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Archive
Next Steps for UK Insurance Regulation – FCA speech – “Regulatory priorities in the wake of Covid-19”
Link(s):Westminster Forum Projects | Next steps for the UK insurance industry - regulation and reform, consumer protection, climate change, COVID-19, and priorities for a new relationship with the EU Context Matt Brewis, FCA Director of Insurance, was one of the...
FCA writes to the Secretary of State about Multi-occupancy buildings insurance
Link(s):https://www.fca.org.uk/publication/correspondence/multi-occupancy-buildings-insurance-letter.pdf Context The FCA has published a letter it has sent to the Secretary of State for Levelling Up, Housing and Communities, Michael Gove. In January 2022 Mr Gove wrote...
Learning from the last 30 years to face the next – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/learning-last-30-years-face-next Context Nikhil Rathi, Chief Executive of the FCA, delivered his speech at the Chartered Institute for Securities & Investment (CISI) 30th anniversary dinner. Key points to note The...
FCA confirms the introduction of the planned SMF / Approved Persons application fee
Link(s):https://www.fca.org.uk/publication/fca/handbook-notice-98.pdf Context As part of the FCA’s work on application fees at the start of this year it confirmed within PS22/1 that it would be introducing a new charge of £250 for standalone Long Form A applications,...
Average cost of motor insurance fallen by 5% in Q1 2022
Link(s):Relief for many households as the average cost of motor insurance has fallen by 5% so far this year | ABI Context The average price paid for motor insurance in the first quarter of 2022 fell by 5% to its lowest level in nearly 7 years, according to ABI data....
Insurers expected to pay £500 million as a result of storm damage
Link(s):https://www.abi.org.uk/news/news-articles/2022/04/insurers-expect-to-pay-out-nearly-500-million-to-support-customers-hit-by--damage-from/ Context The damage caused by Storms Dudley, Eunice and Franklin that hit much of the UK during February is expected to...
FCA recruits to its senior leadership team
Link(s):https://www.fca.org.uk/news/press-releases/fca-makes-senior-hires Context The FCA has recruited three individuals to its Senior Leadership Team. Key points to note Mel Gunewardena will take up a Senior Advisor role at the FCA. Mel is currently Chief Market...
FCA publishes complaints data
Link(s):https://www.fca.org.uk/data/complaints-data Context The FCA publish their complaints data every 6 months, usually around April and September. Within these data sets, the FCA provide firm-specific data for individual firms and aggregate, or total data at...
EU Vnuk motor insurance law one step closer to being removed from British law
Link(s):https://www.gov.uk/government/news/motorists-to-avoid-annual-eu-price-hike-thanks-to-brexit-powers Context The EU law could have required a wider range of vehicles beyond cars and motorbikes to have motor insurance, such as golf buggies, mobility scooters and...
FCA publishes Q1 2022 Financial Promotions data
Link(s):Financial promotions quarterly data 2022 Q1 | FCA Context The FCA has published the latest Financial Promotions data, from 1st January 2022 to 31st March 2022, outlining its action taken against authorised firms breaching financial promotion rules and...
Critical issues in financial regulation: The FCA’s perspective – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/critical-issues-financial-regulation-fca-perspective Context The FCA’s CEO Nikhil Rathi delivered his speech at City Week 2022. Key points to note The speech is split into ten sections: Last 12 monthsCost of living...
CP22/7 Proposed increase to annual AR & IAR fees
Link(s):https://www.fca.org.uk/publication/consultation/cp22-7.pdf Context This item is an update to the item we included within our 15th April update. As part of its fees and levies Consultation Paper the FCA is proposing to increase annual fees for Appointed...
PS22/3 Diversity & Inclusion on Company Boards
Link(s):https://www.fca.org.uk/publication/policy/ps22-3.pdf Context The FCA has published its Policy Statement on diversity on company’s boards and executive committees which introduces new Listing Rules to require issuers to include a statement in their annual...
FCA announces that Corrie Bauckham Batts Limited has entered liquidation
Link: Corrie Bauckham Batts Limited enters liquidation | FCA Context The FCA has published a customer-facing page on its website announcing that FCA authorised and regulated Lloyd’s wholesale insurance broker, Corrie Bauckham Batts Limited, has...
