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Archive
The Treasury Committee published Government and Regulators’ responses to the ‘Future of Financial Services Regulation report
Link(s):Treasury Committee publishes Government and regulator responses to ‘Future of Financial Services Regulation’ report - Committees - UK Parliament Context The Treasury Committee has published responses from the Government, the Prudential Regulation Authority...
IUA publishes new Fire Safety Clause for high-rise repairs
Link(s):IUA publishes new fire safety clause for high rise repairs Context A new model insurance clause covering fire safety risks has been published. Key points to note The wording has been developed by the International Underwriting Association (IUA) and the...
Lloyd’s posts overall losses of £1.8bn for H1 2022 but an underlying £1.2bn underwriting profit
Link(s):Lloyd’s reports strong underwriting result in 2022 Half Year results - Lloyd's (lloyds.com) Context Lloyd's has posted a loss of £1.8bn for the first half of 2022 compared to a profit of £1.4bn in the same period last year, but has achieved an underwriting...
FOS publishes Q1 2022/23 complaints data
Link(s):Quarterly complaints data: Q1 2022/23 (financial-ombudsman.org.uk) Context FOS has published its Q1 2022/23 complaints data (so April to June 2022) and has highlighted again an increase in investment scams. FOS publishes complaints data on financial products...
Fighting financial crime – the force multiplier effect – FCA speech
Link(s):Fighting financial crime – the force multiplier effect | FCA Context Sarah Pritchard, Executive Director, Markets, gave her speech at the Financial Crime Summit in London. Key points to note The speech is split into seven sections: First responders in the...
Fake FCA e-mails, websites, letters and phone calls – update to FCA webpage
Link(s):Fake FCA e-mails, websites, letters and phone calls | FCA Context The FCA has updated its webpage which provides information on the common ways in which scammers may contact firms purporting to be the FCA. The added information relates to fake letters. Key...
ICO acting against eight individuals over alleged theft of road traffic accident data from garages
Link(s):ICO acting against eight individuals over alleged theft of road traffic accident data from garages | ICO Context The ICO has commenced criminal proceedings against eight individuals over the alleged unlawful accessing and obtaining of people’s personal...
ABI reports on the fall in insurance fraud
Link(s):Own goals, cruise con, DIY vandalism - fall in insurance fraud good news for honest customers, but no room to go easy on the cheats says the ABI Context According to ABI data there was a fall in both the number and cost of dishonest claims uncovered last year...
FCA publishes details of the number of skilled persons reports commissioned in Q1 2022/23
Link(s):Number of skilled person reports commissioned in Q1 2022/23 (April to June 2022) (fca.org.uk) Context The FCA has published details in a brief document about the number of skilled persons reports it commissioned in the first quarter of its current financial...
ASA guidance on testimonials and endorsements
Link(s):Avoiding ‘Fake Views’: A guide to testimonials and endorsements - ASA | CAP Context As part of its latest CAP Codes insights round-up e-mail, the ASA has provided guidance on the use of testimonials and endorsements in advertising. The guidance can also be...
Fall in the price of home insurance gives some relief to many households battling with cost-of-living rises
Link(s):https://www.abi.org.uk/news/news-articles/2022/08/fall-in-the-price-of-home-insurance-gives-some-relief-to-many-households-battling-with-cost-of-living-rises/ Context According to the ABI’s latest Household Premium Tracker figures the average price paid for...
FCA looks for external experts to help shape its work on ESG issues
Link(s):https://www.fca.org.uk/news/news-stories/fca-looks-external-experts-help-shape-work-esg-issues Context The FCA is establishing a new advisory committee to the FCA’s Board to work on Environmental, Social and Governance (ESG) issues, and is looking for...
FCA to issue Appointed Representatives information gathering questionnaire in December
Link(s):https://www.regulationtomorrow.com/eu/fca-updates-webpage-on-ps22-11-improving-the-appointed-representatives-regime/ Context The FCA has updated its Policy Statement 22/11: ‘Improving the Appointed Representatives regime’ webpage Key points to note New text...
