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Archive
Milestone for UK financial services as Financial Services Bill receives Royal Assent
Link(s): Financial Services Act 2021 (legislation.gov.uk) Milestone for UK financial services as Bill receives Royal Assent - GOV.UK Context The UK has taken an important first step in shaping its own financial services regulation outside the EU with the...
FOS issues Ombudsman News 160
Link(s): Ombudsman News 160 (financial-ombudsman.org.uk) Context FOS has published the latest issue of Ombudsman News, Issue 160. Key points to note An update on the appointment of Nausicaa Delfas as the FOS interim Chief Executive and Chief Ombudsman.Details of two...
FCA speech – Outcomes-focused regulation: a measure of success?
Link(s): Outcomes-focussed regulation: a measure of success? | FCA Context A speech by Charles Randell, Chair of the FCA and PSR, to the Building Societies Association, took a look at the history of the regulatory journey to outcomes-focussed regulation, including a...
FCA publishes web page in relation to buildings insurance for leasehold properties
Link(s): Buildings insurance for leasehold properties | FCA Context The FCA has published a page on its website outlining its expectations of regulated firms when arranging and providing fair value buildings insurance for leasehold apartment buildings. The...
The FCA and Practitioner Panel joint survey for 2021 launches
Link(s): The FCA and Practitioner Panel joint survey for 2021 launches | FCA Context The FCA and Practitioner Panel joint survey for 2021 has launched. The survey has been sent to a sample of regulated firms, so they can share their feedback on how the FCA regulates...
Advertising Standards Authority and Committees of Advertising Practice (ASA-CAP) publish 2020 annual report – Protecting young and vulnerable people
Link(s): ASA-CAP-2020-Annual-Report.pdf Context There is significant crossover between Advertising Standards Authority (ASA) requirements, the Committees for Advertising Practice Code (CAP Code) guidance and FCA requirements in relation to advertising and financial...
Competition and Markets Authority (CMA) and regulators deliver for consumers in 20/21
Link(s): https://www.gov.uk/government/news/cma-and-regulators-deliver-for-consumers-in-20-21 Context The CMA’s 20/21 report shows how concurrency arrangements with other regulators have helped deliver benefits for consumers over the past year. Key points to note 3...
Insurance and long-term savings industry to lead a flexible working revolution with 27 firms signing up to new campaign
Link(s): https://www.abi.org.uk/news/news-articles/2021/04/insurance-and-long-term-savings-industry-to-lead-a-flexible-working-revolution-with-27-firms-signing-up-to-new-campaign/ Context The insurance and long-term savings sector has launched the biggest-ever...
FSCS declared 11 firms in default in March 2021
Link(s): 11 firms in default in March | FSCS Context The FSCS has published its latest notice to inform consumers they may be eligible for compensation. Key points to note People who have dealt with any of the 11 firms listed below, and believe they are owed money as...
FCA insights – insights from the 2020 Cyber Coordination Groups
Link(s): Insights from the 2020 Cyber Coordination Groups | FCA Context The FCA has provided a broad overview and insight into the discussions held at its quarterly Cyber Coordination Group meetings, with the aim of sharing the valuable insights found in these groups...
FCA speech – compliance, culture and evolving regulatory expectations
Link(s): https://www.fca.org.uk/news/speeches/compliance-culture-and-evolving-regulatory-expectations-mark-steward Context Mark Steward the Executive Director of Enforcement and Market Oversight gave a speech at NYU Law School. Key points to note The Senior Managers...
FCA speech – cautious optimism for the post-pandemic world
Link(s): https://www.fca.org.uk/news/speeches/cautious-optimism-post-pandemic-world Context Charles Randell, Chair of the FCA and PSR (Payment Systems Regulator), gave a speech to the Finance & Leasing Association. Key points to note In his speech Charles Randell...
UK launches global anti-corruption sanctions
Link(s): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/980367/Notice_Global_Anti-Corruption_260421.pdf Context The United Kingdom has launched the Global Anti-Corruption sanctions regime. Key points to note On 26 April...
FCA publishes half-yearly firm complaints data from H2 2020
Link(s): Complaints data | FCA Context The FCA believes that being transparent about the number of complaints that firms receive is helpful for the industry and consumers. Firms can compare their performance with their peers and consumers have an additional source of...
