertively where it finds evidence of harm or risk of harm to consumers. This workshop will help b...

UK inflation falls to 8.7%

May 24, 2023: Inflation has finally dipped below double digits dropping by 1.4% to 8.7%, according to the Office for National Statistics (ONS). Despite easing back to its lowest level since March 2022, inflation has remained higher than expected as food prices ...

Bank of England raises UK interest rates to 4.5%

May 11, 2023: The Bank of England has today announced a base rate rise by 0.25 percentage points to 4.5 percent in a bid to curb rising inflation. The Bank’s move - the 12th successive rise in the cost of borrowing since December 2021 - lifts the base rate to i...

Is consumer understanding the keys to the kingdom of Consumer Duty?

Apr 20, 2023: We have just published the summary and analysis of the Asset Finance Connect conference session covering the consumer understanding outcome of the new Consumer Duty, which took place at our December conference with Helena Thernstrom, Clare Hughes, ...

Government launches consultation on ZEV Mandate

Mar 30, 2023: Following the technical consultation on the design of the zero emission vehicle (ZEV) mandate for new cars and vans in June 2022 and the green paper on a new road vehicle CO2 regulatory framework in July 2021, the Government are now seeking views o...

UK Government updates green finance strategy

Mar 30, 2023: The Government has today published ‘Mobilising green investment: 2023 green finance strategy’, an update to the earlier 2019 strategy, intended to harness the UK’s world-leading financial services sector to support our climate and environmental obj...

Spring Budget: Full expensing, fuel duty freeze and ‘back to work’ initiatives

Mar 16, 2023: The UK Chancellor of the Exchequer Jeremy Hunt presented his Spring Budget statement on 15th March. Full expensing: The Chancellor has announced a replacement for the Super Deduction, which was introduced in 2021, with the three-year ‘full expens...

Business optimism must remain the Chancellor’s priority

Mar 14, 2023: As the Chancellor prepares to deliver the 2023 Spring Statement, Ed Rimmer, Chief Executive Officer at Time Finance, shares his predictions for this year’s ‘mini budget’ and what businesses need to see from the Government to boost growth and produc...

SMEs are not confident that the Chancellor’s Spring Budget will deliver the support they need

Mar 13, 2023: Ahead of the Spring Budget, new data from SME funder Bibby Financial Services (BFS) reveals that small to medium-sized businesses (SMEs) have lost confidence in the Government’s commitment to support them. In a survey of 500 SMEs from across the U...

NACFB urges government intervention to reduce SME lending barriers

Mar 07, 2023: The National Association of Commercial Finance Brokers (NACFB) has called for the government to urgently intervene with two separate regulatory frameworks in a bid to prevent a reduction in SME lending. ...

NACFB reveals pre-Budget wish list to help SMEs

Mar 02, 2023: The National Association of Commercial Finance Brokers (NACFB) has proposed a range of measures for consideration ahead of Chancellor Jeremy Hunt’s upcoming Spring Budget. Top of the wish list, created at the request of HM Treasury, is a call to in...

New Green Super-Deduction needed to help SMEs net zero transition

Feb 23, 2023: Eight leading trade associations - BVRLA, CECA, EAMA, FLA, Forum of Private Business, Logistics UK, Make UK and MTA - have written to the Chancellor recommending that a new Green Super-Deduction replaces the existing programme when it comes to an e...

New research from the FLA on the future of credit

Feb 20, 2023: The Finance & Leasing Association (FLA) has published a major piece of research, undertaken by Britainthinks, that asked what improvements customers would like to see made to consumer credit products, and indeed the market. ...

Consumer Duty: FCA continues to ramp up the pressure

Feb 17, 2023: Hot on the heels of a clear warning by the Financial Conduct Authority (FCA) that too often, the mandatory Consumer Duty implementation plans were too light on the details required, the regulator has issued a portfolio of letters specific to each f...

FCA highlights areas of focus for firms implementing the Consumer Duty

Jan 26, 2023: With six months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how firms are planning to implement the Duty. The FCA reviewed a sample of implementation plans and found that man...

The Edinburgh Reforms and the future of consumer credit

Dec 14, 2022: Jeremy Hunt’s speech on 9th December heralds the (delayed) arrival of the anticipated reform of consumer credit in the UK…and much more. But will the fanfare live up to the industry’s expectations? The financial services sector has faced unprecede...

General Legal & Regulatory News