HM Government highlights new EU requirements – transporting goods for hire or reward in the EU
Link(s):https://www.gov.uk/guidance/transport-goods-in-and-out-of-the-uk-using-vans-or-car-and-trailers-from-21-may-2022#full-publication-update-history Context From 21st May 2022 a standard international goods vehicle operator licence will be needed to transport...
Unite Union – the FCA workforce votes to take industrial action
Link(s):Historic first as FCA workforce vote to take industrial action at regulator (unitetheunion.org) Context Staff at the Financial Conduct Authority have voted in favour of striking over proposed changes to pay and conditions, the trade union Unite has announced....
FCA publishes Thematic Review – observations on wind-down planning: liquidity, triggers & intragroup dependencies
Link(s):https://www.fca.org.uk/publication/thematic-reviews/tr22-1.pdf Context The FCA has published a Thematic Review 22/1. The review, on wind-down planning across different business models, was conducted in light of the ongoing COVID-19 pandemic and the potential...
FCA publishes its initial 2022/23 Fees and Levies consultation
Link(s):CP22/7: FCA regulated fees and levies: rates proposals for 2022/23 | FCA Context Alongside the documents, web pages and publications mentioned above, the FCA has published its initial Fees and Levies 2022/23 Consultation, CP22/7. Key points to note The...
FCA Business Plan 2022/23
Link(s):https://www.fca.org.uk/publications/business-plans/2022-23 Context The FCA has published its Business Plan 2022/23, which has been issued mainly as a web page (although a .pdf version of the text has been produced – see the links above). Key points to note...
FCA publishes a three-year strategy and other associated web pages
Link(s):Our Strategy 2022 to 2025 (fca.org.uk) Context Nikhil Rathi, the FCA CEO, has published his second Business Plan, which has perhaps been overshadowed by the publication alongside it of a 3-year strategy document, “Our Strategy 2022-2025” (Our Strategy 2022 to...
ICO fines company for sending thousands of spam text messages during the pandemic
Link(s):ICO fines company for sending thousands of spam text messages during the pandemic | ICO Context The ICO has fined H&L Business Consulting Ltd (H&L) £80,000 for sending hundreds of thousands of text messages to people who had not consented to receive...
Ombudsman News 170
Link(s):Ombudsman News 170 (financial-ombudsman.org.uk) Context The FOS has published its latest edition of Ombudsman News. Key points to note This edition is split into four sections: Our plans and budget for 2022/23Increase to our award limitsStorm damage complaints...
Operational resilience insights for insurance firms- updated webpage
Link(s):Operational resilience insights for insurance firms | FCA Context The FCA has updated its operational resilience insights for insurance firms web page. Key points to note Those firms which attended the recent UKGI London Workshop, or firms which participated...
Russian invasion of Ukraine: operational and cyber resilience
Link(s):Building a digital regulator: how the FCA is riding the innovation wave | FCA Context The FCA has updated its Russian invasion of Ukraine: operational and cyber resilience web page. Key points to note A section has been added “False information” which states:...
Building a digital regulator: how the FCA is riding the innovation wave
Link(s):Building a digital regulator: how the FCA is riding the innovation wave | FCA Context Jessica Rusu the FCA’s Chief Data, Information and Intelligence Officer, gave a speech at the Innovation Finance Global Summit 2022. Key points to note The speech was split...
FCA bolsters authorisation team
Link: FCA makes three senior hires | FCA Context The FCA has added two senior directors, a finance director and filled a further 95 authorisation roles. Key points to note Laura Dawes will take up one of the new Director of Authorisations roles. Laura is currently...
FOS complaint form and privacy notice
Link(s):We’re updating our complaint form and privacy notice (financial-ombudsman.org.uk) Context The FOS have confirmed that it will be making a number of changes to its complaint form. Key points to note This change will come into effect from 1st April 2022, and the...
Citizens Advice sounds the alarm on £280 car insurance ethnicity penalty
Link(s):Citizens Advice sounds the alarm on £280 car insurance ethnicity penalty - Citizens Advice Context As part of an investigation the Citizens Advice Bureau (CAB) analysed 18,000 car insurance costs reported by people who came to CAB for debt help in 2021. On...
Financial Ombudsman Service publishes its plans and budget for 2022/23
Link(s):Strategic plans and budget (financial-ombudsman.org.uk) Context The FOS has published its plans and budget for 2022/23. Key points to note In 2022/23, the Financial Ombudsman: Expects to receive 177,000 complaints and resolve 220,500 complaints.Continue to...
