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Archive
Ashley Alder appointed FCA chair
Link(s):Ashley Alder appointed FCA chair | FCA Context HM Treasury and the FCA have announced the appointment of Ashley Alder as the new Chair of the FCA. Key points to note Ashley is currently Chief Executive Officer of the Securities and Futures Commission (SFC) in...
The Union confirms that it has suspended strike action at the FCA
Link(s):Moving our campaign forward - Unite. The union for staff at the FCA (unitethefca.org) Context Unite the Union has confirmed that the strike action at the FCA had been suspended after the watchdog agreed to talk to staff about better recognition for their work....
FSCS Annual Report 2021/22
Link(s):FSCS publishes its 2021/22 Annual Report and Class Statements | FSCS Context The FSCS has published its Annual Report and Accounts 2021/22 and Class Statements 2021/22 which contains details of work the FSCS has completed during the year. Key points to note...
Insurance Brokers call for Qualification requirements
Link(s):Insurance brokers call for qualification requirements (cii.co.uk) Context In a press release, the CII has confirmed that a group of ‘rising stars of the insurance broking profession’ have called for the FCA to introduce mandatory qualifications to advise...
FCA updated webpage: Fake FCA e-mails, websites, letters and phone calls
Link(s):Fake FCA emails, websites, letters and phone calls | FCA Context The FCA has updated its fake FCA emails, websites, letters and phone calls web page. Key points to note The update is to the Fake FCA e-mails section of the page, and appears to be adding...
FCA updated webpage: Change in Control
Link(s):Change of Control | FCA Context The FCA has updated its ‘change in control’ webpage. Key points to note The update states that, given recent delays in allocating notifications, the FCA has recruited additional case officers. Currently, there is a delay of...
FCA REP021 in RegData – a reminder
Link(s):SUP 16 Annex 49A Pricing information report form (REP 021) - FCA Handbook Context The REP021 return on RegData is due by 30/09/2022 for the Reporting Period 01/01/2022 to 30/06/2022. The full REP021 report can be found here. Key points to note For insurance...
FCA Board Minutes – The Consumer Duty and the Regulatory Diversity and Inclusion (D&I) Framework
Link(s): FCA Board Minutes: 26 May 2022 Context The FCA has published its 26th May 2022 Board meeting minutes, which cover a number of issues including the Consumer Duty, the Regulatory D&I Framework, and the FCA’s Freedom of Information Act (FOI) and Subject...
Building Safety Act 2022 – implications for insurance
Building Safety Act 2022 (legislation.gov.uk) Context The detail of this article has been sourced from Pinsent Masons useful and informative Out-Law online resource. On 28th June 2022 the implementation of the 2022 Building Safety Act (BSA) reached a key milestone,...
Future of financial services regulation – House of Commons Treasury Committee latest report
Future of Financial Services (parliament.uk) Context Following the United Kingdom’s exit from the European Union, the House of Commons Treasury Committee (HCTC) has released its latest report on the future of financial services regulation as it considers how to review...
Taking action against nuisance calls – proposed new ICO powers
ICO in the media | ICO Context In last week’s update we included details of the Department for Digital, Culture, Media & Sport publishing details of the Data Reform Bill. This week, the ICO has commented on press reporting in relation to nuisance calls and how...
FSCS Chief Executive talks of the front line of financial harm
The front line of financial harm | FSCS Context FSCS Chief Executive Caroline Rainbird has written an article on the frontline of financial harm: the balance needed to support the varied stakeholders and the importance of reducing consumer harm. Key points to note The...
Financial Ombudsman Service publishes Ombudsman News 172
Ombudsman News 172 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service (FOS) has published Ombudsman News 172. Key points to note This edition includes news of the new FOS Chief Executive and Chief Ombudsman, Abby Thomas, who joins in the Autumn.It...
Financial Ombudsman Service publishes annual complaints data 2021/2022
Financial Ombudsman Service publishes annual complaints data 2021/22 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service has published its annual complaints data for the April 2021 to March 2022 financial year, with insight into common problems raised...
FCA issues Policy Statement PS22/7: FCA regulated fees and levies 2022/23
PS22/7: FCA regulated fees and levies 2022/23 | FCA Context The FCA has published the 2022/23 periodic regulatory fees and levies for the FCA, FOS, the Money and Pensions Service (referred to in the FEES manual as the Single Financial Guidance Body – SFGB), devolved...
100 days left to use paper £20 and £50 banknotes
Link(s):Paper £20 and £50 note withdrawal | Bank of England Context The Bank of England has published a reminder that it will be withdrawing legal tender status of paper £20 and £50 banknotes after 30th September 2022. This means that there are 100 days left to use...
