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Archive
FCA launches discussion on improving the financial services compensation framework
Link(s):https://www.fca.org.uk/publications/discussion-papers/dp21-5-compensation-framework-review Context The Financial Conduct Authority (FCA) has published a Discussion Paper which aims to maintain a compensation framework that provides appropriate protection for...
H M Treasury launches a Call for Evidence in relation to the Appointed Representatives regime
Link(s):The Appointed Representatives Regime: Call for Evidence - GOV.UK Context HM treasury has launched an AR regime ‘call for evidence’ on how market participants use the regime, how the regime works in practice, the potential challenges to the safe operation of...
FCA has published its Appointed Representative regime Consultation Paper CP21/34: Improving the Appointed Representatives regime
Link(s):FCA proposes stronger requirements on oversight of appointed representatives | FCA Context The FCA has launched a web page about and a consultation on improving the appointed representatives regime and tackling harm that it see arising from this...
FCA publishes second Consumer Duty consultation
Link(s):https://www.fca.org.uk/publication/consultation/cp21-36.pdf Context The FCA has issued a further Consultation (CP21/36) in relation to the proposed new Consumer Duty, which includes a Feedback Statement to CP 21/13. As part of the consultation, it has...
HMRC’s IPT decision hailed as good news for brokers
Link(s):Insurance_Premium_Tax-administration_and_unfair_outcomes_-_summary_of_responses.odt (live.com) Context HM Revenue and Customs has published a summary of responses in relation to its consultation about the administrations of and unfair outcomes of Insurance...
The Financial Ombudsman Service reaches its 20th Anniversary
Link(s):Financial Ombudsman Service 20-year anniversary (financial-ombudsman.org.uk) Context On 1st December 2021 the Financial Ombudsman Service (FOS) reached its 20-year anniversary, so 20 years since it officially became the single ombudsman service for consumer...
ICO calls on companies to eliminate existing privacy risks posed by the adtech industry
Link(s):ICO calls on Google and other companies to eliminate existing privacy risks posed by adtech industry | ICO Context The Information Commissioner’s Office (ICO) has set out clear data protection standards that companies must meet to safeguard people’s privacy...
The FCA has published its fees proposals for 2022/23
Link(s):FCA sets out fees proposals for 2022/23 | FCA Context The FCA has announced that it has published a its annual Fees Consultation Paper, CP21/33: Regulatory fees and levies proposals for 2022/23, which sets out the Regulator’s proposed policy changes to the way...
FCA issues Policy Statement PS21/16: Issuing statutory notices – a new approach to decision makers “to tackle consumer harm”
Link(s):FCA reforms decision-making to tackle consumer harm | FCA In our weekly update for the week ending 30th July 2021 we included commentary on the FCA’s consultation on changes to its decision-making process that will enable it to make faster and more effective...
FOS publishes its quarterly data in relation to financial products
Link(s):Financial Ombudsman sees 30% increase in “authorised” scam complaints (financial-ombudsman.org.uk) Context The Financial Ombudsman Service has published its quarterly data in relation to financial products – this covers the period July-September 2021. Key...
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...
FCA publishes responses to unanswered questions arising at its Annual Public Meeting 2021
Link(s):Annual Public Meeting 2021: Responses to unanswered questions (fca.org.uk) Context The FCA has published a Q&A document outlining answers to unanswered questions arising at its 2021 Annual Public Meeting. There are 54 questions in all, a number of which...
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...
Business interruption insurance test case – Insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business Interruption...
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...
ABI and BIBA responses to the Financial Services Future Regulatory Framework Review
Link(s):ABI response to the Financial Services Future Regulatory Framework Review ABI Context The ABI has issued its response to HM Treasury's Future Regulatory Review Framework Proposals document. The proposal document sets out the government’s response to the...
LMA issues updated guidance on updated FCA Pricing Practices and Product Reviews
Link(s):https://www.lmalloyds.com/PPPR Context The LMA has issued updated guidance on the forthcoming FCA Pricing Practices rules and associated Product Reviews. The new rules require carriers to provide information on most products, including features, target market...
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...
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...
FCA publishes a ‘reminder’ web page in relation to Value Measures data reporting
Link(s):General insurance value measures Context The FCA has published a ‘reminder’ web page in relation to general insurance value measures data reporting. In its General Insurance (GI) add-ons market study (MS14/1) the FCA identified poor product value as an area of...
FCA provides pricing practices Senior Manager Attestation update
Link(s):PS21/11: General insurance pricing practices - amendments Context The FCA has updated its web page in relation to Policy Statement PS21/11 (pricing practices amendments and clarifications) to include updated information about the Senior Manager Attestation,...
