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Archive
FOS publish Ombudsman News 181
Link(s):Ombudsman News 181 (financial-ombudsman.org.uk) Context The Financial Ombudsman has published its latest edition of Ombudsman News. Key points to note Articles in the latest edition include: Extending the trial of our ‘proactively settled’ complaints...
FCA publish selected findings from its most recent Financial Lives survey, highlighting the consumer experience of the rising cost of living
Link(s):Financial Lives January 2023: Consumer experience of the rising cost of living – the burden of bills and ways to get support | FCA Context Prior to the publication of its full Financial Lives 2022 survey report, the FCA has provided selected statistics from...
The FCA says help is available for those who need it
Link(s):Help is available for those who need it, says FCA | FCA Context The Financial Conduct Authority has found the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 (10.9m, compared to 7.8m in May 2022) and has...
FCA announces dates for the next Financial Resilience Survey (formerly “Covid-19 Impact Survey”)
Context The FCA are replacing the FCA Financial Resilience Survey with a new financial resilience regulatory return, which will be referred to as ‘FIN073 – Baseline Financial Resilience Report’, which will start to appear in firms’ RegData reporting schedules in the...
FCA publishes speech on how to change in response to changing threats
Link(s):How to change in response to changing threats | FCA Context Speech by Sarah Pritchard, FCA Executive Director of Markets, and Executive Director of International, focusing on financial crime controls. Key points to note Ms Pritchard discusses some topics about...
BIBA encourages members on their Environmental Social and Governance (ESG) journeys with new guidance
Link(s):New BIBA Guide on ESG BIBA - BIBA Mini Guide to ESG Context The British Insurance Brokers’ Association (BIBA) today revealed new publications on Environmental Social and Governance (ESG) for its members, including a mini-guide which is currently publicly...
BIBA launches a guide to help brokers give practical advice to customers to help them manage the cost-of-living crisis
Link(s):BIBA Cost of Living guideBIBA - Managing the cost-of-living crisis - May 2023 Context The British Insurance Brokers’ Association (BIBA) has launched a new guide for members, which is currently publicly available, to assist with explaining to their customers...
ABI highlights above inflation costs for insurers continue to put pressure on motor insurance premiums
Link(s):Above inflation costs for insurers continue to put pressure on motor insurance premiums | ABI Context According to the ABI’s latest Motor Insurance Premium Tracker, published today, the average price paid for motor insurance rose by 2% in the first quarter of...
FCA warns of impending Consumer Duty deadline
Link(s):FCA warns of impending Consumer Duty deadline | FCA Countdown to the Consumer Duty | FCA Consumer Duty: Findings from our review of fair value frameworks | FCA Context With fewer than 90 days to go until the Consumer Duty comes into effect, the Financial...
CAP publishes guidance for firms making comparisons with identifiable competitors
Link(s):Shall I compare thee…? Making comparisons with identifiable competitors - ASA | CAP Context CAP has published guidance to help firms ensure they are complying with the Advertising Codes when comparing their products or services with those of one or more...
FCA publishes financial promotions quarterly data for Q1 2023
Link(s):Financial promotions quarterly data 2023 Q1 | FCA Context The FCA has published a summary of data generated between 1st January 2023 and 31st March 2023, including its actions against firms breaching financial promotion rules, and referrals and investigations...
FCA sets out steps to improve whistleblower confidence
Link(s):FCA sets out steps to improve whistleblower confidence | FCAWhistleblowing qualitative assessment survey 2022 | FCAWhistleblowing quarterly data 2022 Q4 | FCA Context Following a qualitative survey of whistleblowers, the FCA has set out actions to improve the...
FCA publishes PS23/3 – Creation of a baseline financial resilience regulatory return (‘FIN073’)
Link(s):PS23/3 – Creation of a baseline financial resilience regulatory return: Feedback to CP22/19 and final rules | FCA CP23/9 – Changing the scope of the baseline financial resilience regulatory return | FCA Context High quality baseline financial resilience data...
Ofcom proposes to refer UK cloud market for investigation
Link(s):General Privacy Statement – How we handle your personal data - Ofcom Cloud customers should consider options following Ofcom report (pinsentmasons.com) Context Industry press has been reporting on a market study recently completed by Ofcom into Cloud computing...
