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Archive
Increase to award limits
Link(s):https://www.financial-ombudsman.org.uk/news-events/increase-award-limits Context Following on publication of the FCA’s PS19/8, the rules to increase the Ombudsman Service’s award limit will increase from 1st April 2022. The rules were set to go live in April...
Supporting consumers through tough times – priorities for credit regulation- FCA speech
Link(s):https://www.fca.org.uk/news/speeches/supporting-consumers-through-tough-times-priorities-credit-regulation Context Brian Corr, the Interim Director of Retail Lending at the FCA, delivered his speech at the Credit Summit 2022. Key points to note The speech...
Enforcement Proceedings – Atrium Underwriters Limited
Link(s):Market bulletin (lloyds.com) Context Background: In Market Bulletin Y5252, Lloyd’s set out its policy in relation to conduct involving harassment, bullying, discrimination, alcohol or drugs. The proceedings against Atrium were brought as a result of serious...
ICO takes action against companies over predatory marketing calls targeting elderly, vulnerable people
Link(s):ICO takes action against companies over predatory marketing calls targeting elderly, vulnerable people Context The Information Commissioner’s Office (ICO) has announced fines totalling £405,000 to five companies responsible for over 750,000 unwanted marketing...
FCA webpage – Business interruption insurance test case – Insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data Context In January 2021 the FCA issued a Dear CEO letter to insurers affected by the business interruption insurance Test Case. The letter explained that the FCA intended to gather information on...
ICO issues two monetary penalty notices arising out or systems failings
Link(s):Royal Mail Group Limited | ICOTuckers Solicitors LLP | ICO Context The ICO has published details of two monetary penalty notices that it has issued, both for different reasons but both arising out of systems failings. Key points to note Royal Mail...
Office of Financial Sanctions Implementation (OFSI) and other Government guidance in relation to Russia
Link(s):Various – see below Context A number of Government web pages have been updated with guidance in relation to the developing sanctions situation in Russia. In an effort to give firms information in relation to the sources of such information. Below, we have set...
Foreign, Commonwealth & Development Office and Department for Transport confirm strengthened ban on Russian aircraft and new trade sanctions
Link(s):UK strengthens ban on Russia aircraft and introduces new trade sanctions - GOV.UK (www.gov.uk) Context Following the official statement from HM Treasury on 3rd March 2022, Foreign Secretary Liz Truss has confirmed a new suite of aviation sanctions. The UK is...
FCA webpage – new financial sanctions measures in relation to Russia
Link(s):New financial sanctions measures in relation to Russia | FCA Context The FCA has a web page which sets out key information in relation to sanction measures in relation to Russia. The articles below also contain relevant information. If you require a licence to...
New FCA webpage – events in Ukraine and operational and cyber resilience
Link(s):Russian invasion of Ukraine: operational and cyber resilience | FCA Context The FCA has published a new web page which states that although the National Cyber Security Centre (NCSC) is not aware of any current specific cyber threats to the UK following events...
HM Treasury announces Russian insurance-related sanctions plans, and the OFSI publishes new Consolidated Lists links
Link(s):UK to bring in further sanctions targeting provision of insurance - GOV.UK (www.gov.uk) Context HM Treasury has announced that the UK is to bring in further sanctions targeted at the provision of insurance and reinsurance services for Russian companies. Also,...
FCA sets out new employment offer
Link(s):https://www.fca.org.uk/news/press-releases/fca-sets-out-new-employment-offer Context As part of the ongoing situation between the FCA, it’s employees and the Unite union the FCA has set out a new offer to its employees. Key points to note The full employment...
Imposition of Monetary Penalty – Clear Junction Limited
Link(s):https://assets.publishing.service.gov.uk/ Clear_Junction_Penalty_Report_21.02.22.pdf Context OFSI has imposed a monetary penalty against Clear Junction Limited, a Fintech company, for contravention of regulation 4 of the Ukraine (European Union Financial...