EIOPA issues a consultation paper on governance arrangements in third countries
Link(s):EIOPA consults on governance arrangements in third countries | Eiopa (europa.eu) Context This public consultation, relating to a draft supervisory statement on the use of governance arrangements in third countries, is aimed at (although not exclusively) UK...
OFSI amends a General Licence in relation to insurances
Link(s):OFSI General Licences - GOV.UK (www.gov.uk) Context OFSI has published an amendment to General Licence INT/2022/2009156. This licence allows UK designated persons to make certain permitted payments to UK insurers from a frozen bank account, and allows UK...
The FCA updates the Temporary Permissions Regine (TPR) webpages
Link(s):Considerations for firms leaving the TPR | FCA; TPR firms that do not meet our expectations | FCA Context The FCA has updated its Temporary Permissions Regime (TPR) webpages Key points to note On 12th August 2022, the FCA updated the following webpages on the...
Higher costs for insurers put the squeeze on the price of motor insurance
Link(s):https://www.abi.org.uk/news/news-articles/2022/08/higher-costs-for-insurers-put-the-squeeze-on-the-price-of-motor-insurance/ Context According to the ABI’s latest Motor Insurance Premium Tracker the average price paid by motorists for their motor insurance in...
ASA guidance – pictures in advertising
Link(s):Ensure your ads are picture perfect on World Photography Day - ASA | CAP Context As part of its latest CAP Codes insights round-up e-mail, the ASA is reminding firms that imagery in advertising shouldn’t create a misleading impression, and that it must present...
Competition Appeal Tribunal overturns CMA Most Favoured Nation clauses ruling and £17.9m fine
Link(s):Price comparison website: use of most favoured nation clauses - GOV.UK (www.gov.uk) Judgment | Competition Appeal Tribunal (catribunal.org.uk) CAT Judgment (catribunal.org.uk) Context The Competition Appeal Tribunal has published a summary and a full judgement...
FOS outlines its approach under the new Consumer Duty
Link(s):A new Consumer Duty – setting a higher standard of care for consumers (financial-ombudsman.org.uk) Context Published as a FOS Insights blog, Simon Rawle, Ombudsman Leader, outlines the new Duty from FOS’ perspective and explains how FOS is working with the FCA...
Scale of FCA investigation into leaseholder insurance revealed by Insurance Age Freedom of Information Act enquiry
Link(s):FOI reveals scale of FCA investigation into leaseholder insurance - Insurance Age Context Following contact from the then Secretary of State for Levelling Up, Housing and Communities, Michael Gove, about the pressure leaseholders face from rapidly escalating...
FCA publishes the latest version of the Short Form A
Link(s):https://www.fca.org.uk/publication/forms/short-form-a-solo-regulated.docx Context In what appears to be the latest in the FCA’s current updates to its website and forms, the FCA has published the latest Short Form A. The version published is, however, dated...
FCA publishes Q1 2022 Whistleblowing data
Link(s):Whistleblowing quarterly data 2022 Q1 | FCA Context The FCA has published details of its Q1 2022 whistleblowing data, which shows the number of new whistleblowing reports it received between January and March 2022 and how the information was received. The FCA...
FCA to open Leeds office in September with 100 new jobs
Link(s):FCA to open Leeds office in September with 100 new jobs | FCA Context The opening of the Leeds office was announced in the FCA’s Business Plan in July 2021 and follows the establishment of a small presence in Cardiff and Belfast. Key points to note The Leeds...
Companies House publishes details about how to add an overseas entity and its registrable beneficial owners or managing officers to the Register of Overseas entities
Link(s):Register an overseas entity and tell us about its beneficial owners - GOV.UK (www.gov.uk) Agent assurance codes for registering an overseas entity - GOV.UK (www.gov.uk) Context Companies House has published details about how to add an overseas entity and its...
FCA publishes its 23rd June 2022 Board Meeting minutes
Link(s):FCA Board Minutes: 23 June 2022 Context The FCA has published 23rd June 2022 Bard Meeting minutes. The minutes contain a section in relation to The Consumer Duty, which gives a snapshot insight into the FCA’s approach to the implementation and monitoring of...