ASA creates resource especially tailored for small businesses
Link(s):ASA creates resource especially tailored for small businesses - ASA | CAP Context The ASA has brought together a collection of resources tailored to helping small businesses better understand and follow the advertising rules. It is providing the tools small...
FCA publishes speech focused on the credit market and on the Consumer Duty
Link(s):A credit market that delivers for consumers | FCA Context Roma Pearson, FCA Director of Consumer Finance, delivered a speech at the Credit Summit 2023, which covers the rising cost of living, offering appropriate support to customers and also discusses the...
FCA publishes complaints data for H2 2022
Link(s):Complaints data | FCAAggregate complaints data: 2022 H2 | FCA Firm specific complaints data | FCA Context The FCA has released firm-specific complaints data for individual firms and aggregate, or total, data at market-level. Key points to note In 2022 H2,...
Financial services regulatory family publishes its Wider Implications Framework annual report for 2022
Link(s):Wider Implications Framework - Annual Report 2022 (financial-ombudsman.org.uk) Context Most of the topics discussed by the regulators in this group are in the pensions and investment space. However, one issue identified in the report relates to motor finance...
FCA publishes speech on Innovation, AI & the future of financial regulation
Link(s):Innovation, AI & the future of financial regulation | FCA Context Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, talks about how the FCA’s new Digital Sandbox will support innovative businesses and start-ups, how it is making it easier...
FCA sets out multi-occupancy leasehold insurance reforms
Link(s):FCA sets out multi-occupancy leasehold insurance reforms | FCACP23/8: Multi-occupancy building insurance | FCAMulti-occupancy buildings insurance – broker remuneration | FCA Context In the FCA's report on multi-occupancy buildings insurance, published in...
FCA receives undertakings from Nova Direct
Link(s):Notice of Undertaking: Policy Excess Insure Limited T/A Nova Direct (fca.org.uk) Context The FCA has sought and received undertakings from Policy Excess Insure Limited (trading as Nova Direct) due to unfair terms and a term deemed to not be transparent. Key...
FCA releases survey to critical third-parties
Link(s):DP22/3: Operational resilience: critical third parties to the UK financial sector | FCA DP3/22 – Operational resilience: Critical third parties to the UK financial sector | Bank of England Context Although the consultation period has now closed, the FCA is now...
FCA updates its Consumer Duty information webpage
Link(s):Consumer Duty – information for firms | FCA Context To help firms implement the Duty, it provides additional information on areas it has been receiving firm queries on, which are relevant for the wider market. Key points to note The FCA has noted the...
‘Failure to prevent’ fraud offence to apply in UK to large organisations
Link(s):Factsheet: failure to prevent fraud offence - GOV.UK (www.gov.uk) Context A new criminal offence of failing to prevent fraud is to be added to UK law and applied to large businesses and other large organisations. Key points to note A new offence of failing to...
FOS publishes Ombudsman News 180
Link(s):Ombudsman News 180 (financial-ombudsman.org.uk) Context In this edition of Ombudsman News, the FOS shares its Feedback Statement following the recent outcome reporting consultation and shares its Plans and Budget for 2023/24. It also highlights the changes to...
Financial Ombudsman Service publishes its Plans and Budget for 2023/24
Link(s):Financial Ombudsman Service publishes its Plans and Budget for 2023/24 (financial-ombudsman.org.uk) Context The FOS has published its final plans and budget following the consultation it published in December 2022. The plan includes a summary of the feedback...
FCA publishes Handbook Notice 108
Link(s):Handbook Notice 108 (fca.org.uk) Context The FCA has published a Handbook Notice to inform of changes made to its Handbook in relation to: CP23/3 (Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24;CP22/26 (Quarterly Consultation...
FCA publishes business interruption insurance test case insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data | FCA Context The FCA sent a Dear CEO letter to insurers affected by the business interruption insurance Test Case, which explained its intention to gather information on all non-damage BI...
FCA consults on its proposals for its regulatory fees and levies for 2023/24
Link(s):CP23/7: Regulatory fees and levies: policy proposals for 2023/24 | FCA CP23/7: FCA regulated fees and levies: rates proposals for 2023/24 Context The FCA is consulting on the rates for the regulatory fees and levies for the next financial year (1st April to...
FCA sets clear plan for next 12 months
Link(s):FCA sets clear plan for next 12 months | FCA Context Within the FCA’s Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets, in line with its 3-year strategy. In the...