FCA publishes a webpage in relation to new financial sanctions against Russia
Link(s):New financial sanctions measures in relation to Russia | FCA Context Following the Prime Minister’s statement to the House of Commons on 22nd February 2022, the UK has announced a tranche of sanctions on Russia. The full details of the measures are...
FSCS has declared Perry Prowse (Insurance Consultants) Ltd as a failed firm
Link(s):Perry Prowse Ltd - check you can claim | FSCS Context The Financial Services Compensation Scheme has declared Perry Prowse (Insurance Consultants) as a failed firm. This company no longer exists, so former customers may be able to make a claim against it....
Change of Control – updated FCA webpage
Link(s):https://www.fca.org.uk/firms/change-control/submit-change-control-notification Context The FCA updated its webpage on 'Submit a change in control notification’. Key points to note The FCA has seen a significant increase in section 178 notifications. Due to...
Product Governance Thematic Work
Context The FCA has begun a piece of market engagement work focusing on the product governance elements of its general insurance pricing practices rules introduced by policy statement PS21/5, which came into effect on 1st October 2021. Key points to note A sample of...
The FCA updates its guidance on its approach to the review of Part VII insurance business transfers
Link(s):FG22/1: The FCA’s approach to the review of Part VII insurance business transfers Context The FCA has set out its updated expectations on the steps for firms to take to make sure conduct issues are properly considered in Part VII transfers. Key points to note...
Business interruption insurance test case – Insurer claims data
Link(s):https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context In January last year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business...
The FCA has added one Q&A to its General Insurance Pricing Practices Q&As
Link(s):General Insurance Pricing Practices: Q&As on the published rules Context The FCA has added one Q&A to its General Insurance Pricing Practices Q&As, first published in August last year. Key points to note The new question covers the circumstance...
The FCA updates its guidance on its approach to the review of Part VII insurance business transfers
Link(s):FG22/1: The FCA’s approach to the review of Part VII insurance business transfers | FCA Context The FCA has set out its updated expectations on the steps for firms to take to make sure conduct issues are properly considered in Part VII transfers. Key points...
Senior Manager Attestation – a reminder
Link(s):PS21/11: General insurance pricing practices - amendments | FCA Context In PS21/5 the FCA confirmed Senior Managers must attest annually that their firm has complied with General Insurance (GI) Pricing Practices rules found in ICOBS 6B. The nature of the...
Cost of motor insurance in 2021 was at a six-year low against backdrop of increasing cost pressures
Link(s):https://www.abi.org.uk/news/news-articles/2022/02/2021-motor-premium-tracker/ Context According to the ABI’s latest Motor Insurance Premium Tracker the average price paid by motorists for their motor insurance in 2021 fell to its lowest level in six...
Tempcover Ltd fined for unsolicited insurance marketing
Link(s):https://ico.org.uk/action-weve-taken/enforcement/tempcover-ltd/ Context Tempcover Ltd, a short-term motor insurance company, has been fined £85,000 by the ICO for sending almost 30 million unsolicited marketing email and text messages to customers without...
Enhancing the UK’s capital markets – The FCA’s role and priorities – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/enhancing-uk-capital-markets-fca-role-priorities Context Sarah Pritchard, Executive Director of Markets has given a speech at The Future of UK Financial Regulation Summit. Key points to note The speech is split into five...
Penny James appointed Chair of the FCA’s Practitioner Panel
Link(s):https://www.fca.org.uk/news/press-releases/penny-james-appointed-chair-fcas-practitioner-panel Context The Financial Conduct Authority (FCA) has appointed Direct Line Group CEO, Penny James, as Chair of its Practitioner Panel. Key points to note A member of...
Updates to OFSI’s Consolidated List
Link(s):https://www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets Context The new version of OFSI’s Consolidated List has been published. Key points to note Ahead of the formal changeover there will be a 3-week period where firms are...
International data transfer agreement and addendum and transitional provisions laid before Parliament
Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2022/02/international-data-transfer-agreement-and-addendum-and-transitional-provisions-laid-before-parliament/ Context The Department for Culture, Media and Sport (DCMS) has laid the International...