Data Reform Bill
Link(s):New data laws to boost British business, protect consumers and seize the benefits of Brexit - GOV.UK (www.gov.uk) Context Following the Government’s consultation (published September 2021) on reforms to the UK’s data protection regime it has now published it’s...
Changes to FCA Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs)
Link(s):Changes to FCA Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs) | FCA Context The FCA has published a news story advising that it is planning a move to seven-digit Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs) for newly...
Shaping the rules for a data-driven future – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/shaping-rules-data-driven-future Context Nikhil Rathi, the FCA’s Chief Executive, delivered his speech at the Dutch Authority for the Financial Markets (AFM) 20th anniversary seminar. Key points to note Highlights include:...
Amendments to the FCA financial resilience survey
Link(s):https://content.govdelivery.com/accounts/UKFCA/bulletins/31c6c91 Context Last week we confirmed that the FCA had included incorrect dates in Question 2 in the earliest cohort of the current financial resilience surveys. The FCA has now published the...
PS20/3: Signposting to travel insurance for consumers with medical conditions
Link(s):https://www.fca.org.uk/publications/policy-statements/ps20-3-signposting-travel-insurance-consumers-medical-conditions#revisions Context In April 2021 the FCA introduced new requirements to help consumers with more serious pre-existing medical conditions...
FCA fines insurance broker JLT Specialty Limited £7.8m for financial crime control failings
Link(s):https://www.fca.org.uk/news/press-releases/jlt-specialty-limited-fined-7.8m-pounds-financial-crime-control-failings Context The FCA has fined JLT Specialty Limited (JLTSL) £7,881,700 for financial crime control failings, which in one instance allowed bribery...
Our future funding model – Discussion Paper
Link(s):https://www.financial-ombudsman.org.uk/files/323975/Financial-Ombudsman-Service-Future-Funding-Discussion-Paper.pdf Context The FOS has published a Discussion Paper which seeks feedback on it’s proposals to change the funding model for 2023/24. Key points to...
Financial resilience surveys- clarification on Question 2
Context UKGI has received a communication from the APCC who had contacted the FCA (following feedback from members) requesting clarification on Question 2 in the latest round of financial resilience surveys. Key points to note The question asks “2. What are your...
Worshipful Company of Insurers INED Forum
Context A representative of the UKGI Group attended the Worshipful Company of Insurers INED Forum in the Old Library at Lloyd’s for its Regulatory Update from the FCA and PRA. We thought it would be beneficial to provide some of the notes arising out of the...
Innovation & Regulation: Partners in the success of Financial Services- FCA Speech
Link(s):https://www.fca.org.uk/news/speeches/innovation-regulation-partners-success-financial-services Context Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, gave her speech at Money20/20 Amsterdam. Key points to note Highlights of the speech...
FCA Consultation Paper 22/10 ‘Quarterly Consultation Paper No. 36’
Link(s):https://www.fca.org.uk/publication/consultation/cp22-10.pdf Context The FCA has published it’s Quarterly Consultation Paper No 36 CP 22/10. Key points to note In CP22/10 the FCA are proposing the following miscellaneous amendments to the FCA Handbook: Chapter...
Ombudsman News 171
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-171 Context The FOS has published its latest edition of Ombudsman News 171. Key points to note This edition is split into three sections: Reporting on strategic measures 2021/22Results from the...
FCA to issue a seventh round of financial resilience surveys – Tranche 2 firms
Link(s):Financial Resilience Survey | FCA Context The FCA has updated its new web page setting out the details of the seventh wave of financial resilience surveys (formerly known as the Covid-19 impact surveys) which are to be sent to the Tranche 1 firms between 13th...
New Chair appointments to FCA’s Smaller Business Practitioner Panel and Consumer Panel
Link(s):New Chair appointments to FCA’s Smaller Business Practitioner Panel and Consumer Panel | FCA Context The Consumer and Smaller Business Practitioner Panels are independent, statutory panels representing the interests of consumers and those who work in small or...
FCA appoints Interim Chair
Link(s):Richard Lloyd becomes Interim Chair of the FCA | FCA Context As previously announced on 4th February 2022, Richard Lloyd OBE has become Interim Chair of the FCA. Key points to note Richard takes over from Charles Randell CBE who stood down on 31st May 2022...
LIIBA launches ‘Belonging@LIIBA’ initiative and webpages
Link(s):Belonging @ LIIBA - LIIBA Context The LIIBA has initiated a fresh campaign to increase awareness of diversity and inclusion initiatives in the London insurance market. The stated mission is to increase diversity and inclusion within the London insurance market...