FCA bans and fines financial adviser £68,300 for lacking honesty and integrity
Link(s): https://www.fca.org.uk/news/press-releases/fca-bans-fines-financial-adviser-lacking-honesty-integrity Context The FCA has banned an individual from working in financial services and fined him £68,300 for knowingly performing a controlled function without...
FCA makes key sustainability and technology hires
Link(s): https://www.fca.org.uk/news/press-releases/fca-makes-key-sustainability-and-technology-hires Context Sacha Sadan has been appointed Director of Environment Social and Governance. The FCA has also appointed Ian Alderton as Chief Information Officer and Ian...
Levelling the playing field – innovation in the service of consumers and the market
Link(s): https://www.fca.org.uk/news/speeches/levelling-playing-field-innovation-service-consumers-and-market Context Nikhil Rathi, CEO of the FCA, has given a speech at the FCA’s FinTech Week. Key points to note Success in financial innovation has been enabled by...
FCA business plan 2021/22
Link(s): https://www.fca.org.uk/news/statements/fca-business-plan-2021-22 Context The FCA has issued a statement in relation to the 2021/22 FCA Business Plan. Key points to note The business plan will be published in July instead of April.It will be published...
FCA speech – why black inclusion matters
Link(s): Why black inclusion matters to us | FCA Context The FCA has published a speech by Sheldon Mills, Executive Director, Consumers and Competition, delivered at New Financial. Key points to note There is a lack of black people across senior roles in...
FCA commences criminal proceedings for fraud and unauthorised business
Link(s): FCA commences criminal proceedings for fraud and unauthorised business | FCA Context Following an investigation, the FCA has commenced criminal proceedings against two individuals. Key points to note The proceedings relate to an offence of conspiracy to...
Financial Ombudsman Service appoints Nausicaa Delfas as interim Chief Executive and Chief Ombudsman
Link(s): https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-appoints-nausicaa-delfas-interim-chief-executive-chief-ombudsman Context Nausicaa Delfas has been appointed as interim Chief Executive and Chief Ombudsman of the FOS. Key points to...
ABI launches biggest ever drive to boost standards for insurance customers with mental health conditions
Link(s): https://www.abi.org.uk/news/news-articles/2021/04/abi-launches-biggest-ever-drive-to-boost-standards-for-insurance-customers-with-mental-health-conditions/ Context The ABI has launched an online training platform developed in collaboration with employee...
Lloyd’s to invest in building digital delivery capability and opening a new hub in Manchester
Link(s): https://www.lloyds.com/news-and-insights/news/lloyds-to-invest-in-building-digital-delivery-capability-and-opening-a-new-hub-in-manchester Context Lloyd’s is investing in order to enhance its digitalisation capabilities. Key points to note A hub will be...
FCA rules for travel insurance sales
Link(s): https://www.fca.org.uk/publication/policy/ps20-03-addendum.pdf Context As a reminder, the FCA is making it a requirement to signpost travel insurance customers with more serious medical conditions to a Medical Cover Firm Directory under certain circumstances...
CP21/8: FCA regulated fees and levies: rates proposals 2021/22
Link(s): https://www.fca.org.uk/publication/consultation/cp21-8.pdf Context The FCA is consulting on its periodic fee rates and other fee policy proposals for the 2021/22 financial year. It is also consulting on the Financial Ombudsman Service general levy, Money and...
Principal firm censured and paying clients sold to by its ARs £399,902 in compensation
Link(s): https://www.fca.org.uk/news/press-releases/alsford-page-gems-limited-censured-and-agrees-pay-extended-warranty-insurance-customers Context This week, the FCA has publicly censured Alsford Page & Gems Limited (APG), in a long-running case, for a lack of...
Data Protection Practitioners’ Conference 2021- postponed
Link(s): https://ico.org.uk/global/data-protection-practitioners-conference-2021/ Context Following the death of HRH The Duke of Edinburgh, the ICO has taken the decision to postpone its Data Protection Practitioners' Conference. Key points to note The ICO is now...