Ombudsman News 168
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-168 Context The FOS has published its latest Ombudsman News 168. Key points to note This edition is split into five sections: FOS plans and budget for 2022/23: consultation closing soonWider...
FCA staff tell bosses “sit down and negotiate” as members vote ‘YES’ in industrial action ballot
Link(s):https://www.unitetheunion.org/news-events/news/2022/february/fca-staff-tell-bosses-sit-down-and-negotiate-as-members-vote-yes-in-industrial-action-ballot/ Context Following on from our item in our last Weekly Update the ballot in relation to proposed...
FCA Financial Lives 2022 survey
Link(s):https://www.fca.org.uk/financial-lives/2022-survey Context The FCA will be engaging with the general public by issuing another financial lives survey. Over 250,000 households from across the UK have been randomly selected to receive a letter that explains how...
FCA issues Dear CEO letters to insurers and insurance intermediaries – multi-occupancy buildings insurance
Link(s): Exchange of letters and work on multiple-occupancy residential buildings insurance | FCA Context In Dear CEO letters to insurance firms and brokers, the FCA has outlined work it is carrying out in the insurance market for multiple-occupancy residential...
ASA publishes a new series of Insights blogs to guide firms
Link(s):News - ASA | CAP Context The Advertising Standards Authority has updated its Insights blogs page on its website with new articles, two of which may be of interest to authorised firms. Key points to note A 'Four key tips on using personal data for marketing'...
FOS announces the strengthening of the financial regulatory family’s Wider Implications Framework
Link(s):Financial regulatory family strengthen Wider Implications Framework Context The ‘regulatory family’ (the Financial Ombudsman Service, the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS), The Pensions Regulator (TPR) and the...
FCA publishes new webpage about transforming data collection
Link(s):Transforming data collection Context The FCA has published a web page about how it is working with the Bank of England and industry to transform how it collects data from the UK financial sector. Its work with firms on digital regulatory reporting, and the...
Pricing categories for application fees – updated web page
Link(s):https://www.fca.org.uk/firms/fees-and-levies/pricing-categories-application-fees#revisions Context Following on from the item we included in our Weekly Update of 14th January 2022 the FCA has updated its pricing categories for application fees web page. Key...
FCA staff ballot for industrial action
Link(s):https://www.unitetheunion.org/news-events/news/2022/january/fca-staff-ballot-for-industrial-action/ Context Unite, the union which represents staff at the Financial Conduct Authority (FCA) has launched an indicative ballot of its members for industrial action...
The House of Lords inquiry into the regulation of the London Market
Link(s):https://committees.parliament.uk/committee/517/industry-and-regulators-committee/news/160302/inquiry-launched-into-commercial-insurance-and-reinsurance-market/ Context The House of Lords Industry and Regulators Committee has launched an inquiry into the...
FCA publishes guidance consultation about limiting liabilities by way of ‘compromise’
Link(s):https://www.fca.org.uk/news/press-releases/fca-publishes-guidance-consultation-firms-who-seek-limit-their-liabilities Context The Financial Conduct Authority has published a consultation on proposed guidance for firms who seek to limit their liabilities by way...
MCE Insurance Company Ltd- update to web page
Link(s):https://www.fscs.org.uk/making-a-claim/failed-firms/mce-insurance/ Context MCE Insurance Company Limited (MICL), a Gibraltar-based insurance company was directed to cease underwriting new business on 5th November 2021. The policies were sold through its...
Business interruption insurance test case – Insurer claims data
Link(s):https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context In January last year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business...
FCA confirms approach to European firms temporarily operating in the UK- new webpage
Link(s):https://www.fca.org.uk/news/press-releases/fca-confirms-approach-european-firms-temporarily-operating-uk Context On January 18th 2022 the FCA issued a new webpage regarding the temporary permissions regime (TPR) and the action that the regulator may take....
