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Archive
FCA publishes Terms of Reference for a premium finance market study
Link(s):FCA launches premium finance market study alongside new Government insurance taskforce | FCA MS24/2.1 Premium Finance Market Study | FCA MS24/2.1 Market study into the provision of premium finance - proposed Terms of Reference (fca.org.uk) Context The FCA has...
FCA publishes an interim updated Regulatory Initiatives Grid
Link(s):Regulatory Initiatives Grid | FCA Regulatory Initiatives Grid - Interim update | FCA regulatory-initiatives-grid-interim-update.xlsx (live.com) Context The FCA has published an October 2024 interim update to the Regulatory Initiatives Grid (RIG), updating its...
FCA speech and blog: “It’s good to be different: the new FCA supervisory strategy for the financial advice sector”
Link(s):It's good to be different: the new FCA supervisory strategy for the financial advice sector | FCAA new approach to financial advice regulation | FCA Context Although aimed primarily at the financial advice sector, this speech and a supporting blog contain...
FCA speech, web page and report: “Ten years of FCA innovation: impact and opportunity”
Link(s):Ten years of FCA innovation: impact and opportunity | FCA10-Year Anniversary: FCA Innovation Services | FCA10-year anniversary: FCA Innovation ServicesOur innovation services | FCA Context The FCA has published a speech delivered by Jessica Rusu, FCA Chief...
FCA welcomes HM Treasury ‘Buy Now Pay Later’ regulation consultation
Link(s):FCA welcomes buy now pay later consultation | FCARegulation of Buy-Now, Pay-Later: consultation on draft legislation (October 2024) - GOV.UK (www.gov.uk) Regulation_of_BNPL_consultation_2024_-_final_17.10.pdf (publishing.service.gov.uk)BNPL_SI_draft.pdf...
FOS publishes wedding insurance guidance
Link(s):Don’t let wedding woes ruin your big day: check your insurance now – Financial Ombudsman service (financial-ombudsman.org.uk) Problems with wedding insurance? – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has published guidance for...
FCA publishes a Consumer Duty multi-firm review – Payments firms
Link(s):Payments Consumer Duty multi-firm review | FCA Context The FCA has published multi-firm review report of Payment firms’ implementation of Consumer Duty, having asked 23 Payment firms in January 2024 how they had implemented the Consumer Duty’s...
FCA publishes a Portfolio Letter – guidance about business consolidations
Link(s):Portfolio Letter: FCA's expectations for financial advisers and investment intermediaries Context Although not directly relevant to the financial services sectors we support, the FCA has included some guidance on its expectations in relation to firm...
FCA publishes a consumer credit reporting phases infographic
Link(s):Consumer credit reporting phases infographic (fca.org.uk)Consumer credit reporting web page Context The FCA has published an infographic (an extract from the Consultation Paper CP24.19) to demonstrate which current elements of the existing consumer credit...
FCA publishes Handbook Notice 122
Link(s):Handbook Notice 122 (fca.org.uk) Context The FCA has published Handbook Notice 122, in which it has confirmed updates to the Dispute Resolution Sourcebook (DISP) in relation to the pause on the requirement for firms to provide a final response to Discretionary...
ICO publishes a new data protection audit framework
Link(s):New data protection audit framework launched to help organisations improve compliance | ICOData protection audit framework | ICO Context The ICO has today launched a new audit framework designed to help organisations assess their own compliance with key...
ICO fines two companies a total of £120k for predatory marketing campaigns
Link(s):£120k issued in fines to two companies for predatory marketing campaigns | ICOWerepairUK Ltd | ICOEnforcement notice (ico.org.uk)Service Box Group Limited | ICOMonetary penalty notice (ico.org.uk) Context The ICO has announced that it has fined two companies...
Lloyd’s publishes Q3 2024 Market Bulletin Y5446 – major loss, exchange rate and other information
Link(s):Market bulletin (lloyds.com) Context Lloyd’s has published its Q3 2024 Market Bulletin Y5446 to provide Managing Agents at Lloyd’s with information required for the completion of the Q3 2024 QMA, QMB and Pillar 3 returns including the list of major losses to...