Downhill drive continues with the average cost of motor insurance down 7% over the last year
Link(s):https://www.abi.org.uk/news/news-articles/2021/11/downhill-drive-continues-with-the-average-cost-of-motor-insurance-down-7-over-the-last-year/ Context Motorists are continuing to benefit from the fewer motor claims arising during the Covid lockdowns. The...
Financial Ombudsman Service publishes feedback statement on consultation on outcome reporting
Link(s):https://www.financial-ombudsman.org.uk/files/316823/Financial-Ombudsman-Service-Feedback-statement-Temporary-changes-to-reporting-the-outcomes-of-proactively-settled-complaints.pdf Context In October 2021 the FOS published a consultation paper which set out...
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...
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...
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...
FCA issues Appointed Representatives Survey to Principal firms
Context In line with the FCA’s stated objectives in its 2021/22 Business Plan, the FCA has issued a survey questionnaire to what appears to be a large sample of Principal firms in relation to their ARs / IARs. We are aware that one firm that has just one AR has...
ICO warning after Scottish charity reveals personal data in email error
Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/10/ico-warning-after-scottish-charity-reveals-personal-data-in-email-error/ Context The Information Commissioner’s Office (ICO) is urging organisations to revisit their bulk e-mail practices...
FCA has published its responses to Consumer Panel and Practitioner Panel 2020/21 reports
Context The FCA has published its responses to four Panel reports. Key points to note The Financial Services Consumer Panel Annual Report 2020/21FCA response to the Financial Services Consumer Panel 2020/21 ReportThe Smaller Business Practitioner Panel Annual Report...
FCA announces the publication of the second set of Climate Financial Risk Forum (CRRF) guides
Link(s):https://www.fca.org.uk/news/press-releases/cfrf-publishes-second-set-guides-help-financial-industry-effectively Context The CFRF has been running since March 2019 and is chaired jointly by the Prudential Regulation Authority (PRA) and the Financial Conduct...
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...
BIBA, the ABI and Flood Re issue call to flood insurance providers
Link(s):https://www.biba.org.uk/press-releases/call-for-flood-insurance-providers-to-register-for-new-industry-directory/ Context The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have opened registration for the...
FCA contacts relevant trade associations about a feedback survey
Context The FCA has written to certain trade associations including, we understand, the Managing General Agents Association (MGAA) in relation to a feedback survey that are planning to issue about the FCA’s series of COVID-19 Impact Surveys (sometimes referred to as...
FCA publishes quarterly financial promotions data for Q3 2021
Link(s):Financial promotions quarterly data 2021 Q3 Context The FCA has published its quarterly financial promotions data for Q3 2021. The data shows the number of financial promotions that have been amended or withdrawn due to non-compliance with FCA rules. The FCA...
FCA sends Dear CEO letter to insurance intermediaries about enhanced product governance rules
Context The FCA has issued a Dear CEO letter to insurance intermediaries reminding firms that its enhanced product governance rules came into force on 1st October 2021, and that they apply to manufacturers and distributors of almost all general insurance or pure...
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...
Business interruption insurance test case – Insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business Interruption...
FCA Speech: “Regulating for better outcomes – next steps in consumer credit”
Link(s):Regulating for better outcomes - next steps in consumer credit Context The FCA has published the drafted text of a speech delivered by Nisha Arora, Director of Consumer and Retail Policy, given at Westminster Business Forum. Although the main theme of the...
FCA Supervision Strategy for Lloyd’s & London Market Insurers and Others (LLM) – Portfolio Letter
Link(s):https://www.fca.org.uk/publication/correspondence/llm-portfolio-letter-september-2021.pdf Context On 28th September the FCA issued the 2021 portfolio letter to Lloyd’s & London Market Insurers, which has now been published onto the FCA’s website. The...
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...
General Insurance Pricing Practices – Q&As on the published rules – updated document
Link(s):https://www.fca.org.uk/publication/policy/ps21-5-questions-answers.pdf Context As part of their work on General Insurance Pricing Practices the FCA published a Q&A document alongside the publication of PS 21/5. On 1st October 2021 the FCA updated the...
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...
No Time to Lie – the average fraudulent insurance claim rises to £12,000 as insurers continue protecting honest customers
Link(s):https://www.abi.org.uk/news/news-articles/2021/10/detected-fraud-2020/ Context In the face of the unprecedented challenges of the pandemic, insurers continued to thwart Insurance cheats. Despite a fall in the overall number of insurance frauds detected in...
ICO publishes detailed response to the Department for Digital, Culture, Media & Sport (DCMS) consultation “Data: a new direction”
Link(s):ICO response to DCMS consultation “Data: a new direction” Context On 10th September this year the Government released a Public consultation on reforms to the UK’s data protection regime. The consultation remains open, and closes at 11:45pm on 19th November...
Consultation on temporary changes to reporting the outcomes of proactively settled complaints
Link(s):https://www.financial-ombudsman.org.uk/who-we-are/governance-funding/consultations Context The Financial Ombudsman Service (FOS) has released a consultation paper which includes a proposal to help the service move faster in reducing customer waiting times....