A best practice guide for insurers: Supporting customers with mental health problems
Link(s):Best practice guide for insurers - Money and Mental HealthA-best-practice-guide-for-insurers.pdf (moneyandmentalhealth.org) Context The Money and Mental Health Policy Institute, which has been established by Martin Lewis, has published a best practice guide...
DP23/3: Review of the Senior Managers and Certification Regime (SM&CR)
Link(s):DP23/3: Review of the Senior Managers and Certification Regime (SM&CR) | FCA DP1/23 – Review of the Senior Managers and Certification Regime (SM&CR) | Bank of England Context In this joint Discussion Paper (DP) with the PRA, the FCA is seeking input on...
Inside FCA Podcast: Consumer Duty information sharing and the April milestone
Link(s):Inside FCA Podcast: Consumer Duty information sharing and the April milestone | FCAInside FCA Podcast: Transcript of interview with Ed Smith on the Consumer Duty April milestone Context In the latest episode in a series of podcast interviews dedicated to the...
FOS publishes latest complaints data about individual businesses
Link(s):Financial Ombudsman Service publishes latest complaints data about individual businesses (financial-ombudsman.org.uk) Context FOS has published data on the number of complaints it received about individual businesses between 1st July and 31st December 2022 (H2...
Financial Ombudsman Service award limit increases
Link(s):Award limits increase (financial-ombudsman.org.uk) Context The FOS award limit is the maximum amount it can require a financial business to pay when it upholds complaints. This limit is adjusted each year in line with inflation, as measured by the Consumer...
ABI reports on “Sinking UK” – last summer’s record-breaking heatwave leads to surge in insurance pay-outs for subsidence
Link(s):Sinking UK – last summer’s record-breaking heatwave leads to surge in insurance pay-outs for subsidence | ABI Context Last summer’s record-breaking heatwave led to a surge in subsidence claim pay-outs, according to figures out today from the ABI. Key points to...
FCA launches a new consumer support section on its website
Link(s):Transforming how we support consumers online | FCA Context The FCA has introduced a new consumer section to its website, which is the result of extensive research into how and why consumers engage with the FCA, what it can offer consumers, and how it can...
FCA publishes an Inside FCA podcast transcript about the work of the FCA’s research department
Link(s):Inside FCA Podcast transcript: Research interview with Dr Karen Croxson Context The FCA has published a podcast transcript of an interview with Dr Karen Croxson, who is Deputy Chief Economist and Head of Research, Economic Data and Behavioural Science at the...
FCA launches a Call for Input in relation to SME access to FOS
Link(s):Call for Input: SME access to the Financial Ombudsman Service | FCA Context The FCA has published a call for input on whether the thresholds for SMEs to be able to refer complaints to FOS remain appropriate. Key points to note In 2018, the FCA made new rules...
FCA publishes update on its authorisations operating service metrics
Link(s):Update on FCA Authorisations operating service metrics | FCA FCA Authorisations Operating Service Metrics - March 2023 Context The FCA has published an update on its operating service metrics for authorisations. Key points to note An update document has been...
Financial Ombudsman attends the Treasury Select Committee meeting
Link(s):Financial Ombudsman at Treasury Select Committee meeting (financial-ombudsman.org.uk) Context The FOS attended sessions with the Treasury Select Committee to answer questions about its work. Key points to note The FOS was asked about its timescales, complaints...
ABI responds to Spring Budget 2023
Link(s):ABI response to Spring Budget 2023 | ABI Context Following the Chancellor's Budget Statement on Wednesday 15th March 2023, the ABI comments on measures related to the insurance and long-term savings industry. Key points to note Mervyn Skeet, ABI Interim...
FCA launches Consumer Duty firm survey
Context The FCA has launched a Consumer Duty firm survey, which is being sent to a sample of small and medium-sized firms to understand the progress they are making in implementing the Duty. Key points to note The survey is being carried out on the FCA’s behalf...
FCA publishes a podcast, MP3 and transcript on what the FCA is doing to help tackle the impact of the rising cost of living
Link(s):Inside FCA Podcast: Sheldon Mills on the cost of living | FCA Context FCA Executive Director Sheldon Mills discusses what the FCA is doing to help tackle the impact of the rising cost of living, including the expectation on all regulated firms to be ready to...