LMA and IUA publish claims ‘taster’ job simulations
Link(s):Insights (lmalloyds.com)IUA and LMA take first steps to tackle early career challenge - claims 'taster' job simulations Context The LMA and the IUA have launched two online claims job simulations to improve visibility of career opportunities in claims. Key...
FOS publishes an advice note: “Car modifications can wreck your insurance”
Link(s):Car modifications can wreck your insurance – Financial Ombudsman service (financial-ombudsman.org.uk)Car modifications and insurance – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has issued a press release and an ‘advice’ update...
Gowling WLG publishes Court of Appeal decisions impacting insurance policy wordings
Link(s):Court of Appeal rules again on the interpretation of insurance policy terms | Gowling WLG Context Law firm Gowling WLG has published an article outlining the details of three recent Court of Appeal decisions which have confirmed that insurance policies are...
FSCS announces that the FCA and the PRA Have appointed a new Chair of the FSCS
Link(s):FCA and PRA appoint new FSCS Chair | FSCSFCA and PRA appoint new Chair of the FSCS | FCA Context The FCA and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the FSCS Board. She will take up the role on 1 October 2024. Key...
FCA publishes its Conflict of Interests Policy for FCA Non-Executive Directors
Link(s):Conflict of Interests Policy for Non-Executive Directors (fca.org.uk) Context The FCA has chosen to publish its internal Conflict of Interests Policy for its Non-Executive Directors (NEDs). There is no accompanying press release, and the document is dated...
FCA fines Starling Bank £29m for failings in its financial crime systems and controls
Link(s):FCA fines Starling Bank £29m for failings in their financial crime systems and controls | FCAFinal Notice 2024: Starling Bank Limited (fca.org.uk) Context The FCA reviewed financial crime controls at challenger banks in 2021 and, during this review, identified...
CII produces a Consumer Duty Board reporting White Paper
Link(s):White Paper: Consumer Duty Board reporting (cii.co.uk)Consumer-duty-roundtable-reporting-final-25-september.pdf (cii.co.uk) Context The CII has published a useful White Paper, with input gathered by FWD Research in July this year from Institute members...
ABI publishes latest figures on fraudulent claims
Link(s):No let up in crack down on insurance cheats as industry detects £1 billion worth of fraudulent claims | ABI Context The ABI has published recent figures revealing £1.1 billion worth of fraudulent claims were detected last year, up 4% on 2022. The figures are...
FOS publishes a speech “Businesses must step up support for people in debt”
Link(s):Businesses must step up support for people in debt – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has published a speech delivered by Abby Thomas, Chief Executive and Chief Ombudsman, regarding financial firms to do more to help...
FCA publishes a speech “Like London’s Roman Wall, financial rules must adapt”
Link(s):Like London's Roman Wall, financial rules must adapt | FCA Context Sarah Pritchard, FCA Executive Director, Markets and Executive, International, has delivered a speech at the FT Financial Advice Forum, London. She used the fact that the venue is home to a...
FCA publishes a speech “Change for the better: the FCA’s evolving approach to enforcement”
Link(s):Change for the better: the FCA’s evolving approach to enforcement | FCA Context Therese Chambers, FCA Joint Executive Director of Enforcement and Market Oversight, has delivered a speech at the AFME Annual European Compliance and Legal Conference, regarding...
FCA publishes a Senior Independent Director Review into whistleblowing concerns
Link(s):Senior independent director review into whistleblowing concerns | FCAOutcome of an internal whistleblowing communications review by the FCA’s Senior Independent Director Context The FCA has published the details of a review carried out by its Senior...
ICO issues a fine relating to retaining and selling data to competitors
Link(s):Guilty car salesman fined for retaining and selling data to competitors | ICO Context The ICO has published details of a fine it has issued to Alexander Doré. Alexander pleaded guilty to, and has been fined for, unlawfully retaining and selling thousands of...