FCA publishes Handbook Notice 97
Link(s):Handbook Notice 97 (fca.org.uk) Context The FCA has published Handbook Notice 97 which lists a series of changes that the regulator’s Board has made to its rules and other materials at its March meeting. For those firms subject to paying only minimum fees the...
‘A sigh of relief’ for the industry as MoJ plans no further action on credit hire and rehabilitation
Link(s):https://www.gov.uk/government/consultations/reforming-the-soft-tissue-injury-whiplash-claims-process#full-publication-update-history Context The Ministry of Justice has confirmed it will take no further action on credit hire and rehabilitation after publishing...
Increase to award limits
Link(s):https://www.financial-ombudsman.org.uk/news-events/increase-award-limits Context Following on publication of the FCA’s PS19/8, the rules to increase the Ombudsman Service’s award limit will increase from 1st April 2022. The rules were set to go live in April...
Supporting consumers through tough times – priorities for credit regulation- FCA speech
Link(s):https://www.fca.org.uk/news/speeches/supporting-consumers-through-tough-times-priorities-credit-regulation Context Brian Corr, the Interim Director of Retail Lending at the FCA, delivered his speech at the Credit Summit 2022. Key points to note The speech...
Enforcement Proceedings – Atrium Underwriters Limited
Link(s):Market bulletin (lloyds.com) Context Background: In Market Bulletin Y5252, Lloyd’s set out its policy in relation to conduct involving harassment, bullying, discrimination, alcohol or drugs. The proceedings against Atrium were brought as a result of serious...
ICO takes action against companies over predatory marketing calls targeting elderly, vulnerable people
Link(s):ICO takes action against companies over predatory marketing calls targeting elderly, vulnerable people Context The Information Commissioner’s Office (ICO) has announced fines totalling £405,000 to five companies responsible for over 750,000 unwanted marketing...
FCA webpage – Business interruption insurance test case – Insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data Context In January 2021 the FCA issued a Dear CEO letter to insurers affected by the business interruption insurance Test Case. The letter explained that the FCA intended to gather information on...
ICO issues two monetary penalty notices arising out or systems failings
Link(s):Royal Mail Group Limited | ICOTuckers Solicitors LLP | ICO Context The ICO has published details of two monetary penalty notices that it has issued, both for different reasons but both arising out of systems failings. Key points to note Royal Mail...
Office of Financial Sanctions Implementation (OFSI) and other Government guidance in relation to Russia
Link(s):Various – see below Context A number of Government web pages have been updated with guidance in relation to the developing sanctions situation in Russia. In an effort to give firms information in relation to the sources of such information. Below, we have set...
Foreign, Commonwealth & Development Office and Department for Transport confirm strengthened ban on Russian aircraft and new trade sanctions
Link(s):UK strengthens ban on Russia aircraft and introduces new trade sanctions - GOV.UK (www.gov.uk) Context Following the official statement from HM Treasury on 3rd March 2022, Foreign Secretary Liz Truss has confirmed a new suite of aviation sanctions. The UK is...
FCA webpage – new financial sanctions measures in relation to Russia
Link(s):New financial sanctions measures in relation to Russia | FCA Context The FCA has a web page which sets out key information in relation to sanction measures in relation to Russia. The articles below also contain relevant information. If you require a licence to...
New FCA webpage – events in Ukraine and operational and cyber resilience
Link(s):Russian invasion of Ukraine: operational and cyber resilience | FCA Context The FCA has published a new web page which states that although the National Cyber Security Centre (NCSC) is not aware of any current specific cyber threats to the UK following events...
HM Treasury announces Russian insurance-related sanctions plans, and the OFSI publishes new Consolidated Lists links
Link(s):UK to bring in further sanctions targeting provision of insurance - GOV.UK (www.gov.uk) Context HM Treasury has announced that the UK is to bring in further sanctions targeted at the provision of insurance and reinsurance services for Russian companies. Also,...
FCA sets out new employment offer
Link(s):https://www.fca.org.uk/news/press-releases/fca-sets-out-new-employment-offer Context As part of the ongoing situation between the FCA, it’s employees and the Unite union the FCA has set out a new offer to its employees. Key points to note The full employment...