FCA to issue yet another further round of its Covid-19 Impact Survey
Link(s):https://www.fca.org.uk/news/statements/coronavirus-covid-19-financial-resilience-survey Context The FCA issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then...
January 2022 FSCS Budget Update
Link(s):https://www.fscs.org.uk/news/fscs-news/january-2022-budget-update/ Context To coincide with the joint PRA and FCA Consultation on the FSCS management expenses levy limit for the coming financial year, FSCS Chief Executive Caroline Rainbird introduces the...
FCA and PRA consult on the management expenses levy limit (MELL) for the FSCS
Link(s):CP22/1: Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23 Context The PRA and the FCA set a limit for the total management expenses that the FSCS can levy on financial services firms. The MELL covers the costs of...
General insurance value measures- updated FCA web page
Link(s):https://www.fca.org.uk/firms/general-insurance-value-measures#revisions Context The FCA has updated it's webpage on Value Measures reporting. Under the new measures, general insurance firms are expected to publish a report covering the period 1st July 2021 –...
PS22/1: FCA authorisation application fees: new structure
Link(s):https://www.fca.org.uk/publication/policy/ps22-1.pdf Context In November 2020 the FCA published a Consultation Paper CP 20/22 outlining proposed policy changes to the way it will apply fees from 2021/22. This was followed by a further Consultation Paper in...
FCA starts to issue GI Pricing Attestation e-mails
Link(s): PS21/11: General insurance pricing practices - amendments Context We are aware that general insurance firms and premium finance providers have started to receive e-mails from the FCA in relation to the first General Insurance Pricing Practices Senior Manager...
FSCS updates its information about failed firm MCE Insurance
Link(s):MCE Insurance Company Ltd - customer information Context MCE Insurance Company Limited was directed to cease underwriting new business on 5th November 2021. On 19th November 2021, the company was placed into administration, being no longer able to pay claims....
ICO and UK Government confirm new Information Commissioner
Link(s):New UK Information Commissioner begins termJohn Edwards is confirmed as the new Information Commissioner Context The Information Commissioner’s Office (ICO) and the Department for Digital, Culture, Media & Sport have confirmed that the New UK Information...
The ICO invites comments on how it uses its powers s to investigate, regulate and enforce
Link(s):ICO invites comments on how it uses its powers to investigate, regulate and enforce Context The Information Commissioner’s Office (ICO) has launched a consultation to gather the views of stakeholders and the public on how it regulates the laws it monitors and...
CMA Private Motor Insurance Order compliance report reminder
Link(s):Private Motor Insurance Market Investigation Order 2015 Context The CMA’s Private Motor Insurance (PMI) Market Investigation Order 2015 was published with a view to increasing competition in the car insurance market and reducing the cost of premiums for...
FCA to issue further round of Covid-19 impact surveys
Link(s):https://www.fca.org.uk/news/statements/coronavirus-covid-19-financial-resilience-survey Context The FCA issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then...
FCA e-mails firms about the REP019 General Insurance Value Measures Report
Link(s):General insurance value measures Context The FCA has sent an e-mail to insurance firms to remind them about the REP019 General Insurance Value Measures Report, which is introduced as follows: Submission for Reporting Period Ending 31/12/2021 Is Now Available...
Structural changes to the UK sanctions list
Link(s):https://www.gov.uk/government/publications/uk-sanctions-list-change-in-format Context From February 2022 the structure and format of the UK Sanctions List will be changing. OFSI's consolidated list will also be changing to align with the UK Sanctions List. Key...
Consultation opens on FOS strategic plans and budget for 2022/23
Link(s):https://www.financial-ombudsman.org.uk/files/320493/plans-and-budget-consultation-2022-23.pdf Context The Financial Ombudsman Service (FOS) has published its Plans and Budget Consultation 2022-23. The consultation sets out the plans for the coming financial...
Ombudsman News 167
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-167 Context The FOS has published its latest Ombudsman News 167. Key points to note This edition is split into 5 sections: Now open: our plans and budget consultation for 2022/23Our action plan...