The FCA publishes an analysis of firms’ 2017-2020 financial crime reporting data
Link(s):Financial Crime: analysis of firms’ 2017-2020 REP-CRIM data | FCA Context This publication provides analysis of the REP-CRIM submissions for the three reporting periods between 2017-2020. For these periods the FCA received a total of 5,685 REP-CRIM submissions...
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...
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...
FCA prohibits IFA and mortgage adviser for fitness and propriety failings
Link(s):https://www.fca.org.uk/news/news-stories/fca-prohibits-ifa-mortgage-adviser-fitness-propriety-failings Context A financial advisor has been prohibited from performing any regulated activity within the financial services industry on the grounds that he cannot...
FCA Speech – “A regulatory perspective: measuring and assessing culture, now and in the future, the role of purpose and the importance of D&I”
Link(s):https://www.fca.org.uk/news/speeches/regulatory-perspective-measuring-assessing-culture-diversity-inclusion Context Sheldon Mills, the FCA’s Executive Director for Consumers and Competition delivered his speech at the Investment Association on 22nd September...
New reinsurance scheme launched worth over £800 million to cover Covid-related cancellation costs for live events
Link(s):£800 million Reinsurance Scheme officially opens to help give festivals, conferences and live events cover to plan with confidence Context The Chancellor and the Culture Secretary have announced the launch of a reinsurance scheme worth over £800 million to...
ICO publishes an insight blog: ‘International progress for domestic benefit’
Link(s):International progress for domestic benefit: why the ICO convened a G7 meeting on data flows Context Elizabeth Denham, the Information Commissioner, has explained why the ICO convened a G7 meeting on data flows. Key points to note The free flow of data between...
British Insurance Brokers Association (BIBA) and the Association of British Insurers (ABI)
Context BIBA and the ABI have jointly published guidance to the care sector on steps to improve access to insurance cover. Key points to note BIBA and the Association of British Insurers (the ABI) are aware that some care homes are struggling to access affordable...
Treasury Committee response to the report on the Future Regulatory Framework of Financial Services
Link(s):https://committees.parliament.uk/committee/158/treasury-committee/news/157565/treasury-committee-publishes-response-to-future-regulatory-framework-of-financial-services-repor/ Context The Treasury Committee has published the Government’s response to its report...
FCA reminds insurance firms about its product value and coronavirus guidance
Context In its most recent Regulatory Round-Up e-mail, the FCA has reminded firms about its product value and coronavirus guidance. Key points to note The FCA published the findings of its review into how firms responded to its requirements and expectations of their...
FCA comments on operational resilience in relation to preparing for the switch from analogue to digital phone lines
Context In its most recent Regulatory Round-Up e-mail, the FCA has commented, from an operational resilience perspective, on preparing for the switch from analogue to digital phone lines. Key points to note The current analogue phone network (known as the Public...
FCA communicates changes to the Appointed Representative Notification process
Context In its most recent Regulatory Round-Up e-mail, the FCA has communicated changes to the Appointed Representative Notification process. Key points to note From 16th September 2021, Principal firms submitting Appointed Representative notifications via Connect...
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...
FCA speech – Seizing opportunity – challenges and priorities for the FCA
Link(s):Seizing opportunity – challenges and priorities for the FCA Context Nikhil Rathi, FCA CEO, has delivered a speech at the Lord Mayor's City Banquet at Mansion House. Key points to note The speech noted that: The FCA took extraordinary measures to protect...
HMRC updates its Help and Support for Money Laundering Supervision guidance web page
Link(s):Help and support for money laundering supervision - GOV.UK Context HMRC provides access to online recorded webinars covering topics in relation to money laundering controls oversight. Key points to note The most recent update is aimed at trust or company...
The ASA has published an Insight blog online in relation to substantiation in advertising
Link(s):Substantiation 101 - ASA Context The ASA occasionally publishes ‘insights’ blogs in relation to various topics. A blog published this week is about the need to have evidence for what you say in advertisements – known as ‘substantiation’. This has been a...
We Buy Any Car, Sports Direct and Saga fined £495,000 after sending millions of ‘frustrating and intrusive’ nuisance messages
Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/09/we-buy-any-car-sports-direct-and-saga-fined-495-000/ Context The ICO has announced fines totaling £495,000 to We Buy Any Car, Sports Direct and Saga that between them sent more than 354...
The ICO is reminding firms of their obligation to pay the data protection fee
Link(s):https://ico.org.uk/for-organisations/sme-web-hub/whats-new/blogs/data-protection-fee-what-you-need-to-do/ Context The Information Commissioners Office (ICO) is continuing its 2019 campaign to remind small companies and SMEs of their legal responsibility to pay...