RAC Insurance sets up in-house broker as part of mission to top £300m personal lines GWP by 2023
Link(s): https://media.rac.co.uk/pressreleases/rac-insurance-sets-up-in-house-broker-as-part-of-mission-to-top-ps300m-personal-lines-gwp-by-2023-3089262 Context RAC Insurance has announced it has set up its own in-house insurance intermediary in a key step towards...
Regulating the UK as a global financial centre – FCA speech
Link(s): https://www.fca.org.uk/news/speeches/regulating-uk-global-financial-centre Context Speech delivered by Nausicaa Delfas, Executive Director of International, Interim Chief Operating Officer and Executive Director of International, at City & Financial...
FCA’s online invoicing system – user guide and terms & conditions of use
Link(s): https://www.fca.org.uk/publication/fees-information/fca-online-guide-2021.pdf https://www.fca.org.uk/publication/fees-information/online-invoicing-terms-conditions.pdf Context The...
Business Interruption insurance test case: Insurer claims data – updated data
Link(s): https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context The FCA sent a Dear CEO letter to insurers affected by the test case which explained that the Regulator intends to gather information on all non-damage Business Interruption (BI)...
Changes for consumer credit firms post-Brexit – minor changes to the SECCI form
Link(s): https://www.fca.org.uk/firms/changes-consumer-credit-firms-post-brexit Context From 1st June 2021, there will be changes for firms subject to regulations 8, 10 and 11 of the Consumer Credit (Disclosure) Regulations 2010 and the relevant rules in the FCA...
Insurance intermediaries – Conduct Rule breach reporting
Link(s): Various industry publications Context The FCA’s response to a Freedom of Information (FOI) request by Sicsic Advisory, about reported Conduct Rules breaches by solo regulated insurance intermediaries last year, has been receiving wide attention in the...
FCA speech – the importance of purposeful anti-money laundering controls
Link(s): https://www.fca.org.uk/news/speeches/importance-purposeful-anti-money-laundering-controls Context FCA Executive Director of Enforcement and Market Oversight, Mark Steward, gave a speech on 24th March 2021 at the AML and ABC Forum. Key points to note...
FCA Finalised Guidance – cancellations and refunds: helping consumers with rights and routes to refunds
Link(s): https://www.fca.org.uk/publication/finalised-guidance/cancellations-refunds-helping-consumers-rights-routes-refunds.pdf Context The FCA first published its temporary guidance in October 2020. The guidance was due to end in April 2021, the FCA therefore...
FCA quarterly data – financial promotions
Link(s): https://www.fca.org.uk/data/financial-promotions-and-adverts/financial-promotions-quarterly-data Context The FCA undertakes many reviews of firms’ financial promotions. Financial promotions for review are identified through multiple sources including both...
FCA article on corporate culture
Link(s): https://www.fca.org.uk/insight/corporate-culture-grasping-ungraspable Context The FCA has released an article in its Insight newsletter which explores the concept of measuring culture. The article provides an interesting take on how the FCA views culture...
FCA updates website pages in relation to the use of RegData and adding or amending Directory Persons data
Link(s): user-guide-adding-amending-individual-directory-persons-data.pdf (fca.org.uk) user-guide-amending-multiple-directory-persons-data.pdf (fca.org.uk) FCA explains RegData: Registering a principal user as a newly authorised firm: video transcript RegData user...
Monetary penalty for breach of financial sanctions guidance update comes into force
Link(s): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/975593/MP_guidance_April_2021.pdf Context The Office of Financial Sanctions Implementation's (OFSI) updated version of its monetary penalty guidance came into...
International Underwriting Association (IUA) issues revised good practice guide for delegated authorities
Link(s): https://www.iua.co.uk/IUA_Member/Press/Press_Releases_2021/IUA_publishes_new_delegated_authorities_guide.aspx Context IUA has published a new good practice guide for delegated authorities which highlights key concerns for insurance companies in assessing new...
Financial Ombudsman publishes Ombudsman News: Issue 159
Link(s): https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-159 Context FOS published Ombudsman News issue 159 on 31st March. Key points to note FOS has published its:2021/22 Plan and Budget2020 diversity, inclusion and wellbeing reportFOS Easter...