FCA confirms it will be updating the Firm Details Attestation
Link(s):N/A Context The FCA has written to the Association of Professional Compliance Consultants (APCC) which has, in turn, written to us at UKGI as APCC members. The FCA’s notification is in relation to “Changes to the Firm Details Attestation Form”. The...
FCA speech: Catalysing productivity and growth: A change in mindset on financial inclusion
Link(s):Catalysing productivity and growth: A change in mindset on financial inclusion | FCA Context The FCA has published a speech, delivered by Nikhil Rathi, FCA Chief Executive, on 19 September 2024, at StepChange Connected 2024 at the Aspire building in Leeds. ...
Which? calls for FCA action on insurer premium finance interest rates
Link(s):Which? calls for urgent FCA action, as research reveals insurers still hitting customers with crippling interest rates for paying monthly - Which? Policy and insight Context Which? is calling on the FCA to take urgent action to prevent insurers from charging...
ASA publishes a webpage regarding the increase they have received on financial ads
Link(s):Ensuring your financial ads are on the money - ASA | CAP14 Financial products - ASA | CAP Context The Advertising Standards Authority (ASA) has published a webpage regarding the rise year on year of financial ads referred to the ASA. ASA wants firms to ensure...
CII issues a response to the Which? report on insurer premium finance rates
Link(s):(2) Post | Feed | LinkedIn Context In what is being seen as a ‘first’ by some industry commentators, the CII’s Policy and Public Affairs Director, Dr Matt Connell, has published on LinkedIn a response to the Which? report about insurer premium finance rates....
LMA publishes details of a market-wide consultation about ‘computable contracts’
Link(s):Insights (lmalloyds.com)2024 Consultation (lmadare.co) Context The LMA has launched a market-wide consultation on the new Computable Binding Authority Agreement (CBAA) model wording that is being developed with the support of Lloyd’s, the London &...
FSCP publishes a response to the FCA Discussion Paper: Regulation of commercial and bespoke insurance business
Link(s):20240916_final_fscp_response_to_fca_discussion_paper_regulation_of_commercial_and_bespoke_insurance_business.pdfDP24/1: Regulation of commercial and bespoke insurance business | FCADP24/1: Regulation of commercial and bespoke insurance business (fca.org.uk)...
FCA speech: Frameworks for effective fraud prevention measures
Link(s):Frameworks for effective fraud prevention measures | FCA Context The FCA has published a speech, initially delivered by Andrea Bowe, Director of the specialist directorate, on 5 September 2024, at the Westminster Legal Policy Forum Keynote Seminar “Next Steps...
FCA publishes an Upper Tribunal decision – Promethean Finance – trading names and financial promotions
Link(s):Promethean Finance Limited tribunal decision | FCA Second Supervisory Notice 2024: Promethean Finance Limited (fca.org.uk)PROMETHEAN FINANCE LIMITED v THE FINANCIAL CONDUCT AUTHORITY [2024] UKUT 00229 (TCC) - GOV.UK (www.gov.uk)...
FCA publishes a ‘Price and Value Outcome: Good and Poor Practice’ update
Link(s):Price and Value Outcome: Good and Poor Practice update | FCA Context The FCA has published a web page regarding insights from the first year of the implementation of the price and value outcome, which is intended to help firms improve the way they think about...
FCA updates its General Insurance Pricing Practices Q&A document
Link(s):General Insurance Pricing Practices: Q&As on the published rules (fca.org.uk) Context The FCA has updated its General Insurance Pricing Practices (GIPP) Q&A document. Q 1.11 has been removed, and the answers to Q 1.12 and 1.13 have been updated with...
Lloyd’s publishes a Market Bulletin – dealing with poor conduct and behaviours
Link(s):Market bulletin (lloyds.com)Proposed New Conduct Framework - Lloyd's (lloyds.com) Context Lloyd’s has published a Market Bulletin Y5443: “Modernised approach to dealing with poor conduct and behaviours in the market”. The purpose of the document is to consult...