Operational Resilience – FCA Webinar
Link(s):https://www.fca.org.uk/events/operational-resilience Context The FCA has announced that it will be hosting a webinar which will look at its Operational Resilience Policy. This will be an opportunity for firms to hear from the FCA ahead of the March 2022 first...
Business interruption insurance test case – Insurer claims data
Link(s):https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business...
NatWest fined £264.8 million for anti-money laundering failures
Link(s):https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures Context Following criminal charges for money laundering failings pursued by the FCA, National Westminster Bank Plc (NatWest) has been fined £264,772,619.95....
The Financial Ombudsman Service launches action plan to change and improve
Link(s):https://www.financial-ombudsman.org.uk/who-we-are/governance-funding/action-plan-2021 Context The Financial Ombudsman Service (FOS ) has published an action plan approved by the Board to change and improve the organisation to provide the best service for ...
The FCA and the Practitioner Panel publish findings from the 2021 joint survey
Link(s):FCA and Practitioner Panel publish findings from 2021 joint survey | FCA Context The FCA and the Practitioner Panel have published a report from their 2021 joint survey of FCA regulated firms. The survey gives views across the financial services sector of the...
FCA launches discussion on improving the financial services compensation framework
Link(s):https://www.fca.org.uk/publications/discussion-papers/dp21-5-compensation-framework-review Context The Financial Conduct Authority (FCA) has published a Discussion Paper which aims to maintain a compensation framework that provides appropriate protection for...
H M Treasury launches a Call for Evidence in relation to the Appointed Representatives regime
Link(s):The Appointed Representatives Regime: Call for Evidence - GOV.UK Context HM treasury has launched an AR regime ‘call for evidence’ on how market participants use the regime, how the regime works in practice, the potential challenges to the safe operation of...
FCA has published its Appointed Representative regime Consultation Paper CP21/34: Improving the Appointed Representatives regime
Link(s):FCA proposes stronger requirements on oversight of appointed representatives | FCA Context The FCA has launched a web page about and a consultation on improving the appointed representatives regime and tackling harm that it see arising from this...
FCA publishes second Consumer Duty consultation
Link(s):https://www.fca.org.uk/publication/consultation/cp21-36.pdf Context The FCA has issued a further Consultation (CP21/36) in relation to the proposed new Consumer Duty, which includes a Feedback Statement to CP 21/13. As part of the consultation, it has...
HMRC’s IPT decision hailed as good news for brokers
Link(s):Insurance_Premium_Tax-administration_and_unfair_outcomes_-_summary_of_responses.odt (live.com) Context HM Revenue and Customs has published a summary of responses in relation to its consultation about the administrations of and unfair outcomes of Insurance...
The Financial Ombudsman Service reaches its 20th Anniversary
Link(s):Financial Ombudsman Service 20-year anniversary (financial-ombudsman.org.uk) Context On 1st December 2021 the Financial Ombudsman Service (FOS) reached its 20-year anniversary, so 20 years since it officially became the single ombudsman service for consumer...
ICO calls on companies to eliminate existing privacy risks posed by the adtech industry
Link(s):ICO calls on Google and other companies to eliminate existing privacy risks posed by adtech industry | ICO Context The Information Commissioner’s Office (ICO) has set out clear data protection standards that companies must meet to safeguard people’s privacy...
The FCA has published its fees proposals for 2022/23
Link(s):FCA sets out fees proposals for 2022/23 | FCA Context The FCA has announced that it has published a its annual Fees Consultation Paper, CP21/33: Regulatory fees and levies proposals for 2022/23, which sets out the Regulator’s proposed policy changes to the way...
FCA issues Policy Statement PS21/16: Issuing statutory notices – a new approach to decision makers “to tackle consumer harm”
Link(s):FCA reforms decision-making to tackle consumer harm | FCA In our weekly update for the week ending 30th July 2021 we included commentary on the FCA’s consultation on changes to its decision-making process that will enable it to make faster and more effective...