Financial Ombudsman publishes plans and budget for 2021/22
Link(s): https://www.financial-ombudsman.org.uk/news-events/our-plans-and-budget-for-2021-22 Context FOS has published its final plans and budget for 2021/22, following consultation in December 2020. Key points to note The document sets out that, in the year to the...
FCA to issue a further round of Covid-19 impact surveys
Link(s): https://www.fca.org.uk/news/statements/coronavirus-covid-19-financial-resilience-survey#revisions Context The FCA launched the first phase of the Covid-19 impact survey in June 2020. The survey was repeated in late 2020 and at the beginning of 2021. The FCA...
FCA publishes policy statement – PS21/3: Building operational resilience
Link(s): https://www.fca.org.uk/publications/policy-statements/ps21-3-building-operational-resilience Context In December 2019 the FCA released CP19/32 which proposed changes to how firms approach their operational resilience. The consultation received 73 responses....
FCA publishes details of further Decision Notice for non-financial misconduct
Link(s): https://www.fca.org.uk/news/press-releases/fca-publishes-decision-notice-against-jon-frensham-non-financial-misconduct Context Following the implementation of the Senior Managers and Certification Regime the FCA is considering the non-financial conduct of...
CMA publishes Annual Plan 2021 to 2022
Link(s): https://www.gov.uk/government/news/cma-publishes-annual-plan-2021-to-2022 Context The CMA has published its Annual Plan for 2021 to 2022, which sets out its key priorities for the year ahead. This comes as the CMA takes on additional responsibilities for...
ICO’s plans for updating anonymisation guidance
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/03/building-on-the-data-sharing-code-our-plans-for-updating-our-anonymisation-guidance/ Context The sharing of personal data while a risk, is key to mapping trends, providing insights to...
REMINDER: Directory Persons data submissions deadline 31st March 2021
Link(s): https://www.fca.org.uk/firms/directory-persons Context Solo-regulated firms must submit their Directory Persons data via Connect by 31st March 2021. Failure to provide the correct information on time would constitute a breach of regulatory reporting...
FCA launches campaign to encourage individuals to report wrongdoing
Link(s): https://www.fca.org.uk/news/press-releases/fca-launches-campaign-encourage-individuals-report-wrongdoing Context The FCA has launched the 'In confidence, with confidence' campaign aimed to encourage individuals working in financial services to report...
FCA to launch new Online Fees Portal
Link(s): https://www.fca.org.uk/firms/fees-and-levies/new-online-fees-portal#:~:text=We%20are%20launching%20a%20new,available%20after%2031%20March%202021 Context The FCA has confirmed that, as part of the systems upgrade programme to improve efficiency, a new online...
FCA releases updated statement on non-damage Business Interruption (BI) settlements and deductions made for government support
Link(s): https://www.fca.org.uk/news/statements/updated-statement-non-damage-bi-settlements-deductions Context The FCA has released an updated statement after identifying a number of complaints about insurers making deductions from BI settlements. The complaints have...
FCA publishes data collected from affected insurers on the progress of non-damage business interruption (BI) insurance claims
Link(s): https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data. Context As part of the ongoing work in respect of the Covid-19 non-damage business interruption (BI) insurance claims test case, the FCA has published insurer claims data which was...
FCA provides confirmation of implementation dates for general insurance pricing practices rules
Link(s): https://www.fca.org.uk/news/statements/implementation-period-any-rules-arising-cp20-19 Context The FCA has reacted to feedback from over 100 responses to the consultation on general insurance pricing practices (CP20/19) by proposing to amend the...
FCA updates its policy development web page
Link(s): Policy development update Context The policy development update provides information on the FCA’s recent and upcoming publications but should not be regarded as comprehensive. The FCA usually updates this page on the first Friday of each month – this...
£202 million paid by insurers to help the families of those who have died due to coronavirus
Link(s): £202 million paid by insurers to help the families of those who have died due to Coronavirus Context The ABI has published information setting out the amounts paid out by insurers in relation to coronavirus deaths. Key points to note Insurers paid out...
BIBA publication aims to demystify insurer financial strength
Link(s): Demystifying insurer financial strength in a new BIBA publication Context BIBA has issued a press release about its aim to demystify insurance company financial strength ratings in relation to the use of unrated insurers/carriers. Key points to note The...