FCA publishes results of fast-growing firms (FGFs) multi-firm review
Link(s):Fast-growing firms (FGFs) multi-firm review | FCA Context Although the FCA’s multi-firm review focuses on fast-growing contract for differences (CFD) providers, wealth managers and payment services firms, the observations are relevant to all regulated firms...
ABI and BIBA publish a code on core risk data for multi-occupancy buildings with fire risk issues
Link(s):Multi-Occupancy Building Code of Practice (abi.org.uk)Core Risk Data - Data Template (ABI) Context Following the FCA’s 2022 review of insurance for multi-occupancy buildings and in response to specific recommendations from the regulator, the ABI and BIBA have...
ABI calls for a reform to tax rules in the Spring Budget to support a thriving workforce and help boost the economy
Link(s):Spring Budget 2023: Reform tax rules to support a thriving workforce and help boost the economy | ABIspring-budget-2023---abi-submission-february-2023.pdf Context The ABI is calling for changes to health insurance tax and the pension tax relief system to...
Increased chance of insurance firms collapsing due to Solvency II reforms, Bank of England tells Treasury Committee
Link(s):Twenty per cent higher chance of insurance firms collapsing due to Solvency II reforms, Bank of England tells Treasury Committee - Committees - UK ParliamentLetter from Governor of the Bank of England to Chair of the Treasury Select Committee (parliament.uk)...
“British businesses to save time and money under new UK version of GDPR”
Link(s):British Businesses to Save Billions Under New UK Version of GDPR - GOV.UK (www.gov.uk) ICO statement on re-introduction of Data Protection and Digital Information Bill | ICO Context New data laws to cut down paperwork for businesses and reduce cookie pops-up...
FCA sends Dear CEO letters to a number of different sectors regarding implementation of the Consumer Duty
Context Dear CEO letters have been sent to the following sectors, regarding implementation of the Consumer Duty: Implementing the Consumer Duty in mortgage intermediaries (fca.org.uk)Implementing the Consumer Duty for Credit Brokers (fca.org.uk)Implementing the...
FCA to collect Treasury’s Economic crime levy (Anti-Money Laundering) from July
Link(s):FCA to collect Treasury’s Economic crime levy (Anti-Money Laundering) from July | FCA Context The Government has introduced an economic crime levy (ECL) to fund the fight against economic crime. Key points to note The levy will be collected for the...
FCA Blog – Driving success through embracing equity
Link(s):Driving success through embracing equity | FCA Context Sarah Pritchard, FCA Executive Director, Markets, talks about how we all have a role to play in creating a more inclusive world. Key points to note Equity – this year’s focus for International Women’s Day...
FOS publishes Ombudsman News 179
Link(s):Ombudsman News 179 (financial-ombudsman.org.uk) Context In this edition of Ombudsman News, FOS highlights the role of its Business Support Hub, the new name for its helpline for financial businesses and consumer representatives. It also shares its latest data,...
FOS consults on proposed changes to reporting business-specific complaints data
Link(s):We're consulting on proposed changes to reporting business-specific complaints data (financial-ombudsman.org.uk) Financial Ombudsman Service consultation: Temporary changes to outcome reporting in our business-specific complaints data...
LMA releases Consumer Duty Data and MI guidance for Managing Agents
Link(s):A New Consumer Duty – Data and MI (lmalloyds.com) Context The FCA’s new Consumer Duty will require all managing agents to monitor customer outcomes, identify potential or actual threats to good outcomes and report to the Board. Key points to note The LMA’s...
ASA provides guidance on the requirements around evidencing claims made in adverts
Link(s):Substantiation 101 - ASA | CAP Context Around 70% of complaints received by the ASA are about misleading advertising. In many cases, to establish if a claim is misleading, the ASA will need assess the evidence. The requirement for evidence can arise in any...
ICO publishes SME Data Essentials pilot evaluation report
Link(s):ICO publishes SME Data Essentials pilot evaluation report | ICOSME Data Essentials pilot | ICO Context The ICO has recently completed a pilot programme with up to 60 SMEs from across the UK, which have been trialling an e-learning and self-assessment programme...
FCA publishes the latest Regulatory Initiatives Grid
Link(s):Regulatory Initiatives Grid | FCA Financial Services Regulatory Initiatives Forum - Minutes: February 2023 (fca.org.uk) Context The Regulatory Initiatives Grid is updated twice each year by the Financial Services Regulatory Initiatives Forum, which is made up...
