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Archive

FCA publishes Q3 2021 Whistleblowing data

Link(s):Whistleblowing quarterly data 2021 Q3 | FCA Context The FCA has published its Q3 2021 Whistleblowing data showing the number of new whistleblowing reports it received in July to September and the allegations they featured. Key points to note In 2021 Q3...

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MCE Insurance Company Limited enters administration

Link(s):MCE Insurance Company Limited enters administration | FCA Context The FCA has published an announcement on its website to confirm that MCE Insurance Company Limited (MCE) has entered administration.  MCE is an insurance firm authorised and regulated by...

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FCA publishes draft Price-Setting Attestation wordings

Link(s):PS21/11: General insurance pricing practices - amendments Context The FCA has updated its web page in relation to the Policy Statement PS21/11 to confirm that it has published draft wordings for the first and second/subsequent Senior Manager Attestations in...

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FSCS has published its November 2021 Outlook

Link(s):Our November 2021 Outlook Context FSCS Chief Executive Caroline Rainbird has introduced the FSCS November 2021 Outlook, focusing on the 2021/22 levy and the FSCS forecast for the 2022/23 levy. Key points to note There is some good news the FSCS has confirmed...

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Ombudsman News 166

Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-166 Context The FOS has published their latest Ombudsman News 166. Key points to note This edition is split into six sections: Talk money weekOur approach to resolving complaintsSharing insight...

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FCA sets out its strategy for positive sustainable change

Link(s):A strategy for positive sustainable change Context Nikhil Rathi, the FCA CEO, has announced and set out the FCA’s strategy for what it is calling positive sustainable change in a speech delivered at the COP26 UN Climate Change Conference. Key points to note...

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Complaints Data – update to FCA webpage

Link(s):Complaints data | FCA Context Every six months the FCA publishes data in relation to complaints. The two types of data published are firm specific and aggregate. Firm specific data includes data from individual firms that have reported 500 or more complaints...

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The FCA publishes fourth edition of plan for upcoming work

Link(s):Financial regulators publish fourth edition of plan for upcoming work Context The FCA has announced that the Financial Services Regulatory Initiatives Forum has issued the fourth edition of the Regulatory Initiatives Grid. The FCA, in this Grid publication, is...

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ASA publishes further regular ‘rulings’

Link(s): Codes & Rulings - ASA | Cap Context The ASA, every Wednesday, publishes and sets out on public record its rulings, which show how, following investigation, the advertising rules apply and where the ASA ‘draws the line’ in judging whether an advert has...

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FOS publishes Ombudsman News issue 165

Link(s):Ombudsman News 165 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service has published issue 165 of Ombudsman News, in which FOS shares details about its refreshed guidance for making awards of compensation for distress and inconvenience. FOS...

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Remote or hybrid working expectations for firms

Link(s):https://www.fca.org.uk/firms/remote-hybrid-working-expectations Context The FCA has published a new page on its website which contains its expectations on remote or hybrid working so firms can plan and continue to meet their regulatory responsibilities. Key...

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Treasury Select Committee: Appointed Representatives

Link(s):https://committees.parliament.uk/publications/7430/documents/77733/default/ Context The Treasury Select Committee has published responses from HM Treasury (HMT), Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) into its report on...

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Ombudsman News 164

Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-164 Context The Financial Ombudsman Service (FOS) has published its latest edition of Ombudsman News. In this edition they have shared an overview of latest complaints data, including detail on...

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FOS reports a dramatic rise in fraud and scam complaints

Link(s):Dramatic rise in fraud and scam complaints (financial-ombudsman.org.uk) Context People are being warned to be extra vigilant about the threat from fraudsters and scammers following a significant rise in cases seen by the Financial Ombudsman Service over the...

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FCA communicates an update on SMR and CF (AR) applications

Context In its most recent Regulatory Round-Up e-mail (sign up for FCA e-mail updates here), the FCA has provided an update on SMR and CF (AR) applications. Key points to note The FCA communicated in December 2020 about the delays in determining SMR (Senior Manager...

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FCA to move faster to remove unused firm permissions

Link(s):FCA to move faster to remove unused firm permissions Context The FCA has issued a press release and has confirmed on its website that it has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are...

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Annual frozen asset review and reporting form

Link(s):https://www.gov.uk/government/publications/annual-frozen-asset-review-and-reporting-form Context The notice provides background and guidance for the 2021 frozen asset reporting exercise which HM Treasury carries out every year to update records to reflect any...

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Green FinTech Challenge 2021

Link(s):https://www.fca.org.uk/firms/innovation/green-fintech-challenge Context The FCA has announced that the application window for the second Green FinTech Challenge is open. The first Green FinTech Challenge was held in 2018. The purpose of the Green FinTech...

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FCA speech – “The risks of token regulation”

Link(s):https://www.fca.org.uk/news/speeches/risks-token-regulation Context Charles Randell, Chair of the FCA and PSR, gave a speech to the Cambridge International Symposium on Economic Crime on 6th September 2021. Key points to note While platforms’ efforts to crack...

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How the FSCS forecasts its levy

Link(s):https://www.fscs.org.uk/news/fscs-news/how-we-forecast-the-levy/ Context FSCS customers have access to the free service due to the annual levy that authorised financial services firms pay. The levy funds the cost of the compensation paid to customers as well...