Pandemic lockdowns lead to fall in motor insurance claims in 2020
Link(s): Pandemic lockdowns lead to fall in motor insurance claims in 2020 ABI Context The number of motor insurance claims settled by insurers in 2020 fell by 19% according to figures published today by the ABI (Association of British Insurers). This unsurprising...
Financial Ombudsman Service publishes Ombudsman News Issue 158
Link(s): Ombudsman News 158 Context The FOS has published Ombudsman News 158 on 12th March Key points to note The announcement of the departure of Caroline Wayman from her roles as chief executive and chief ombudsman is coveredDetails of the latest complaints data are...
HMRC £20 million SME Brexit support fund opens for applications
Link(s): £20 million SME Brexit Support Fund opens for applications Context A £20 million SME Brexit Support Fund has opened for applications. Smaller businesses can, from 15th March 2021, apply for grants of up to £2,000 to help them adapt to new customs and tax...
Office of Financial Sanctions implementation (OFSI) updates its monetary penalty guidance
Link(s): Monetary penalties for breaches of financial sanctions Context The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented, and enforced in the United Kingdom. It has published an...
FCA updates its delayed activities and regulatory change page
Link(s): Coronavirus (Covid-19): delayed activities and regulatory change Context In response to the coronavirus pandemic, the FCA continues to review its work and plans to delay or postpone activity that is not critical to protecting consumers and market integrity in...
FCA starts criminal proceedings against NatWest Plc
Link(s): FCA starts criminal proceedings against NatWest Plc | FCA Context The FCA has announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under the Money Laundering Regulations 2007 (MLR 2007)....
FCA updates its list of business interruption insurance policies capable of responding to the Covid-19 pandemic following the test case
Link(s): Business interruption insurance test case: list of affected insurers and policies Context On 17 June 2020 the FCA published finalised guidance for insurers on the business interruption (‘BI’) insurance test case (‘Test Case’). It asked insurers to review...
FCA publishes minutes for the January 2021 FCA Board meeting
Link(s): Board minutes | FCA FCA Board Minutes: 28 January 2021 Context The FCA Board meets regularly and a record of its decisions is taken. The minutes of each meeting are generally...
Competition and Markets Authority publicises the release of the first annual plan of work by the Digital Regulation Cooperation Forum
Link(s): A joined-up approach to digital regulation Context The Digital Regulation Cooperation Forum (DRCF) today outlined its priorities for the coming year by publishing the Digital Regulation Cooperation Forum workplan 2021/22, marking a step-change in coordination...
ICO publishes information about the 2021 Data Protection Practitioners’ Conference
Link(s): Data Protection Practitioners' Conference 2021 Context The ICO has confirmed the date for the DPPC 2021 as Wednesday 14th April 2021. For further details and an introduction to the conference there is a short video from Information Commissioner Elizabeth...
FOS announces that the chief executive and chief ombudsman, Caroline Wayman, is stepping down
Link(s): Caroline Wayman to step down as chief ombudsman & chief executive at the Financial Ombudsman Service Context Caroline Wayman, the chief ombudsman and chief executive of the FOS, is stepping down from the role on 16th April, after 22 years of service and...
ICO fines firms for sending more than 2.7 million spam text messages
Link(s): ICO fines firms for sending more than 2.7 million spam text messages during the pandemic Context Two separate companies which sent nuisance text messages during the Covid-19 pandemic have been fined a total of £330,000 by the Information Commissioner’s Office...
FOS publishes its latest complaints data
Link(s): https://www.financial-ombudsman.org.uk/news-events/weve-published-latest-complaints-data-products-individual-businesses Context The FOS has published data showing the number of complaints received between 1 October and 31 December 2020. It has also published...
The Budget 2021: the ABI’s response
Link(s): The ABI comments on the 2021 Budget Context The Chancellor of the Exchequer delivered the Budget 2021 on 3rd March. Commenting on the launch of Green Savings Bonds and measures to stimulate green investment, Huw Evans, the ABI’s Director...
ABI comments on the publication of the Whiplash reforms
Link(s): ABI comments on the publication of Statutory Instruments to amend Civil Procedure Rules and introduce Whiplash Tariffs Context Commenting on the publication of Statutory Instruments to amend Civil Procedure Rules and introduce Whiplash Tariffs, Mark Shepherd,...