Imposition of Monetary Penalty – Clear Junction Limited
Link(s):https://assets.publishing.service.gov.uk/ Clear_Junction_Penalty_Report_21.02.22.pdf Context OFSI has imposed a monetary penalty against Clear Junction Limited, a Fintech company, for contravention of regulation 4 of the Ukraine (European Union Financial...
FCA publishes a webpage in relation to new financial sanctions against Russia
Link(s):New financial sanctions measures in relation to Russia | FCA Context Following the Prime Minister’s statement to the House of Commons on 22nd February 2022, the UK has announced a tranche of sanctions on Russia. The full details of the measures are...
FSCS has declared Perry Prowse (Insurance Consultants) Ltd as a failed firm
Link(s):Perry Prowse Ltd - check you can claim | FSCS Context The Financial Services Compensation Scheme has declared Perry Prowse (Insurance Consultants) as a failed firm. This company no longer exists, so former customers may be able to make a claim against it....
Change of Control – updated FCA webpage
Link(s):https://www.fca.org.uk/firms/change-control/submit-change-control-notification Context The FCA updated its webpage on 'Submit a change in control notification’. Key points to note The FCA has seen a significant increase in section 178 notifications. Due to...
Product Governance Thematic Work
Context The FCA has begun a piece of market engagement work focusing on the product governance elements of its general insurance pricing practices rules introduced by policy statement PS21/5, which came into effect on 1st October 2021. Key points to note A sample of...
The FCA updates its guidance on its approach to the review of Part VII insurance business transfers
Link(s):FG22/1: The FCA’s approach to the review of Part VII insurance business transfers Context The FCA has set out its updated expectations on the steps for firms to take to make sure conduct issues are properly considered in Part VII transfers. Key points to note...
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 last 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...
The FCA has added one Q&A to its General Insurance Pricing Practices Q&As
Link(s):General Insurance Pricing Practices: Q&As on the published rules Context The FCA has added one Q&A to its General Insurance Pricing Practices Q&As, first published in August last year. Key points to note The new question covers the circumstance...
The FCA updates its guidance on its approach to the review of Part VII insurance business transfers
Link(s):FG22/1: The FCA’s approach to the review of Part VII insurance business transfers | FCA Context The FCA has set out its updated expectations on the steps for firms to take to make sure conduct issues are properly considered in Part VII transfers. Key points...
Senior Manager Attestation – a reminder
Link(s):PS21/11: General insurance pricing practices - amendments | FCA Context In PS21/5 the FCA confirmed Senior Managers must attest annually that their firm has complied with General Insurance (GI) Pricing Practices rules found in ICOBS 6B. The nature of the...
Cost of motor insurance in 2021 was at a six-year low against backdrop of increasing cost pressures
Link(s):https://www.abi.org.uk/news/news-articles/2022/02/2021-motor-premium-tracker/ Context According to the ABI’s latest Motor Insurance Premium Tracker the average price paid by motorists for their motor insurance in 2021 fell to its lowest level in six...
Tempcover Ltd fined for unsolicited insurance marketing
Link(s):https://ico.org.uk/action-weve-taken/enforcement/tempcover-ltd/ Context Tempcover Ltd, a short-term motor insurance company, has been fined £85,000 by the ICO for sending almost 30 million unsolicited marketing email and text messages to customers without...
Enhancing the UK’s capital markets – The FCA’s role and priorities – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/enhancing-uk-capital-markets-fca-role-priorities Context Sarah Pritchard, Executive Director of Markets has given a speech at The Future of UK Financial Regulation Summit. Key points to note The speech is split into five...
Penny James appointed Chair of the FCA’s Practitioner Panel
Link(s):https://www.fca.org.uk/news/press-releases/penny-james-appointed-chair-fcas-practitioner-panel Context The Financial Conduct Authority (FCA) has appointed Direct Line Group CEO, Penny James, as Chair of its Practitioner Panel. Key points to note A member of...
Updates to OFSI’s Consolidated List
Link(s):https://www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets Context The new version of OFSI’s Consolidated List has been published. Key points to note Ahead of the formal changeover there will be a 3-week period where firms are...
International data transfer agreement and addendum and transitional provisions laid before Parliament
Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2022/02/international-data-transfer-agreement-and-addendum-and-transitional-provisions-laid-before-parliament/ Context The Department for Culture, Media and Sport (DCMS) has laid the International...