BIBA calls on Government to support brokers in its Autumn Budget
Link(s):Budget Submission (biba.org.uk) Context BIBA has formally asked HM Treasury, ahead of the Autumn Budget, to cut the headline rate of IPT from 12% to 10%, exempt IPT on the insurance of multi-occupancy residential buildings which still require or are undergoing...
BIBA and the Managing General Agents Association (MGAA) to work closer together
Link(s):BIBA and MGAA to work closer together Context BIBA has announced that it has formalised its working relationship with the Managing General Agents’ Association (MGAA) by becoming affiliates. Key points to note and next actions This formal association between...
ICO and the National Crime Agency sign a Memorandum of Understanding
Link(s):ICO and NCA sign memorandum of understanding for further collaboration on cyber security | ICO Context The ICO has announced it has signed a Memorandum of Understanding (MoU) with the National Crime Agency (NCA), which sets out how the orginasations will...
FCA publishes Consultation Paper regarding Consumer Credit Regulatory Returns
Link(s):CP24/19: Consumer Credit Regulatory Returns: Credit Broking, Debt Adjusting, Debt Counselling and Providing Credit Information Services | FCACP24/19: Consumer Credit Regulatory Returns (fca.org.uk) Context The FCA has published a consultation paper regarding...
FCA publishes Quarterly Consultation No. 45
Link(s):CP24/18: Quarterly Consultation Paper No. 45 | FCACP24/18: Quarterly Consultation No 45 (fca.org.uk) Context The FCA has published a brief Quarterly Consultation Paper CP 24/18 proposing two minor amends in relation to access to cash (a consequential amendment...
FCA publishes a review report about Principal firms’ oversight of Appointed Representatives (ARs)
Link(s):Oversight of ARs improving but more to do, says FCA | FCAPrincipal firms embedding the new rules for effective appointed representative oversight: Good practice and areas for improvement | FCA Context The FCA has published a review report indicating that,...
Department for Science, Innovation and Technology consults on changes to the data protection fee regime
Link(s):Data protection fee regime: proposed changes - GOV.UK (www.gov.uk)Data protection fee regime consultation - GOV.UK (www.gov.uk) Context The Department for Science, Innovation and Technology is consulting on proposed changes to the data protection fee regime,...
FSCS publishes an update about its transformation journey
Link(s):Boosting efficiency and enhancing customer outcomes | FSCS Context Sarah Marin, Chief Customer Officer at FSCS, has provided an update on how FSCS is changing the way it handles claims to boost efficiency and enhance customer outcomes. FSCS has been on a...
FOS publishes Ombudsman News issue 194
Link(s):Ombudsman News 194 – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has published issue 194 of Ombudsman News, which looks at the latest FOS complaints data that we commented on in our previous weekly update. The latest data covers the...
FCA publishes its Annual Report and supporting documentation
Link(s):FCA’s improved performance set to help UK finance sector thrive | FCAOur Annual Report and Accounts 2023/24 | FCAAnnual Report and Accounts 2023/24 (fca.org.uk)FCA Enforcement data 2023/24 | FCAFCA outcomes and metrics | FCAFCA operating service metrics...
FCA publishes an outcomes-based approach to tackling financial crime
Link(s):A targeted and outcomes-based approach to tackling financial crime | FCA Context Sarah Pritchard, markets and executive director, delivered a speech at the Financial Crime Summit in London, regarding the FCAs priority in fighting financial crime and that this...
FCA publishes Q4 2023/24 Skilled Persons Reports data
Link(s):Skilled person reviews | FCANumber of Skilled Persons Reports commissioned in Q4 2023/24 (January-March 2024) (fca.org.uk)Skilled-person-panel (fca.org.uk) Context The FCA has updated its Skilled Persons Reviews web page to include the recently published data...
FCA updates its ‘Keeping your firm details up to date’ web page
Link(s):Keeping your firm's details up to date | FCA Context The FCA has updated its web page in relation to keeping your firm’s details up to date, refreshing the details on the page and adding a section in relation to Appointed Representatives (ARs). Key points to...