FCA updates webpage on how to apply for authorisation and variations of permissions
Link(s):How to Apply to our Authorisation for Firms | FCA Context On 29th July 2022, the FCA updated its webpage on how to apply for authorisation. Key points to note The webpage now contains a new paragraph outlining the Consumer Duty which makes it clear that, the...
FCA writes to insurance product manufacturers and distributors about the deadline for compliance with the insurance pricing product governance remedy
Link(s):PS21/11: General insurance pricing practices - amendments | FCA Context The FCA has updated its web page in relation to its pricing practices rules to confirm that it has conducted a multi-firm review to assess whether manufacturers of general insurance and...
FCA publishes Policy Statement PS 22/11: Improving the Appointed Representatives regime
Link(s):FCA confirms new rules to improve oversight of Appointed Representatives | FCA Context Appointed Representatives (ARs) are not regulated by the FCA, so it is Principal Firms’ responsibility to ensure that their ARs comply with the rules. The FCA has said that,...
FRC publishes its fourth Annual Enforcement review
Link(s):News I Financial Reporting Council (frc.org.uk); FRC Annual Enforcement Review July 2022 Context The FRC has published its fourth Annual Enforcement review, revealing a record number of cases and financial sanctions of £46.5 million being imposed. Key points...
OFSI issues updated Financial sanctions guidance
Link(s):General_Guidance_-_UK_Financial_Sanctions__Jul_2022_.pdf (publishing.service.gov.uk) Context OFSI Financial sanctions guidance on the approach OFSI takes including sector and regime specific guidance, as well as information on monetary penalties for breaches...
OFSI issues another general licence – Payment to UK Insurance Companies for Building and Engineering Insurance
Link(s):https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1093218/General_Licence_INT-2022-2009156.pdf Context OFSI has announced that it has issued another general licence in relation to payments to UK insurance companies...
HM Treasury publishes the Governments response to the Consultation about the Future Regulatory Framework Review
Link(s):Future Regulatory Framework (FRF) Review: Proposals for Reform - GOV.UK (www.gov.uk) Context HM Treasury has published the Governments response to the Consultation “Financial Services Future Regulatory Framework Review: Proposals for Reform”. Key points to...
HM Treasury publishes a ‘State of the sector: Annual review of UK financial services 2022’ report
Link(s):State of the sector: Annual review of UK financial services 2022 - GOV.UK (www.gov.uk) Context HM Treasury has published a first annual ‘state of the sector’ review report in conjunction with the City of London Corporation, which reports on the attractiveness...
HM Treasury – Financial Services and Markets Bill introduced into Parliament
Link(s):Financial Services Bill to unlock growth and investment across the UK - GOV.UK (www.gov.uk) Context HM Treasury has published details of legislation to enhance the competitiveness of UK financial services and unlock growth and investment across the UK,...
Lord Kennedy of Southwark introduces a Private Members Bill: “Leasehold Reform (Disclosure and Insurance Commissions) Bill
Link(s):Leasehold Reform (Disclosure and Insurance Commissions) Bill [HL] - Parliamentary Bills - UK Parliament Context Lord Kennedy of Southwark has introduced a Private Members Bill into the House of Lords, titled The Leasehold Reform (Disclosure and Insurance...
HM Treasury – Speech by the Chancellor at Mansion House – delivering the future of financial services in the UK
Link(s):Mansion House 2022 - GOV.UK (www.gov.uk) Context On 19th July , In his first official speech as Chancellor, Nadhim Zahawi set out ambitious plans to transform the UK financial services sector. At Mansion House, Zahawi confirmed that the government will...
Department for Digital, Culture, Media and Sport puts the proposed new Data Protection and Digital Information Bill before Parliament
Link(s):Data Protection and Digital Information Bill - Parliamentary Bills - UK Parliament Context The Department for Digital, Culture, Media and Sport has published details in relation to the introduction of a draft Data Protection and Digital Information Bill into...