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FCA issues CP21/27 – Quarterly Consultation Paper No. 33

Link(s):CP21/27: Quarterly Consultation Paper No. 33 (fca.org.uk) Context The FCA has issued its next Quarterly Consultation Paper, No. 33, as CP21/27.  There are a number of items included within the Consultation with differing consultation periods, two of which...

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Financial sanctions update: Afghanistan

Link(s):https://www.gov.uk/government/publications/financial-sanctions-afghanistan Context As the situation in Afghanistan continues to change and the uncertainty over the future government, if any, remains the UK government are reminding firms that the Taliban has a...

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Error in survey links – Covid 19 Impact Survey

Context As members of the Association of Professional Compliance Consultants (APCC) UKGI occasionally receives communications from the FCA before they are announced on its website.  On 27th August we received such a communication from the APCC with regard to the...

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Employers’ Liability Register Compliance Return

Link(s):http://www.handbook.fca.org.uk/handbook/ICOBS/8/4.html   Context As part of its Regulatory Round Up communication for August 2021 the FCA has included an item reminding certain firms of their Employer’s Liability Register Compliance Return obligation. All...

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PS 21/11 General Insurance Pricing Practices – amendments

Link(s):PS21/11: General insurance pricing practices - amendments Context In May 2021 the FCA published its PS 21/5 on General Insurance Pricing Practices. Following the publication issues were raised by various stakeholders which has resulted in the FCA issuing a...

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FCA publishes 24th June FCA Board meeting minutes

Link(s):FCA Board Minutes: 24 June 2021 Context The FCA has published the minutes from a Board meeting held on 24th June. Several topics were on the Agenda including a report from the Chief Executive, Nikhil Rathi, the Annual Report to the FCA from the Complaints...

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Covid 19 Impact Survey – extension of completion date

Context The FCA has extended the timeframe for firms to complete and submit their Covid 19 Impact Surveys.  The FCA has decided upon the extension due to the current summer holiday period. Key points to note The survey was sent in batches to firms.  The new...

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PII Limits for Insurance Intermediaries- MIPRU Rule Update

Link(s):https://www.fca.org.uk/firms/insurance-distribution-directive Context On 13th May 2019 the European Commission published a Delegated Regulation 2019/1935, which made provision for an increase in the minimum required PII limits for insurance and reinsurance...

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Regulatory Sandbox- webpage updated

Link(s):https://www.fca.org.uk/firms/innovation/regulatory-sandbox#revisions Context In an update to their Regulatory Sandbox webpage, the FCA have confirmed that the Sandbox will now be open year-round for firms. Key points to note The regulatory sandbox provides...

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ASA Ruling on Vodafone Ltd

Link(s):https://www.asa.org.uk/rulings/vodafone-ltd-a21-1096104-vodafone-ltd.html Context The ASA has investigated two issues EE Ltd had brought against Vodafone Ltd. The issues arose out of an advert placed by Vodafone in January 2021 which stated “Vodafone Official...

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FOS publishes Ombudsman News issue 163

Link(s):Ombudsman News 163 (financial-ombudsman.org.uk) Context FOS has published issue 163 of Ombudsman News, in which FOS shares new content on its approach to complaints about flood damage, and resources on its SME website for small businesses with complaints...

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FCA publishes vulnerable customers finalised guidance FAQs

Link(s):Finalised Guidance on the fair treatment of vulnerable customers FAQs (fca.org.uk) Context The FCA has published an unannounced updated FAQs document in relation to its Finalised Guidance about vulnerable customers. The FAQs contains a link to the webinar that...

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Independent Review of FOS

Link(s):https://www.financial-ombudsman.org.uk/news-events/board-commissioned-independent-review Context The Board of the FOS has commissioned a periodic independent review of its services. Key points to note The review will focus on ensuring that the Financial...

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FCA consults on changes to its decision-making procedure

Link(s):CP21/25: Changes to the FCA’s decision-making procedureFCA proposing changes to streamline decision-making CP21/25: Changes to the FCA’s decision-making procedure Context The FCA is consulting on changes to its decision-making process that will enable it to...

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Financial promotions quarterly data Q2 2021

Link(s):Financial promotions quarterly data 2021 Q2 | FCA   Context The FCA has published details of the financial promotions it has reviewed during Q2 2021.  439 financial promotions were reviewed, which included promotions identified through both...

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ASA Ruling on UK Insurance Ltd t/a Direct Line

Link(s):https://www.asa.org.uk/rulings/uk-insurance-ltd-a20-1078810.html Context Confused.com raised concerns with the ASA in respect of two adverts published by UK Insurance Ltd t/a Direct Line. Key points to note The ASA investigated two issues which were raised by...

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Final Notice in relation to David Nicholas King

Link(s):Final Notice 2021: David Nicholas King (fca.org.uk) Context The FCA has published a Final Notice prohibiting David Nicholas King from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt...

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Draft Connect Applications

Context This item was included within the FCA’s Regulation Roundup which was published on 15th July 2021. The FCA will begin deleting any draft applications within the Connect system which have not been modified for 120 days. Key points to note From 6th August 2021...

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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 Context The FCA issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then...

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