FOS reports that buildings insurance complaints hit a 10-year high
Link(s):Buildings insurance complaints hit a 10-year high – Financial Ombudsman service (financial-ombudsman.org.uk) Context Unhappy homeowners and businesses brought 2,001 buildings insurance complaints to FOS within the first quarter of this financial year – the...
FSCP publishes ‘Consumers experience of insurance renewal’ research paper
Link(s):8a_final_general_insurance_research_paper.pdf (fca.org.uk)FS Panel Help and Insurance final deck_070224 PUBLIC VERSION (fca.org.uk) Context In an interestingly timed publication, soon after the FCA Value Measures data and following the FCA Thematic Review...
FOS publishes Q1 2024/25 complaints data
Link(s):New data reveals 70% jump in financial complaints – Financial Ombudsman service (financial-ombudsman.org.uk)Quarterly complaints data: Q1 2024/25 – Financial Ombudsman service (financial-ombudsman.org.uk) Context Complaints about financial products have...
FCA publishes an Upper Tribunal ruling – Senior Manager fitness and propriety – Thomas Llewellyn Kalaris
Link(s):Upper Tribunal ruling on Thomas Llewellyn Kalaris | FCASARANAC PARTNERS LIMITED v THE FINANCIAL CONDUCT AUTHORITY [2024] UKUT 00254 (TCC) - GOV.UK (www.gov.uk) Saranac_final_decision.pdf (publishing.service.gov.uk)Decision Notice 2022: Saranac Partners Limited...
FCA announces work in the retail customer pure protection market – Market Study MS24/1.1
Link(s):FCA announces work into pure protection market | FCAMS24/1.1: Pure Protection Market Study | FCAMarket Study MS24/1.1: Market study into the Distribution of Pure Protection Products to Retail Customers - Proposed Terms of Reference (fca.org.uk) Context The FCA...
ASA publishes its latest Insights – promotions and social responsibilities
Link(s):News - ASA | CAP Look at this! Top tips for advertising promotions - ASA | CAPTake your social responsibilities seriously! - ASA | CAP Context The ASA’s latest Insights updates include articles on advertising promotions and taking social responsibilities...
FCA publishes transcript of its “Consumer Duty: one year on” webinar
Link(s):Webinar: Consumer Duty: 1 year on (fca.org.uk) Context The FCA has published a transcript of its ‘Consumer Duty: one year on” webinar that it held on 31 July 2024, which was introduced and hosted by Jo Legg, Head of Consumer Policy and Outcomes, FCA. The...
FCA calls on insurers to take action as it publishes the latest value measures data
Link(s):General insurance value measures data 2023 | FCAgi-value-measures-data-2023.xlsx (live.com)FCA calls on insurers to take action as it publishes latest fair value data | FCAPersonal and commercial lines insurance portfolio letter: insurance market priorities...
FCA calls on insurers and brokers to demonstrate fair value and good customer outcomes – TR24/2
Link(s):FCA calls on insurers to ensure they demonstrate fair value and good customer outcomes | FCA TR24/2: General insurance and pure protection product governance thematic review | FCAThematic Review 24/2: Product Oversight and Governance thematic review – General...
ABI publishes a record quarterly high in property insurance claims
Link(s):Property insurance payouts hit record quarterly high | ABI Context The ABI has published its latest data from the second quarter of the year showing that Insurers paid £1.4bn in claims for property damage. This is a quarterly high since the ABI started...
FCA censures auditor Macintyre Hudson LLP for failings in client asset reports
Link(s):FCA censures auditor for failings in client asset reports | FCAFinal Notice 2024: Macintyre Hudson LLP (fca.org.uk) Context In an unprecedented, ‘first of its kind’ action, the FCA has censured the auditor Macintyre Hudson LLP (MHA) for failing to prepare...
FCA fines and bans Martin Sarl for dishonest and reckless conduct
Link(s):FCA fines and bans Martin Sarl for dishonest and reckless conduct | FCAFinal Notice 2024: Martin Christopher Sarl (fca.org.uk)Perry Prowse (Insurance Consultants) Ltd has entered into liquidation | FCAFirst Supervisory Notice 2020: Perry Prowse (Insurance...