Business interruption insurance test case – Insurer claims data
Link(s):https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business...
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...
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...
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...
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...
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...
ICO fines Glasgow company for making half a million nuisance calls
Link(s):ICO fines Glasgow company for making half a million nuisance calls Context Glasgow based company DialADeal Scotland Ltd (DDSL), has been fined by the ICO for making more than half a million nuisance calls. Key points to note DDSL made unsolicited calls to...
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...
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...
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...
Consumer alert for consumers of insurance broker firm Professional Construction Risks Ltd (PCRL)
Link(s):https://www.fca.org.uk/news/news-stories/consumer-alert-consumers-insurance-broker-firm-professional-construction-risks-ltd-pcrl Context On 11th December 2020 the FCA imposed various requirements on PCRL through a Supervisory Notice. PCRL was required to...
Firms reminded about potential financial crime risks linked to Afghanistan
Link(s):https://www.fca.org.uk/news/statements/firms-reminded-about-potential-financial-crime-risks-linked-afghanistan Context Developments in Afghanistan have highlighted the continuing need for robust systems and controls that respond to changing risks. Firms should...
ASA publishes useful ‘Insights’ in relation to marketing and advertising
Link(s): News - ASA | CAP Context The ASA regularly publishes ‘Insights’ pieces on its News pages. Two of those recent insights may be relevant to the publication of financial promotions. One talks about the use of photographs in promotions, marketing and advertising;...
ICO publishes a statement in response to Department for Culture, Media and Sport announcement
Link(s):Statement on DCMS announcement of next Information Commissioner Context The ICO has published a brief statement about The Department for Culture, Media and Sport’s announcement about its preferred candidate for the role of the next Information...
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...
FCA warns insurance firms over product governance rules deadline
Link(s):FCA warns insurance firms over product governance rules deadline Context Insurance firms may not be ready to implement the new ‘fair value’ product governance rules according to a review published by the Financial Conduct Authority (FCA). As part of its...
Business interruption insurance test case – Insurer claims data
Link(s):https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business...
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...
FCA publishes an “Inside FCA” Podcast: Interview with Nikhil Rathi on the Business Plan and transformation objectives
Link(s):Inside FCA Podcast: Interview with Nikhil Rathi on the Business Plan and transformation objectives Context The FCA has published a set of Q&As following a podcast featuring Nikhil Rathi. At an important time for the Regulator, as it takes steps towards its...
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...
FCA issues warning in relation to Broad Insure / Broad Insurance
Link(s):Broad Insure / Broad Insurancewww.broadinsurance.co.uk Context The FCA believes that this firm may be providing financial services or products (arranging insurance contracts via an online ‘price searcher’ facility) in the UK without FCA authorisation. Key...
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...
Government-backed insurance scheme to give a boost to the events industry
Link(s):Government-backed insurance scheme to give boost to events industry Context The live events sector is set to get a boost with a world-leading government-backed insurance scheme worth over £750 million, which will help them plan events with confidence through...
ICO consults on how organisations can continue to protect personal data when it is transferred outside of the UK
Link(s):ICO consults on how organisations can continue to protect people’s personal data when it’s transferred outside of the UK Context The Information Commissioner’s Office (ICO) has launched a public consultation on its draft international data transfer...
Government response to the independent review of flood insurance in Doncaster
Link(s):https://www.gov.uk/government/publications/government-response-to-the-independent-review-of-flood-insurance-in-doncaster/government-response-to-the-independent-review-of-flood-insurance-in-doncaster Context An independent review was commissioned by the...
Nuisance call blocker company fined £170,000 for making almost 200,000 illegal marketing calls
Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/08/nuisance-call-blocker-company-fined-170-000-for-making-almost-200-000-illegal-marketing-calls/ Context Yes Consumer Solutions Limited (YCSL) has been fined £170,000 by the ICO for making...
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...
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...
ABI – The cost of motor insurance falls to a 5 year low
Link(s):In reverse – the cost of motor insurance falls to a five-year low according to the ABI Context The average price motorists are paying for their motor insurance now stands at a five year low according to the ABI’s latest Motor Insurance...
FCA publishes Decision Notice against Markos Markou for lack of oversight
Link(s):https://www.fca.org.uk/news/press-releases/fca-publishes-decision-notice-against-markos-markou-lack-oversight Context The FCA has published a Decision Notice in respect of the Director and Chief Executive of a mortgage broker firm. The FCA considers that Mr...
Ian Hudson sentenced to 4 years imprisonment for fraudulent trading and carrying on regulated activities without authorisation
Link(s):https://www.fca.org.uk/news/press-releases/ian-hudson-imprisonment-fraudulent-trading-activities Context Ian James Hudson was sentenced to 4 years’ imprisonment for one count of fraudulent trading, with two additional terms of 14 months, each reflecting a...
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...
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...
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...
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...
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...
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...