The Budget 2021 – taxation issue – HM Revenue and Customs
Link(s): All HMRC tax related documents and other announcements for Budget 2021 Context Commentary in relation to Corporation Tax: Corporation tax - GOV.UK (www.gov.uk) To balance the need to raise revenue with the objective of having an internationally competitive...
Elizabeth Denham, the Information Commissioner, delivers a speech at the Oxford Internet Institute
Link(s): “From facial recognition technology to children online: regulating data protection in 2021” Context The Information Commissioner has taken what she sees as an ideal and timely opportunity to speak about the nature of the ICO’s work. Next actions None – for...
Policy Statement PS21/1: breathing space regulations: changes to the FCA handbook
Link(s): FCA sets out changes to its Handbook resulting from regulations on problem debt that come into force in May 2021 Context The FCA wants firms to be clear on how their rules interact with The Debt Respite Scheme (Breathing Space Moratorium and Mental...
FCA publishes details of fines levied in 2020
Link(s): FCA Fines 2020 Context During the calendar year ending 2020, the total amount of fines imposed by the FCA reached over £192m. This included a £48,308,400 fine for Goldman Sachs for breaches related to wholesale conduct in the investment bank sector and a...
Business Interruption Insurance test case – proving the presence of Coronavirus
Link(s): Business interruption insurance FCA update Context The FCA has published Finalised Guidance setting out how to prove the presence of Covid-19 in a particular area, based on the High Court’s judgment and declarations. The FCA has also published a...
FOS – Caroline Wayman speaks at ABI annual conference 2021
Link(s): Caroline Wayman speaks at ABI annual conference 2021 Context Chief ombudsman & chief executive, Caroline Wayman, attended the ABI annual conference on 23rd February 2021 to take part in a panel discussion on the strategic and reputational challenges...
ICO statement in response to the publication of a draft adequacy decision from the European Commission
Link(s): ICO and ABI statements in response to the publication of a draft adequacy decision from the European Commission Context In response to the publication of the draft UK data adequacy decisions by the European Commission the Information Commissioner,...
UK Government announces plans to remove controversial EU Vnuk motor insurance law from British statute – welcomed by the ABI.
Link(s): Government announces plan to scrap EU law, ensuring British drivers avoid an estimated £50 per year insurance hike Context The Department for Transport has confirmed plans to scrap the controversial EU 'Vnuk' law. If the regulations had been...
UK Government welcomes the European Commission’s draft data adequacy decisions
Link(s): The Government welcomes the European Commission’s draft data adequacy decisions Context The European Commission has published its draft UK adequacy decisions in relation to the processing of personal data. If adopted, these adequacy decisions will allow for...
The FCA and PRA jointly issue a Dear CEO letter in relation to a Bank of England publication about transforming data collection from the financial services industry
Link(s): FCA and PRA Dear CEO letter in relation to transforming data collection Context On 23 February 2021, the Bank of England published ‘Transforming Data Collection from the UK Financial Sector: A Plan for 2021 and beyond’. The document is the Bank’s plan to...
FCA announces a Memorandum of Understanding between the FCA and the Equality and Human Rights Commission (EHRC)
Link(s): Memorandum of Understanding between the FCA and the Equality and Human Rights Commission (EHRC) Context On Friday 19th February the FCA and the EHRC entered into a Memorandum of Understanding, which sets out a framework to support the working arrangements...
FCA launches guidance for firms on the fair treatment of vulnerable customers
Link(s): Guidance for firms on the fair treatment of vulnerable customers Context The FCA has issued its latest Finalised Guidance on the fair treatment of vulnerable customers, “FG21/1: Guidance for firms on the fair treatment of vulnerable customers”. ...
FCA sets out its guidance resources for firms in relation to the fair treatment of vulnerable customers
https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers Context On Tuesday 23 February the FCA published guidance for firms on the fair treatment of vulnerable customers. To help firms meet the guidance, the FCA has...
ICO launches data analytics toolkit
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/02/ico-launches-data-analytics-toolkit/ Context The ICO is urging all organisations considering using data analytics on personal data to look at its new toolkit which can be found here:...