FSRC re-opens its Call for Evidence – the FCA’s and PRA’s secondary competitiveness and growth objective
Link(s):FCA and PRA’s secondary competitiveness and growth objective - Committees - UK Parliament Call for Evidence - Committees - UK Parliament Reappointment of the Financial Services Regulation Committee and reopening of its inquiries - Committees - UK Parliament...
ABI reports that motor premiums have fallen for the first time in two years
Link(s):Motor premiums fall for the first time in two years | ABI Context The ABI has published the latest data from its Motor Insurance Premium Tracker for the period April to June 2024, which shows that the average motor insurance premium fell by 2% in April to...
ABI responds to the FCA’s package of regulation and growth announcements, and comments on the Bank of England’s findings on the PRA’s new secondary objective
Link(s):ABI responds to the FCA's report on the implementation of the secondary objective | ABIWe comment on BoE’s findings on the PRA’s new secondary objective | ABIIEO evaluation of the PRA's approach to the secondary competitiveness and growth objective | Bank of...
FCA publishes its authorisations operating service metrics for 2024/25 Q1
Link(s):FCA Authorisations operating service metrics 2024/25 Q1 | FCA Context The FCA reports on its authorisations metrics for each quarter, to provide greater transparency of its performance. This latest data covers the quarterly period from April to June 2024 (Q1...
FCA publishes Financial Promotions data for 2024 Q2
Link(s):Financial promotions quarterly data 2024 Q2 | FCA Context The FCA has published a webpage providing a summary of data generated between April to June 2024 following the FCAs actions against firms breaching financial promotion rules, and referrals and...
FCA publishes final FSCS levy rates for 2024/25
Link(s):FSCS Levy Calculation Notes 2024/25 Final Rates (fca.org.uk)CP24/1: Financial Services Compensation Scheme - Management Expenses Levy Limit 2024/25 | FCA Outlook May 2024 | FSCS Context The Financial Services Compensation Scheme (FSCS) levy is made up of two...
FCA publishes retail intermediary market data for 2023
Link(s):The retail intermediary market data 2023 | FCARetail intermediary market interactive analysis 2023 | FCARetail-intermediary-market-2023-underlying-data.xlsx (live.com) Context The FCA has published its latest analysis of the intermediary sector based on data...
FCA and FSCS announce that Lonsdale Insurance Brokers Limited has entered liquidation
Link(s):Lonsdale Insurance Brokers Limited enters liquidation | FCALonsdale Insurance Brokers Ltd | FSCS Joint Liquidator’s Website Context The FCA and the FSCS have both announced that Lonsdale Insurance Brokers Limited (“Lonsdale”) has entered liquidation. Lonsdale...
FCA ISPs publish their 2023/34 annual reports
Link(s): Publications panels search results | FCA Context The FCA Independent Statutory Panels have published their annual reports. Key points to note and next actions Practitioner Panel Annual Report 2023/24 Financial Services Consumer Panel Annual Report 2023/24...
FOS speech at the FCA’s ‘Consumer Duty: One year on’ webinar
Link(s):Abby Thomas speaks at FCA event: The Consumer Duty – one year on – Financial Ombudsman service (financial-ombudsman.org.uk) The Consumer Duty one year on: full speech from Abby Thomas – Financial Ombudsman service (financial-ombudsman.org.uk) Context At the...
ICO reprimands the Electoral Commission after cyber attack compromises servers
Link(s):ICO reprimands the Electoral Commission after cyber attack compromises servers | ICO Context The ICO has issued a reprimand to the Electoral Commission after hackers gained access to servers that contained the personal information of approximately 40 million...
FSCS publishes its 2023/24 Annual Report and Class Statements
Link(s):Annual Report 2023/24 | FSCSFSCS Annual Report and Accounts 2023/24FSCS Class Statements 2023/24 Context The FSCS is the UK’s compensation scheme for customers of authorised financial services providers and has published its Annual Report and Class Statements...