FCA updated web page – pricing categories for application fees – SMFs and Approved Persons
Link(s):Pricing categories for application fees | FCA Context The FCA has updated its Pricing categories for application fees web page with information relating to draft Senior Managers / Approved Persons applications. The update takes the form of three Q&As. Key...
FSCS May 2022 Outlook
Link(s):Our May 2022 Outlook | FSCS Context The FSCS has published its May 2022 Outlook update. This includes the latest compensation and overall levy forecast for 2022/23. Key points to note The FSCS has slashed its annual levy to £625m due to a reduction in expected...
Pay-outs for bereavement, illness, and injury claims top £18.6 million a day
Link(s):https://www.abi.org.uk/news/news-articles/2022/05/payouts-for-bereavement-illness-and-injury-claims/ Context According to latest figures from the Association of British Insurers (ABI) and Group Risk Development (GRiD) a record £6.8 billion has been paid out in...
Financial Ombudsman Service secures up to £22 million in redress for consumers
Link(s):https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-secures-22-million-redress-consumers Context The outcome codes initiative began in November 2021 and finished at the end of March 2022. For a limited period, complaints that were...
FCA publishes an updated Regulatory Initiatives Grid
Link(s):https://www.fca.org.uk/publications/corporate-documents/regulatory-initiatives-grid Context The FCA has published the latest Regulatory Initiatives Grid which sets out the planned regulatory initiatives for the next 24 months. Published alongside this is their...
Listening up to level up – regulating finance for the whole of the UK – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/listening-up-level-up-regulating-finance-uk Context Charles Randell, Chair of the FCA and PSR, gave his speech at the Centre for Commercial Law Studies, Queen Mary University of London. This speech appears free of recent...
FCA sends Portfolio Letter to Lloyd’s and London Markets insurance intermediaries (and Managing General Agents)
Context The FCA has issued a Portfolio Letter to Lloyd’s and London Market insurance intermediaries (including Managing General Agents), in which the FCA’s headline expectation is for these firms to consider the extent of the identified risks in their businesses and...
FCA sends Portfolio Letter to personal and commercial lines insurance intermediaries
Context The FCA has issued a Portfolio Letter to personal and commercial lines insurance brokers, in which the FCA’s headline expectation is for brokers to consider the extent of the identified risks in their businesses and to act where they identify harm. This is a...
Michael Gove responds to the FCA welcoming its approach to the review of buildings insurance premiums for leaseholders
Link(s):Buildings insurance for multiple-occupancy residential buildings: response to FCA's interim findings - GOV.UK (www.gov.uk) Context Michael Gove, the Secretary of State for Levelling Up, Housing and Communities, has published a letter to the Financial Conduct...
ASA publishes Insights guidance – price comparisons and free trials
Link(s):News - ASA | CAP Context In another ‘Insights’ update, the ASA has highlighted two news articles which resonate with financial promotions requirements: price comparisons and ‘free trials’. The guidance in the two articles can be viewed in the context of...
FCA refuses authorisation for a regulatory consultancy to be a regulatory hosting Principal firm
Link(s):FCA refuses authorisation to regulatory consultancy firm Alexander Jon Compliance Consulting Limited | FCA Context The FCA has refused to authorise a regulatory consulting business to provide regulatory hosting services. The Final Notice published by the FCA...
FCA speech – Insurance brokers: serving consumers and businesses in times of uncertainty and change
Link(s):Insurance brokers: serving consumers and businesses in times of uncertainty and change | FCA Context Sheldon Mills, the FCA’s Executive Director, Consumers and Competition, delivered a speech at the British Insurance Brokers' Association (BIBA) Conference on...
FCA publishes Policy Statement PS22/5: New cancellation and variation power – Changes to the Handbook and Enforcement Guide
Link(s):FCA strengthens consumer protection by speeding up removal of firms that do not use their regulatory permission | FCA Context In January 2021 the FCA announced what it referred to as its ‘use it or lose it’ campaign, reminding firms of their obligation to...
Strike action begins by staff at the FCA in London and Edinburgh – more to come
Link(s):Historic strike action begins by staff at Financial Conduct Authority in London and Edinburgh (unitetheunion.org) Context Following a failure to reach a landing between the FCA and its employees, last week Members of Unite embarked on strike action at the FCA....
ASA Insights – substantiation and evidence
Link(s):https://www.asa.org.uk/news/substantiation-101.html Context In its work on reviewing financial promotions many of the ASA’s comments surround the need to have the appropriate substantiation for any claims made. Around 70% of the complaints received by the ASA...