ABI and ITN Business explore how the insurance sector is helping to ‘Secure Futures’ across the UK in news-style programme
Link(s):ABI and ITN Business explore how the insurance sector is helping to ‘Secure Futures’ across the UK in news-style programme | ABI Context In a world faced with increasing uncertainty and risk, the insurance and long-term savings industry is committed to...
ABI publishes a new 3-year strategy, with a focus on driving change to support customers, society, and the planet
Link(s):Driving change to support customers, society and the planet | ABI Context The Association of British Insurers (ABI) has put customers, society and protecting our planet at the heart of a new three year strategy. Key points to note The headlines...
ABI – Don’t leave me hanging on the telephone…
Link(s):Don’t leave me hanging on the telephone… | ABI Context The Association of British Insurers announces they have joined forces with consumer group Fairer Finance who have produced guidance to help insurers and long-term savings providers further improve their...
Tribunal rules on Experian appeal against ICO action
Link(s):Tribunal rules on Experian appeal against ICO action | ICO Context The First-Tier Tribunal (Information Rights) has ruled on the ICO’s action to require Experian Limited to change how it handles people’s personal data. The Judgment supported aspects of the...
FCA speech – Call of Duty: How putting customers front and centre will help industry innovate
Link(s):Call of Duty: How putting customers front and centre will help industry innovate | FCA Context The FCAs Sheldon Mills, Executive Director, Consumers and Competition, delivered a speech at the 'Countdown to Implementation of the Consumer Duty' event, focusing...
FCA publishes a podcast, an mp3 recording and a transcript about what the Consumer Duty means for firms seeking authorisation
Link(s):Inside FCA Podcast: What the Consumer Duty means for authorisation | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Alex MacDermott, FCA technical specialist, about how the Consumer Duty affects firms...
Cost of living boost for millions of households as the average price of home insurance falls to lowest since records began – ABI
Link(s):Cost of living boost for millions of households as the average price of home insurance falls to lowest since records began | ABI Context Despite a year of turbulent weather in 2022 causing damage to many homes, the average price paid for home insurance fell to...
The FSCS introduces its Budget Update for January 2023
Link(s):Introduction to Budget Update 2023 | FSCS FCA announces next steps on improving the compensation framework | FCA Budget update | FSCS Context FSCS Chief Executive, Caroline Rainbird, introduces the January 2023 Budget Update which covers the proposed 2023/24...
The ICO fines It’s OK Ltd £200,000 for making over 1.7million unlawful calls
Link(s):Business fined £200,000 for making over 1.7million unlawful calls | ICO Context The Information Commissioner’s Office (ICO) has fined It’s OK Ltd £200,000 for what it called a “sustained and exploitative campaign” of nuisance calls. Key points to note It’s OK...
FCA places restrictions on Campbell & Associates Independent Financial Advice Ltd
Link(s):Restrictions placed on Campbell & Associates Independent Financial Advice Ltd | FCA Context The FCA imposed a number of restrictions on Campbell & Associates Independent Financial Advice Ltd preventing it from carrying out any regulated activities and...
FCA Blog: Finance for positive, sustainable change
Link(s):Finance for positive, sustainable change | FCA Context Sacha Sadan, the FCA Director of Environmental, Social and Governance (ESG) has published a blog highlighting that closing the ‘say-do’ gap is key to tackling greenwashing and boosting confidence in ESG...
FCA issues a Final Notice to Stratton Leasing Limited
Link(s):Final Notice 2022: Stratton Leasing Limited (fca.org.uk) Context The FCA have cancelled the permissions of Stratton Leasing Limited due to breaches of the suitability and appropriate resources Threshold Conditions, and also for not being open and co-operative...
EIOPA aims to strengthen oversight of third country governance arrangements with supervisory statement
Link(s):EIOPA aims to strengthen oversight of third country governance arrangements with supervisory statement | Eiopa (europa.eu) supervisory_statement_on_the_use_of_governance_arrangements_in_third_countries_to_perform_functions_or_activities.pdf (europa.eu)...
FCA updates its multi-factor authentication (MFA) web page with details of how to register for and use MFA
Link(s):Multi-factor authentication for FCA systems | FCA Context The FCA has updated its MFA web page to confirm that MFA has now been launched. Key points to note The FCA has updated its MFA web page to confirm that MFA has now been launched. It now includes...