FOS publishes its quarterly data in relation to financial products
Link(s):Financial Ombudsman sees 30% increase in “authorised” scam complaints (financial-ombudsman.org.uk) Context The Financial Ombudsman Service has published its quarterly data in relation to financial products – this covers the period July-September 2021. Key...
FCA publishes Q3 2021 Whistleblowing data
Link(s):Whistleblowing quarterly data 2021 Q3 | FCA Context The FCA has published its Q3 2021 Whistleblowing data showing the number of new whistleblowing reports it received in July to September and the allegations they featured. Key points to note In 2021 Q3...
FCA publishes responses to unanswered questions arising at its Annual Public Meeting 2021
Link(s):Annual Public Meeting 2021: Responses to unanswered questions (fca.org.uk) Context The FCA has published a Q&A document outlining answers to unanswered questions arising at its 2021 Annual Public Meeting. There are 54 questions in all, a number of which...
MCE Insurance Company Limited enters administration
Link(s):MCE Insurance Company Limited enters administration | FCA Context The FCA has published an announcement on its website to confirm that MCE Insurance Company Limited (MCE) has entered administration. MCE is an insurance firm authorised and regulated by...
Business interruption insurance test case – Insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business Interruption...
FCA publishes draft Price-Setting Attestation wordings
Link(s):PS21/11: General insurance pricing practices - amendments Context The FCA has updated its web page in relation to the Policy Statement PS21/11 to confirm that it has published draft wordings for the first and second/subsequent Senior Manager Attestations in...
ABI and BIBA responses to the Financial Services Future Regulatory Framework Review
Link(s):ABI response to the Financial Services Future Regulatory Framework Review ABI Context The ABI has issued its response to HM Treasury's Future Regulatory Review Framework Proposals document. The proposal document sets out the government’s response to the...
LMA issues updated guidance on updated FCA Pricing Practices and Product Reviews
Link(s):https://www.lmalloyds.com/PPPR Context The LMA has issued updated guidance on the forthcoming FCA Pricing Practices rules and associated Product Reviews. The new rules require carriers to provide information on most products, including features, target market...
FSCS has published its November 2021 Outlook
Link(s):Our November 2021 Outlook Context FSCS Chief Executive Caroline Rainbird has introduced the FSCS November 2021 Outlook, focusing on the 2021/22 levy and the FSCS forecast for the 2022/23 levy. Key points to note There is some good news the FSCS has confirmed...
Ombudsman News 166
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-166 Context The FOS has published their latest Ombudsman News 166. Key points to note This edition is split into six sections: Talk money weekOur approach to resolving complaintsSharing insight...
FCA publishes a ‘reminder’ web page in relation to Value Measures data reporting
Link(s):General insurance value measures Context The FCA has published a ‘reminder’ web page in relation to general insurance value measures data reporting. In its General Insurance (GI) add-ons market study (MS14/1) the FCA identified poor product value as an area of...
FCA provides pricing practices Senior Manager Attestation update
Link(s):PS21/11: General insurance pricing practices - amendments Context The FCA has updated its web page in relation to Policy Statement PS21/11 (pricing practices amendments and clarifications) to include updated information about the Senior Manager Attestation,...
Downhill drive continues with the average cost of motor insurance down 7% over the last year
Link(s):https://www.abi.org.uk/news/news-articles/2021/11/downhill-drive-continues-with-the-average-cost-of-motor-insurance-down-7-over-the-last-year/ Context Motorists are continuing to benefit from the fewer motor claims arising during the Covid lockdowns. The...
Financial Ombudsman Service publishes feedback statement on consultation on outcome reporting
Link(s):https://www.financial-ombudsman.org.uk/files/316823/Financial-Ombudsman-Service-Feedback-statement-Temporary-changes-to-reporting-the-outcomes-of-proactively-settled-complaints.pdf Context In October 2021 the FOS published a consultation paper which set out...