Ombudsman News 168
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-168 Context The FOS has published its latest Ombudsman News 168. Key points to note This edition is split into five sections: FOS plans and budget for 2022/23: consultation closing soonWider...
FCA staff tell bosses “sit down and negotiate” as members vote ‘YES’ in industrial action ballot
Link(s):https://www.unitetheunion.org/news-events/news/2022/february/fca-staff-tell-bosses-sit-down-and-negotiate-as-members-vote-yes-in-industrial-action-ballot/ Context Following on from our item in our last Weekly Update the ballot in relation to proposed...
FCA Financial Lives 2022 survey
Link(s):https://www.fca.org.uk/financial-lives/2022-survey Context The FCA will be engaging with the general public by issuing another financial lives survey. Over 250,000 households from across the UK have been randomly selected to receive a letter that explains how...
FCA issues Dear CEO letters to insurers and insurance intermediaries – multi-occupancy buildings insurance
Link(s): Exchange of letters and work on multiple-occupancy residential buildings insurance | FCA Context In Dear CEO letters to insurance firms and brokers, the FCA has outlined work it is carrying out in the insurance market for multiple-occupancy residential...
ASA publishes a new series of Insights blogs to guide firms
Link(s):News - ASA | CAP Context The Advertising Standards Authority has updated its Insights blogs page on its website with new articles, two of which may be of interest to authorised firms. Key points to note A 'Four key tips on using personal data for marketing'...
FOS announces the strengthening of the financial regulatory family’s Wider Implications Framework
Link(s):Financial regulatory family strengthen Wider Implications Framework Context The ‘regulatory family’ (the Financial Ombudsman Service, the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS), The Pensions Regulator (TPR) and the...
FCA publishes new webpage about transforming data collection
Link(s):Transforming data collection Context The FCA has published a web page about how it is working with the Bank of England and industry to transform how it collects data from the UK financial sector. Its work with firms on digital regulatory reporting, and the...
Pricing categories for application fees – updated web page
Link(s):https://www.fca.org.uk/firms/fees-and-levies/pricing-categories-application-fees#revisions Context Following on from the item we included in our Weekly Update of 14th January 2022 the FCA has updated its pricing categories for application fees web page. Key...
FCA staff ballot for industrial action
Link(s):https://www.unitetheunion.org/news-events/news/2022/january/fca-staff-ballot-for-industrial-action/ Context Unite, the union which represents staff at the Financial Conduct Authority (FCA) has launched an indicative ballot of its members for industrial action...
The House of Lords inquiry into the regulation of the London Market
Link(s):https://committees.parliament.uk/committee/517/industry-and-regulators-committee/news/160302/inquiry-launched-into-commercial-insurance-and-reinsurance-market/ Context The House of Lords Industry and Regulators Committee has launched an inquiry into the...
FCA publishes guidance consultation about limiting liabilities by way of ‘compromise’
Link(s):https://www.fca.org.uk/news/press-releases/fca-publishes-guidance-consultation-firms-who-seek-limit-their-liabilities Context The Financial Conduct Authority has published a consultation on proposed guidance for firms who seek to limit their liabilities by way...
MCE Insurance Company Ltd- update to web page
Link(s):https://www.fscs.org.uk/making-a-claim/failed-firms/mce-insurance/ Context MCE Insurance Company Limited (MICL), a Gibraltar-based insurance company was directed to cease underwriting new business on 5th November 2021. The policies were sold through 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 last 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 confirms approach to European firms temporarily operating in the UK- new webpage
Link(s):https://www.fca.org.uk/news/press-releases/fca-confirms-approach-european-firms-temporarily-operating-uk Context On January 18th 2022 the FCA issued a new webpage regarding the temporary permissions regime (TPR) and the action that the regulator may take....
FCA to issue yet another further round of its Covid-19 Impact Survey
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...
January 2022 FSCS Budget Update
Link(s):https://www.fscs.org.uk/news/fscs-news/january-2022-budget-update/ Context To coincide with the joint PRA and FCA Consultation on the FSCS management expenses levy limit for the coming financial year, FSCS Chief Executive Caroline Rainbird introduces the...
FCA and PRA consult on the management expenses levy limit (MELL) for the FSCS
Link(s):CP22/1: Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23 Context The PRA and the FCA set a limit for the total management expenses that the FSCS can levy on financial services firms. The MELL covers the costs of...