Don’t Chance Fraud! – IFB launches Insurance Fraud Register (IFR) awareness campaign
Link(s):https://insurancefraudbureau.org/media-centre/news/2022/dont-chance-fraud-ifb-launches-insurance-fraud-register-ifr-awareness-campaign/ Context The Insurance Fraud Bureau (IFB) is warning of a rise in people added to the Insurance Fraud Register (IFR) as...
Ombudsman News 173
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-173 Context The FOS has published its latest Ombudsman News 173. Key points to note The document is split into three sections: Financial Ombudsman Service appoints Deputy Chief Ombudsman and...
REP008 – A reminder
Context Firms should be getting ready to complete their REP008 - reporting to the FCA Conduct Rules breaches that resulted in disciplinary action. This will be firms second report but the first covering a whole year. The previous one was only for the period 1st April...
PS 22/9 A New Consumer Duty
Link(s):https://www.fca.org.uk/publication/policy/ps22-9.pdf Context As anticipated the FCA has issued a press release and published its Policy Statement 22/9 A New Consumer Duty and FG 22/5. Key points to note The Consumer Duty sets higher and more defined standards...
FCA publishes the latest quarterly financial promotions data
Link(s):Financial promotions quarterly data 2022 Q2 | FCA Context The FCA has published its latest quarterly financial promotions data, which analyses the latest information (from 1st April 2022 to 30th June 2022) from the FCA’s action against authorised firms...
Companies House updates its Guidance: ‘Being a Company Director’
Link(s):Being a company director - GOV.UK (www.gov.uk) Context Companies House has updated the guidance on its web page in relation to understanding the role of a company director and a director’s responsibilities to Companies House. Key points to note The web page is...
Financial Ombudsman Service helps customers with insurance pricing complaints
Link(s):https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-helps-customers-insurance-pricing-complaints Context Whilst complaints about insurance pricing have fallen during the last year the Financial Ombudsman Service (FOS) is still...
The Information Commissioners Office publishes its Annual Report 2021/22
Link(s):https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-appoints-deputy-chief-ombudsman-chief-operating-officer Context The ICO has published its Annual Report 2021/22. The document reflects a year of action and progress in supporting...
FCA publishes FSCS levy calculation notes (2022/23 final rates)
Link(s):FSCS Levy Calculation Notes 2022/23 Final Rates.doc (fca.org.uk) Context The FCA has published a document, with no accompanying news item, setting out a series of notes about how the FSCS levy is calculated. The FCA has also previously issued a Guidance Sheet...
The latest FCA Perimeter Report
Link(s):https://www.fca.org.uk/publications/annual-reports/perimeter-report Context Now to be updated once a quarter (previously annually) the FCA’s Perimeter Report sets out what the FCA does and does not regulate, describing specific issues and the action that is...
FCA Annual Report and Accounts 2021/22
Link(s):https://www.fca.org.uk/publication/annual-reports/2021-22.pdf Context The FCA has set out in its Annual Report how it has worked over the past 12 months to meet its objectives of protecting consumers, enhancing market integrity and promoting competition. Key...
European Insurance and Occupational Pensions Authority (EIOPA)
Link(s):EIOPA seeks input on supervisory statement on differential pricing practices | Eiopa (europa.eu) Context The European Insurance and Occupational Pensions Authority (EIOPA) has launched a three-month-long public consultation relating to a draft supervisory...
ASA guidance – VAT in stated prices
Link(s):To include or not to include – VAT in stated prices - ASA | CAP Context As part of its latest CAP Codes insights round-up e-mail, the ASA is reminding firms that the Committee for Advertising Practice CAP Code requires that prices in ads include non-optional...
Information Commissioner sets out three-year vision, ‘ICO25’
Link(s):UK Information Commissioner sets out focus on empowering people through information | ICO Context As part of a speech delivered on 14th July 2022 at an event at Woburn House in London, to launch a three-year plan (‘ICO25’), the Information Commissioner John...
Eunisure Limited enters liquidation
Link(s):Eunisure Limited enters liquidation | FCA Context Eunisure Limited is an authorised retail insurance broker which entered liquidation on 7thJuly 2022, with Roderick Graham Butcher of Butcher Woods appointed as liquidator. Key points to note The firm placed...
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...