FCA publishes its response to the Complaints Commissioner’s Annual Report
Link(s):FCA response to the Complaints Commissioner's Annual Report 2023/24 Context In this report, the FCA responds to the points raised in the Complaints Commissioner's Annual Report and gives an update on its key performance measures. It sets out the FCA's...
FCA statement of Policy on cost benefit analyses
Link(s):Statement of Policy on Cost Benefit Analyses (fca.org.uk) Context As part of its proposals to reduce regulatory burdens and support growth, the FCA has published a Statement of Policy on Cost Benefit Analyses to provide stakeholders with assurance that the FCA...
FCA Secondary international competitiveness and growth objective metrics and report
Link(s):Secondary international competitiveness and growth objective statement (fca.org.uk)Secondary international competitiveness and growth objective (SICGO) metrics | FCA Secondary International Competitiveness and Growth Objective report 2023/24 (fca.org.uk)...
FCA Discussion Paper DP24/1: Regulation of commercial and bespoke insurance business
Link(s):DP24/1: Regulation of commercial and bespoke insurance business | FCADP24/1: Regulation of commercial and bespoke insurance business (fca.org.uk) Context The FCA has published a Discussion Paper DP24/1 about the regulation of commercial and bespoke insurance...
FCA to review the requirements under the Consumer Duty following it implementation – a Call for Input
Link(s):Review of FCA requirements following the introduction of the Consumer Duty | FCAReview of FCA requirements following the introduction of the Consumer Duty Context The FCA is asking for views on whether, where and how it can refine and simplify its retail...
FCA publishes a suite of proposals to reduce regulatory burdens and support growth
Link(s):Financial regulator seeks to reduce burdens on firms and support growth | FCA Context The FCA has issued four sets pf publications (all covered in the articles published this week) to try to reduce the regulatory burden on firms whilst at the same time...
FCA speech at its ‘Consumer Duty: One year on’ webinar
Link(s):Taking the leap on the Consumer Duty | FCAConsumer Duty events | FCA Context At its “Consumer Duty: One year on” webinar (recording here), Sheldon Mills, FCA Executive Director of consumers and competition, delivered a speech reflecting on the first year of...
FCA publishes its Whistleblowing quarterly data for Q2 2024
Date Issued:23/07/2024Applicable to:All firmsLink(s):Whistleblowing quarterly data 2024 Q2 | FCA Context The FCA has published its latest quarterly whistleblowing data showing the number of new whistleblowing reports it has received between April and June 2024 (Q2). ...
FCA publishes Policy Statement PS24/8 – its plans plan to protect access to cash for consumers and small businesses
Date Issued:24/07/2024Applicable to:All firmsLink(s):FCA confirms plan to protect access to cash for consumers and small businesses | FCAPS24/8: Access to cash | FCAPS24/8: Access to Cash (fca.org.uk)Research Note: An empirical analysis of characteristics associated...
FCA updates its ‘How we calculate annual fees’ web page
Date Issued:23/07/2024Applicable to:All firmsLink(s):How we calculate annual fees | FCA Context In the latest update to its website information in relation to fees and levies, the FCA has updated its web page about how it calculates fees to include the 2024/25 fees...
Advertising Standards Authority (ASA) publishes a ruling in relation to a Healthcare Society
Date Issued:24/07/2024Applicable to:Insurance firmsLink(s):Healthcare Society Ruling - ASA | CAP Context The ASA has upheld two complaints against a Healthcare Society. A TV ad and a radio ad, aired on 4th February and 12th March 2024 respectively, included a...
The Leasehold Knowledge Partnership (LKP) announces details of a planned Class Action over buildings insurance commissions
Date Issued:24/07/2024Applicable to:Insurance firmsLink(s):Freeholders face class action over insurance commissions - Leasehold Knowledge Partnership Context The LKP has announced that a class action over hidden insurance commissions, which leaseholders have...