FCA Speech – How to organise a COO
Link(s):How to organise a COO | FCA Context Speech by Emily Shepperd, FCA Chief Operating Officer and Executive Director of Authorisations, delivered at the Armstrong Wolfe COO Summit 2023: Non-financial Risk Key points to note Shepperd discusses topics including...
FCA publishes Q4 2022 and all of 2022 financial promotions data
Link(s):Financial promotions quarterly data 2022 Q4 | FCAFinancial watchdog blocks thousands of misleading ads | FCA FCA highlights areas of focus for firms implementing the Consumer Duty | FCA Context The FCA has published its Q4 2022 financial promotions data and an...
FCA publishes a podcast, an mp3 recording and a transcript about the Consumer Duty consumer support outcome
Link(s):Inside FCA Podcast: What does the Consumer Duty consumer support outcome mean? | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Sean Cafferky, FCA policy expect, about the consumer support outcome of the...
FCA supports firms through the transition to implementing the Consumer Duty
Link(s):FCA supports firms through the transition to implementing the Consumer Duty | FCA Consumer Duty events | FCA Context While continuing to get ready for the implementation of the Consumer Duty, the FCA is supporting firms through the transition with a programme...
FCA issues 13-page ‘Dear CEO’ letter to firms in the general insurance and pure protection sector
Link(s):Implementing the Consumer Duty in the General Insurance and Pure Protection sectors (fca.org.uk)Consumer Duty – information for firms | FCA Context As part of its promised sector-specific publication of information and assistance, the FCA (Matt Brewis,...
LMA’s Member Manifesto sets out its agenda for 2023
Link(s):LMA’s Member Manifesto for 2023 (lmalloyds.com) LMA’s Member Manifesto Video 2023 (lmalloyds.com) COH_J013182 LMA Member Manifesto 2023 C6 (adobe.com) Context The Lloyd’s Market Association (LMA) has outlined its strategic priorities for 2023. The LMA will...
Department for Levelling Up, Housing and Communities (DLUHC) responds to the FCA’s report about the buildings insurance market for multiple-occupancy residential buildings
Link(s):Response to the Financial Conduct Authority’s (FCA) report on the buildings insurance market for multiple-occupancy residential buildings - GOV.UK (www.gov.uk) Context The DLUHC has published a further letter to the FCA from the Secretary of State, Michael...
CAP publishes four key tips on using personal data for marketing
Link(s):Stay up to data: four key tips on using personal data for marketing - ASA | CAP Context On 26th April 2006 the Council of Europe decided to launch a Data Protection Day to be celebrated each year on 28th January, the date on which the Council of Europe’s data...
Former RAC employee fined for stealing data of victims of road traffic incidents
Link(s):Former RAC employee fined for stealing data of victims of road traffic incidents | ICO Context A former employee of breakdown services company RAC has plead guilty and been fined for the stealing of data of victims of road traffic accidents. Key points to note...
Staff anger reaching tipping point at the Financial Conduct Authority
Link(s):Staff anger reaching tipping point at the Financial Conduct Authority (unitetheunion.org) Context The trade union Unite has written to Nikhil Rathi, CEO of the Financial Conduct Authority, to warn of widespread anger amid management’s refusal to discuss pay...
FCA publishes a podcast, an mp3 recording and a transcript about the Consumer Duty consumer understanding outcome
Link(s):Inside FCA Podcast: Explaining the Consumer Duty consumer understanding outcome | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Richard Wilson, the FCA’s Manager of Consumer Policy, about the consumer...
The FCA and Practitioner Panel launch a joint survey for 2023
Link(s):The FCA and Practitioner Panel joint survey for 2023 launches | FCA Context The FCA and Practitioner Panel 2022/23 survey is being sent to a sample of regulated firms, to gather their feedback on how it is doing in regulating the industry. Key points to note...
BIBA publishes its 2023 Manifesto
Link(s):BIBA - BIBA Manifesto 2023 - Page 1 (publitas.com) Context BIBA have launched their 2023 Manifesto, highlighting their key topics for this year. Key points to note Topics covered within the Manifesto include: Ensuring financial resilience and stability in...