Next Steps for UK Insurance Regulation – FCA speech – “Regulatory priorities in the wake of Covid-19”
Link(s):Westminster Forum Projects | Next steps for the UK insurance industry - regulation and reform, consumer protection, climate change, COVID-19, and priorities for a new relationship with the EU Context Matt Brewis, FCA Director of Insurance, was one of the...
FCA writes to the Secretary of State about Multi-occupancy buildings insurance
Link(s):https://www.fca.org.uk/publication/correspondence/multi-occupancy-buildings-insurance-letter.pdf Context The FCA has published a letter it has sent to the Secretary of State for Levelling Up, Housing and Communities, Michael Gove. In January 2022 Mr Gove wrote...
Learning from the last 30 years to face the next – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/learning-last-30-years-face-next Context Nikhil Rathi, Chief Executive of the FCA, delivered his speech at the Chartered Institute for Securities & Investment (CISI) 30th anniversary dinner. Key points to note The...
FCA confirms the introduction of the planned SMF / Approved Persons application fee
Link(s):https://www.fca.org.uk/publication/fca/handbook-notice-98.pdf Context As part of the FCA’s work on application fees at the start of this year it confirmed within PS22/1 that it would be introducing a new charge of £250 for standalone Long Form A applications,...
Average cost of motor insurance fallen by 5% in Q1 2022
Link(s):Relief for many households as the average cost of motor insurance has fallen by 5% so far this year | ABI Context The average price paid for motor insurance in the first quarter of 2022 fell by 5% to its lowest level in nearly 7 years, according to ABI data....
Insurers expected to pay £500 million as a result of storm damage
Link(s):https://www.abi.org.uk/news/news-articles/2022/04/insurers-expect-to-pay-out-nearly-500-million-to-support-customers-hit-by--damage-from/ Context The damage caused by Storms Dudley, Eunice and Franklin that hit much of the UK during February is expected to...
FCA recruits to its senior leadership team
Link(s):https://www.fca.org.uk/news/press-releases/fca-makes-senior-hires Context The FCA has recruited three individuals to its Senior Leadership Team. Key points to note Mel Gunewardena will take up a Senior Advisor role at the FCA. Mel is currently Chief Market...
FCA publishes complaints data
Link(s):https://www.fca.org.uk/data/complaints-data Context The FCA publish their complaints data every 6 months, usually around April and September. Within these data sets, the FCA provide firm-specific data for individual firms and aggregate, or total data at...
EU Vnuk motor insurance law one step closer to being removed from British law
Link(s):https://www.gov.uk/government/news/motorists-to-avoid-annual-eu-price-hike-thanks-to-brexit-powers Context The EU law could have required a wider range of vehicles beyond cars and motorbikes to have motor insurance, such as golf buggies, mobility scooters and...
FCA publishes Q1 2022 Financial Promotions data
Link(s):Financial promotions quarterly data 2022 Q1 | FCA Context The FCA has published the latest Financial Promotions data, from 1st January 2022 to 31st March 2022, outlining its action taken against authorised firms breaching financial promotion rules and...
Critical issues in financial regulation: The FCA’s perspective – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/critical-issues-financial-regulation-fca-perspective Context The FCA’s CEO Nikhil Rathi delivered his speech at City Week 2022. Key points to note The speech is split into ten sections: Last 12 monthsCost of living...
CP22/7 Proposed increase to annual AR & IAR fees
Link(s):https://www.fca.org.uk/publication/consultation/cp22-7.pdf Context This item is an update to the item we included within our 15th April update. As part of its fees and levies Consultation Paper the FCA is proposing to increase annual fees for Appointed...
PS22/3 Diversity & Inclusion on Company Boards
Link(s):https://www.fca.org.uk/publication/policy/ps22-3.pdf Context The FCA has published its Policy Statement on diversity on company’s boards and executive committees which introduces new Listing Rules to require issuers to include a statement in their annual...
FCA announces that Corrie Bauckham Batts Limited has entered liquidation
Link: Corrie Bauckham Batts Limited enters liquidation | FCA Context The FCA has published a customer-facing page on its website announcing that FCA authorised and regulated Lloyd’s wholesale insurance broker, Corrie Bauckham Batts Limited, has...
HM Government highlights new EU requirements – transporting goods for hire or reward in the EU
Link(s):https://www.gov.uk/guidance/transport-goods-in-and-out-of-the-uk-using-vans-or-car-and-trailers-from-21-may-2022#full-publication-update-history Context From 21st May 2022 a standard international goods vehicle operator licence will be needed to transport...
Unite Union – the FCA workforce votes to take industrial action
Link(s):Historic first as FCA workforce vote to take industrial action at regulator (unitetheunion.org) Context Staff at the Financial Conduct Authority have voted in favour of striking over proposed changes to pay and conditions, the trade union Unite has announced....