ICO issues fines totalling £270k to firms making nuisance calls
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/02/ico-issues-fines-totalling-270-000-to-firms-making-nuisance-calls/ Context The Information Commissioner’s Office (ICO) has issued fines totalling £270,000 to two separate companies...
FCA plans to extend guidance to help consumers claim in the event of a cancellation
Link(s): https://www.fca.org.uk/publications/finalised-guidance/cancellations-refunds-helping-consumers-rights-and-routes-refunds Context The FCA is consulting on a proposed extension of temporary guidance which was first introduced in October 2020. The guidance is...
Reminder: Individual Conduct Rules deadline 31st March 2021
Link(s): https://www.fca.org.uk/firms/senior-managers-certification-regime/solo-regulated-firms Context UKGI would like to remind firms that the date on which the Individual Conduct Rules come into force for staff other than Senior Managers and Certification staff, is...
Reminder to submit directory of certified and assessed persons information
Link(s): https://www.fca.org.uk/firms/directory-persons Context UKGI is reminding firms of the deadline dates in relation to the submission of Directory Persons data and when this data will begin to appear on the Financial Services Register. Key points to note The...
FCA publish submissions to the Supreme Court on declarations on business interruption court case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#revisions Context The FCA and the other parties to the test case have made written submissions to the Supreme Court on the form of the declarations to be issued by the Court. The declarations...
CII poll reveals impact of Covid-19 on mental health of insurance professionals
Link(s): https://www.cii.co.uk/news-insight/media/press-releases/articles/insurance-professionals-reveal-impact-of-covid-19-on-mental-health/97462 Context An online poll hosted by the CII in January 2021 received 336 responses when asking insurance professionals about...
FCA issues update following scam RegData emails
Link(s): https://www.fca.org.uk/consumers/avoid-scams-unauthorised-firms/fake-fca-emails-letters-phone-calls#revisions Context The FCA has confirmed that it has received reports of scam emails claiming to be from RegData (data collection platform) which appear to...
FCA publishes findings from multi-firm technology change management review
Link(s): https://www.fca.org.uk/news/news-stories/fca-report-outlines-practices-firms-can-consider-reduce-consumer-harm-caused-failed-technology Context The FCA has released its findings from its multi-firm review which can be found here:...
FCA publishes findings from Financial Lives 2020 survey
Link(s): https://www.fca.org.uk/publications/research/financial-lives-2020-survey-impact-coronavirus Context Financial Lives, the FCA’s flagship survey of UK consumers, provides a wealth of information about consumers’ attitudes towards managing their money, the...
ICO: Data Protection Practitioners Conference 2021 (DPPC)
Link(s): https://ico.org.uk/about-the-ico/news-and-events/events-and-webinars/data-protection-practitioners-conference-2021/ Context The ICO has announced the DPPC will take place on Wednesday 14th April 2021. The event will be held digitally and there is no charge...
FCA set to issue repeat of Covid-19 impact survey to tranche 2 firms
Link(s): N/A Context UKGI, as a member of the Association of Professional Compliance Consultants (APCC), has been informed that the FCA will be repeating its financial resilience survey for a third time, to enable further understanding of the change in firms'...
FCA sets out approach to international firms
Link(s): https://www.fca.org.uk/news/press-releases/fca-sets-out-its-approach-international-firms Context The FCA has published its approach to the authorisation and supervision of international firms. The publication...
Reminder to register for RegData
Link(s): https://www.fca.org.uk/firms/regdata#revisions Context The FCA has issued a reminder to firms that all Principal Users must ensure that they, and all other firm users, are registered for the new data collection platform (RegData) ahead of a firm's planned...
FCA launches business interruption insurance policy checker
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance/policy-checker Context The FCA has released a policy checking tool intended to provide general guidance to support small businesses in checking whether a policy will cover business interruption...
FCA confirms BIBA travel directory meets requirements for a Medical Cover Firm Directory
Link(s): https://www.fca.org.uk/publications/policy-statements/ps20-3-signposting-travel-insurance-consumers-medical-conditions Context The FCA has confirmed that the travel insurance directory launched by BIBA for people with serious Pre-Existing Medical Conditions...