FCA sets out its strategy for positive sustainable change
Link(s):A strategy for positive sustainable change Context Nikhil Rathi, the FCA CEO, has announced and set out the FCA’s strategy for what it is calling positive sustainable change in a speech delivered at the COP26 UN Climate Change Conference. Key points to note...
Complaints Data – update to FCA webpage
Link(s):Complaints data | FCA Context Every six months the FCA publishes data in relation to complaints. The two types of data published are firm specific and aggregate. Firm specific data includes data from individual firms that have reported 500 or more complaints...
The FCA publishes fourth edition of plan for upcoming work
Link(s):Financial regulators publish fourth edition of plan for upcoming work Context The FCA has announced that the Financial Services Regulatory Initiatives Forum has issued the fourth edition of the Regulatory Initiatives Grid. The FCA, in this Grid publication, is...
FCA issues Appointed Representatives Survey to Principal firms
Context In line with the FCA’s stated objectives in its 2021/22 Business Plan, the FCA has issued a survey questionnaire to what appears to be a large sample of Principal firms in relation to their ARs / IARs. We are aware that one firm that has just one AR has...
ICO warning after Scottish charity reveals personal data in email error
Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/10/ico-warning-after-scottish-charity-reveals-personal-data-in-email-error/ Context The Information Commissioner’s Office (ICO) is urging organisations to revisit their bulk e-mail practices...
FCA has published its responses to Consumer Panel and Practitioner Panel 2020/21 reports
Context The FCA has published its responses to four Panel reports. Key points to note The Financial Services Consumer Panel Annual Report 2020/21FCA response to the Financial Services Consumer Panel 2020/21 ReportThe Smaller Business Practitioner Panel Annual Report...
FCA announces the publication of the second set of Climate Financial Risk Forum (CRRF) guides
Link(s):https://www.fca.org.uk/news/press-releases/cfrf-publishes-second-set-guides-help-financial-industry-effectively Context The CFRF has been running since March 2019 and is chaired jointly by the Prudential Regulation Authority (PRA) and the Financial Conduct...
ASA publishes further regular ‘rulings’
Link(s): Codes & Rulings - ASA | Cap Context The ASA, every Wednesday, publishes and sets out on public record its rulings, which show how, following investigation, the advertising rules apply and where the ASA ‘draws the line’ in judging whether an advert has...
BIBA, the ABI and Flood Re issue call to flood insurance providers
Link(s):https://www.biba.org.uk/press-releases/call-for-flood-insurance-providers-to-register-for-new-industry-directory/ Context The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have opened registration for the...
FCA contacts relevant trade associations about a feedback survey
Context The FCA has written to certain trade associations including, we understand, the Managing General Agents Association (MGAA) in relation to a feedback survey that are planning to issue about the FCA’s series of COVID-19 Impact Surveys (sometimes referred to as...
FCA publishes quarterly financial promotions data for Q3 2021
Link(s):Financial promotions quarterly data 2021 Q3 Context The FCA has published its quarterly financial promotions data for Q3 2021. The data shows the number of financial promotions that have been amended or withdrawn due to non-compliance with FCA rules. The FCA...
FCA sends Dear CEO letter to insurance intermediaries about enhanced product governance rules
Context The FCA has issued a Dear CEO letter to insurance intermediaries reminding firms that its enhanced product governance rules came into force on 1st October 2021, and that they apply to manufacturers and distributors of almost all general insurance or pure...
FOS publishes Ombudsman News issue 165
Link(s):Ombudsman News 165 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service has published issue 165 of Ombudsman News, in which FOS shares details about its refreshed guidance for making awards of compensation for distress and inconvenience. FOS...
Business interruption insurance test case – Insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business Interruption...
FCA Speech: “Regulating for better outcomes – next steps in consumer credit”
Link(s):Regulating for better outcomes - next steps in consumer credit Context The FCA has published the drafted text of a speech delivered by Nisha Arora, Director of Consumer and Retail Policy, given at Westminster Business Forum. Although the main theme of the...