FCA publishes Thematic Review – observations on wind-down planning: liquidity, triggers & intragroup dependencies
Link(s):https://www.fca.org.uk/publication/thematic-reviews/tr22-1.pdf Context The FCA has published a Thematic Review 22/1. The review, on wind-down planning across different business models, was conducted in light of the ongoing COVID-19 pandemic and the potential...
FCA publishes its initial 2022/23 Fees and Levies consultation
Link(s):CP22/7: FCA regulated fees and levies: rates proposals for 2022/23 | FCA Context Alongside the documents, web pages and publications mentioned above, the FCA has published its initial Fees and Levies 2022/23 Consultation, CP22/7. Key points to note The...
FCA Business Plan 2022/23
Link(s):https://www.fca.org.uk/publications/business-plans/2022-23 Context The FCA has published its Business Plan 2022/23, which has been issued mainly as a web page (although a .pdf version of the text has been produced – see the links above). Key points to note...
FCA publishes a three-year strategy and other associated web pages
Link(s):Our Strategy 2022 to 2025 (fca.org.uk) Context Nikhil Rathi, the FCA CEO, has published his second Business Plan, which has perhaps been overshadowed by the publication alongside it of a 3-year strategy document, “Our Strategy 2022-2025” (Our Strategy 2022 to...
ICO fines company for sending thousands of spam text messages during the pandemic
Link(s):ICO fines company for sending thousands of spam text messages during the pandemic | ICO Context The ICO has fined H&L Business Consulting Ltd (H&L) £80,000 for sending hundreds of thousands of text messages to people who had not consented to receive...
Ombudsman News 170
Link(s):Ombudsman News 170 (financial-ombudsman.org.uk) Context The FOS has published its latest edition of Ombudsman News. Key points to note This edition is split into four sections: Our plans and budget for 2022/23Increase to our award limitsStorm damage complaints...
Operational resilience insights for insurance firms- updated webpage
Link(s):Operational resilience insights for insurance firms | FCA Context The FCA has updated its operational resilience insights for insurance firms web page. Key points to note Those firms which attended the recent UKGI London Workshop, or firms which participated...
Russian invasion of Ukraine: operational and cyber resilience
Link(s):Building a digital regulator: how the FCA is riding the innovation wave | FCA Context The FCA has updated its Russian invasion of Ukraine: operational and cyber resilience web page. Key points to note A section has been added “False information” which states:...
Building a digital regulator: how the FCA is riding the innovation wave
Link(s):Building a digital regulator: how the FCA is riding the innovation wave | FCA Context Jessica Rusu the FCA’s Chief Data, Information and Intelligence Officer, gave a speech at the Innovation Finance Global Summit 2022. Key points to note The speech was split...
FCA bolsters authorisation team
Link: FCA makes three senior hires | FCA Context The FCA has added two senior directors, a finance director and filled a further 95 authorisation roles. Key points to note Laura Dawes will take up one of the new Director of Authorisations roles. Laura is currently...
FOS complaint form and privacy notice
Link(s):We’re updating our complaint form and privacy notice (financial-ombudsman.org.uk) Context The FOS have confirmed that it will be making a number of changes to its complaint form. Key points to note This change will come into effect from 1st April 2022, and the...
Citizens Advice sounds the alarm on £280 car insurance ethnicity penalty
Link(s):Citizens Advice sounds the alarm on £280 car insurance ethnicity penalty - Citizens Advice Context As part of an investigation the Citizens Advice Bureau (CAB) analysed 18,000 car insurance costs reported by people who came to CAB for debt help in 2021. On...
Financial Ombudsman Service publishes its plans and budget for 2022/23
Link(s):Strategic plans and budget (financial-ombudsman.org.uk) Context The FOS has published its plans and budget for 2022/23. Key points to note In 2022/23, the Financial Ombudsman: Expects to receive 177,000 complaints and resolve 220,500 complaints.Continue to...
FCA publishes Handbook Notice 97
Link(s):Handbook Notice 97 (fca.org.uk) Context The FCA has published Handbook Notice 97 which lists a series of changes that the regulator’s Board has made to its rules and other materials at its March meeting. For those firms subject to paying only minimum fees the...
‘A sigh of relief’ for the industry as MoJ plans no further action on credit hire and rehabilitation
Link(s):https://www.gov.uk/government/consultations/reforming-the-soft-tissue-injury-whiplash-claims-process#full-publication-update-history Context The Ministry of Justice has confirmed it will take no further action on credit hire and rehabilitation after publishing...
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...