ICO – Building better business by responsibly unlocking the value of personal information
Link(s):Building better business by responsibly unlocking the value of personal information | ICO Context Ahead of Data Protection Day, the Information Commissioner’s Office (ICO) is encouraging the UK’s 5,501,000* small-and-medium-sized businesses (SMEs) to check...
FCA reminds firms to review its consultation paper regarding stronger rules to protect consumers from rogue financial promotions
Link(s):FCA outlines stronger rules to protect consumers from rogue financial promotions | FCA Context We have been asked by the FCA to remind our members that a new authorisations gateway is being introduced which will mean firms need to apply to the FCA if they wish...
FCA updates its Consumer Duty – information for firms webpage
Link(s):Consumer Duty - information for firms | FCA Context To help firms implement the Duty, the FCA explain more on the areas of the Duty that it has been receiving firm queries on, which are relevant for the wider market. Key points to note The FCA has included...
FCA reminds firms to complete the S165 data collection on Appointed Representatives before 28th February 2023
Link(s):Section 165 request for principal firms | FCA Context The FCA has asked us to remind our members that the S165 data collection on Appointed Representatives must be completed before 28th February 2023. Failure to complete the request could lead to enforcement...
FCA highlights areas of focus for firms implementing the Consumer Duty
Link(s):FCA highlights areas of focus for firms implementing the Consumer Duty | FCAConsumer Duty implementation plans | FCA Context With 6 months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how...
The FOS publishes Ombudsman News issue 178
Link(s):Ombudsman News issue 178 (financial-ombudsman.org.uk) Context In this edition of Ombudsman News, FOS highlights that its plans and budget consultation for 2023/24 closes soon. It also shares its latest blog about helping to resolve complaints from small...
FCA updates its webpage for TPR firms that do not meet expectations
Link(s):TPR firms that do not meet our expectations | FCA Context The FCA has updated its webpage for firms in its Temporary Permissions Regime (TPR) which don't meet its expectations, and the conditions for firms leaving the TPR. Key points to note The FCA has...
FCA to issue Financial Resilience Survey (formerly “Covid-19 Impact Survey”)
Link(s):Financial Resilience Survey | FCA Context The FCA has repurposed its Covid-19 Impact Survey, which has become the Financial Resilience Survey. A number of firms will be asked to complete this survey to help the FCA to understand how the current financial...
FCA delays the Multi Factor Authentication implementation date for firms accessing their systems
Context The FCA is making changes to how firms access its systems (Connect, RegData, etc), replacing the existing 6-digit passcode with a One Time Passcode (OTP). Key points to note We have been made aware that the implementation date for this change has been delayed...
FCA publishes a podcast, an mp3 recording and a transcript about the products and services outcome of the Consumer Duty
Link(s):Inside FCA Podcast: Understanding the Consumer Duty products and services outcome | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Richard Wilson, the FCA’s Manager of Consumer Policy, about the products and...
The FSCS introduces its January 2023 Budget Update
Link(s):Introduction to Budget Update/MELL consultation | FSCS Context FSCS Chief Executive, Caroline Rainbird, introduces the FSCS January 2023 Budget Update which covers the proposed 2023/24 FSCS management expenses budget and the latest forecast for 2022/23. Key...
FSCS outlines and explains the role of the Retail Pool
Link(s):The role of the retail pool | FSCS Context Following a September 2021 article about how the FSCS forecasts the levy, Fiona Kidy, FSCS Chief Financial Officer, explains how the class contributions work, what the retail pool is and when the FSCS needs to use it....
The FCA releases its whistleblowing quarterly data for 2022 Q3
Link(s):Whistleblowing quarterly data 2022 Q3 | FCA Context The data shows the number of new whistleblowing reports the FCA received between July and September 2022 and how the information was received. Key points to note The FCA received 291 new whistleblowing...
FCA updates its Q&As related to the General Insurance Pricing Practices published rules
Link(s):General Insurance Pricing Practices: Q&As on the published rules (fca.org.uk) Context The FCA has updated its Q&As related to General Insurance Pricing Practices. Key points to note The ‘what’s new’ boxes at the bottom of the Q&A document indicate...
The FCA publishes a portfolio letter to wholesale brokers
Link(s):Portfolio letter: Wholesale brokers 2023 (fca.org.uk) Context The FCA has sent a letter to wholesale brokers to set out its new strategy for supervision for those firms. Key points to note The letter details the FCA’s view of the most important risks arising...