General insurance value measures- updated FCA web page
Link(s):https://www.fca.org.uk/firms/general-insurance-value-measures#revisions Context The FCA has updated it's webpage on Value Measures reporting. Under the new measures, general insurance firms are expected to publish a report covering the period 1st July 2021 –...
PS22/1: FCA authorisation application fees: new structure
Link(s):https://www.fca.org.uk/publication/policy/ps22-1.pdf Context In November 2020 the FCA published a Consultation Paper CP 20/22 outlining proposed policy changes to the way it will apply fees from 2021/22. This was followed by a further Consultation Paper in...
FCA starts to issue GI Pricing Attestation e-mails
Link(s): PS21/11: General insurance pricing practices - amendments Context We are aware that general insurance firms and premium finance providers have started to receive e-mails from the FCA in relation to the first General Insurance Pricing Practices Senior Manager...
FSCS updates its information about failed firm MCE Insurance
Link(s):MCE Insurance Company Ltd - customer information Context MCE Insurance Company Limited was directed to cease underwriting new business on 5th November 2021. On 19th November 2021, the company was placed into administration, being no longer able to pay claims....
ICO and UK Government confirm new Information Commissioner
Link(s):New UK Information Commissioner begins termJohn Edwards is confirmed as the new Information Commissioner Context The Information Commissioner’s Office (ICO) and the Department for Digital, Culture, Media & Sport have confirmed that the New UK Information...
The ICO invites comments on how it uses its powers s to investigate, regulate and enforce
Link(s):ICO invites comments on how it uses its powers to investigate, regulate and enforce Context The Information Commissioner’s Office (ICO) has launched a consultation to gather the views of stakeholders and the public on how it regulates the laws it monitors and...
CMA Private Motor Insurance Order compliance report reminder
Link(s):Private Motor Insurance Market Investigation Order 2015 Context The CMA’s Private Motor Insurance (PMI) Market Investigation Order 2015 was published with a view to increasing competition in the car insurance market and reducing the cost of premiums for...
FCA to issue 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...
FCA e-mails firms about the REP019 General Insurance Value Measures Report
Link(s):General insurance value measures Context The FCA has sent an e-mail to insurance firms to remind them about the REP019 General Insurance Value Measures Report, which is introduced as follows: Submission for Reporting Period Ending 31/12/2021 Is Now Available...
Structural changes to the UK sanctions list
Link(s):https://www.gov.uk/government/publications/uk-sanctions-list-change-in-format Context From February 2022 the structure and format of the UK Sanctions List will be changing. OFSI's consolidated list will also be changing to align with the UK Sanctions List. Key...
Consultation opens on FOS strategic plans and budget for 2022/23
Link(s):https://www.financial-ombudsman.org.uk/files/320493/plans-and-budget-consultation-2022-23.pdf Context The Financial Ombudsman Service (FOS) has published its Plans and Budget Consultation 2022-23. The consultation sets out the plans for the coming financial...
Ombudsman News 167
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-167 Context The FOS has published its latest Ombudsman News 167. Key points to note This edition is split into 5 sections: Now open: our plans and budget consultation for 2022/23Our action plan...
Operational Resilience – FCA Webinar
Link(s):https://www.fca.org.uk/events/operational-resilience Context The FCA has announced that it will be hosting a webinar which will look at its Operational Resilience Policy. This will be an opportunity for firms to hear from the FCA ahead of the March 2022 first...
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...
NatWest fined £264.8 million for anti-money laundering failures
Link(s):https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures Context Following criminal charges for money laundering failings pursued by the FCA, National Westminster Bank Plc (NatWest) has been fined £264,772,619.95....
The Financial Ombudsman Service launches action plan to change and improve
Link(s):https://www.financial-ombudsman.org.uk/who-we-are/governance-funding/action-plan-2021 Context The Financial Ombudsman Service (FOS ) has published an action plan approved by the Board to change and improve the organisation to provide the best service for ...
The FCA and the Practitioner Panel publish findings from the 2021 joint survey
Link(s):FCA and Practitioner Panel publish findings from 2021 joint survey | FCA Context The FCA and the Practitioner Panel have published a report from their 2021 joint survey of FCA regulated firms. The survey gives views across the financial services sector of the...
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...