Digital Regulation Cooperation Forum (DCRF) publishes a ‘Delivering impact through cooperation’ article
Date Issued:23/07/2024Applicable to:All firmsLink(s):DRCF: Delivering impact through cooperation | DRCF Context The DRCF is keen to continuously iterate and realise the full benefits of effective regulatory cooperation for regulators, industry and wider society. Each...
HM Government publishes the King’s Speech and associated Notes
Link(s):The King's Speech 2024 - GOV.UK (www.gov.uk)FINAL - 17/07/24 King's Speech 2024 background briefing final GOV.uk.docx (publishing.service.gov.uk) Context The King’s speech confirms a new Commonhold Reform Bill and the reintroduction of the Terrorism...
Companies House updates its Incorporation and Names web page
Link(s):Incorporation and names - GOV.UK (www.gov.uk)Annex A: Sensitive words and expressions that require prior approval to use in a company or business name - GOV.UK (www.gov.uk) Context Companies House has updated its Information and Names web page to add guidance...
ICO reprimands the London Borough of Hackney following a cyber attack
Link(s):London Borough of Hackney reprimanded following cyber attack Context The ICO has issued a reprimand to the London Borough of Hackney (LBoH) following a cyber attack in 2020, which led to hackers gaining access to and encrypting 440,000 files, affecting at...
FOS highlights an increase in travel insurance complaints
Link(s):Travel insurance complaints at their highest levels since the pandemic (financial-ombudsman.org.uk) Context FOS has published an article highlighting the increase in the number of travel insurance complaints referred to it in the last year. Aside from the year...
FOS publishes Ombudsman News issue 193
Link(s):Ombudsman News 193 - FOS publishes annual complaints data and insight 2023/24 Context In its latest Ombudsman News (edition 193), FOS has shared details of its work during the financial year and insight into the sector and product specific complaints they have...
FCA calls on firms to improve their treatment of Politically Exposed Persons (PEPs)
Link(s):Press Release - Firms to improve treatment of PEPsThe treatment of politically exposed persons | FCAThe treatment of politically exposed persons for anti-money laundering purposes (fca.org.uk)GC24/4: Proposed amendments to Guidance on the treatment of...
FCA publishes a web page explaining changes to fee rates since last year
Link(s):FCA fee rate movement 2024/25 | FCA Context Overall, the FCA’s Annual Funding Requirement (AFR) has increased in 2024/25 by 10.7%. The fee rate movements for each fee-block broadly reflect this percentage increase (adjusted for other factors) and the change in...
ASA/CAP publishes guidance on ‘AI’ as a marketing term, misleading omissions and verifiability of comparisons
Link(s):News - ASA | CAP Context ASA/CAP publish regular hints and tips in relation to keeping your marketing and advertising compliant, and its latest articles cover the use of AI as a marketing term, including important information and not making any misleading...
ICO publishes webpage regarding Privacy Notices
Link(s):Do I really need to read the privacy notice? | ICOICO urges all app developers to prioritise privacy | ICO Context The ICO published a webpage in February 2024 reminding all app developers to ensure they protect users’ privacy, following the regulator’s review...
FOS shares a review of its annual complaints data and insight for 2023/24
Link(s):Annual complaints data and insight 2023/24 (financial-ombudsman.org.uk) Context Every year FOS shares a review of its annual complaints data, showing the volume of complaints it received and overall uphold rates over the course of the financial year. The...
FCA publishes a short video about Consumer Duty
Link(s):Post | LinkedIn Context The FCA has published a short video by Sheldon Mills (the FCA’s Executive Director, Consumers and Competition) in which he outlines the principles behind the Consumer Duty and highlights the important role data plays in testing whether...
FCA publishes Quarterly Consultation No. 44 – CP24/11 including a proposal for criminal records checks for Controllers
Link(s):CP24/11: Quarterly Consultation Paper No. 44 | FCACP24/11: Quarterly Consultation Paper No. 44 (fca.org.uk) Context Once a quarter, the FCA consults on proposed miscellaneous amendments to its Handbook. These tend to be minor changes, but in the FCA still...