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Archive

FCA publishes Annual Report and Accounts 2020/2021

Link(s): FCA publishes Annual Report and Accounts 2020/21 Context The FCA has published its Annual Report and Accounts, which looks back on its key pieces of work throughout 2020/21. Key points to note Highlights from this year include the FCA: responding rapidly to...

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FCA publishes its Business Plan 2021/2022

Link(s): Business Plan 2021/22 | FCA Context The FCA’s 2021/2022 Business Plan explains how it sees its future role and priorities, how it intends to deliver them and how it will measure its performance in achieving against the objectives and outcomes as set out in...

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ABI welcomes the Building Safety Bill

Link(s): https://www.abi.org.uk/news/news-articles/2021/07/abi-welcomes-building-safety-bill/ Context The ABI has welcomed the introduction of The Building Safety Bill which has been introduced to the House of Commons, the First Reading taking place on 5th July 2021....

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FCA fines Crosfill & Archer Claims Limited £110,000

Link(s):FCA fines Crosfill & Archer Claims Limited £110,000 Context Claims Management Company, Crosfill & Archer Claims Limited, has been fined £110,000 by the FCA. Key points to note The company had been making unsolicited telemarketing calls to people who...

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FOS issues Ombudsman News 162

Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-162 Context FOS has published issue 162 of Ombudsman News, which includes sector specific commentary and insights including its approach to complaints about wedding insurance and business...

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ICO gets powers to conduct financial investigations

Link(s):https://www.legislation.gov.uk/uksi/2021/640/contents/made Context The UK government is handing authorities, including the data protection authority (the Information Commissioner’s Office – ICO), new powers that will give them the power to conduct their own...

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Business interruption insurance test case – updated data

Link(s): https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context The FCA wrote to the CEOs of the insurers affected by the Test Case which explained that they intended to gather information on all non-damage Business Interruption (BI) policies...

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ICO fines three companies £415,000 for nuisance marketing

Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/06/ico-fines-three-companies-415-000-for-nuisance-marketing/ Context Three separate companies have been fined a total of £415,000 for sending nuisance marketing to people about car finance,...

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FCA issues CP21/16: Quarterly Consultation Paper No. 32

Link(s):CP21/16: Quarterly Consultation Paper No. 32https://www.fca.org.uk/publication/consultation/cp21-16.pdf Context The FCA has released its Quarterly Consultation Paper No 32. Once a quarter the FCA consults on proposed changes to be made to the Handbook, which...

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FOS has published Ombudsman News issue 161

Link(s): Ombudsman News 161 (financial-ombudsman.org.uk) Context FOS has published issue 161 of its Ombudsman News, which includes sector-specific commentary and insights, looks at and analyses the recently published annual complaints data, and comments on the need to...

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Amex fined for sending four million unlawful e-mails

Link(s):Amex fined for sending four million unlawful emailsAmerican Express Services Europe Limited Context The Information Commissioner’s Office (ICO) has fined American Express Services Europe Limited (Amex) £90,000 for sending more than four million marketing...

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FCA no longer accepting Change of Legal Status Applications

Link(s):Change of legal statushttps://www.fca.org.uk/publication/forms/change-of-legal-status-deed-poll.doc Context From 1st June 2021 the FCA will no longer be accepting Change of Legal Status applications. Going forward, if firms are thinking of changing their legal...

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FCA deadline extension for Strong Customer Authentication

Link(s):Deadline extension for Strong Customer Authentication Strong customer authentication and coronavirus Context The FCA has extended our deadline for implementing Strong Customer Authentication (SCA) for e-commerce transactions to 14 March 2022.  This...

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Data Sharing Code of Practice is laid before Parliament

Link(s):Data Sharing Code of Practice is laid before Parliament | ICO Context The Information Commissioners Office (ICO) has issued a statement in response to the Government laying the Data Sharing Code of Practice before Parliament on 18 May 2021. The ICO published...

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FSCS – significant rise in financial scams

Link(s): https://www.fscs.org.uk/news/fraud/worrying-rise-in-online-financial-scams/ Context An article by FSCS Chief Executive, Caroline Rainbird, comments on the worrying increase in financial scams. Key points to note FCA data shows that scams activity is...

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FSCS revises levy forecasts – FSCS Outlook 13th May 2021

Link(s): Outlook industry newsletter FSCS BIBA applauds proposed halving of broker levies Context The FSCS issues an ‘Outlook’ twice a year, and the latest issue has been published.  This issue addresses the fact that the forecast on which the total FSCS levy for...

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FCA Consumer vulnerability webinar – Thursday 27th May

Link(s): https://www.fca.org.uk/events/webinar-consumer-vulnerability Context The FCA has released another webinar on consumer vulnerability. Key points to note The webinar is open to all regulated firmsIt will be run on Thursday 27th May 2021 at 10.30am –...

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FCA to issue Credit Broking Permission Survey

Link(s): https://www.fca.org.uk/firms/credit-broking-survey Context The FCA will shortly be sending a survey to all firms holding the credit broking permission.  Key points to note The survey will provide the FCA with an updated view of how firms are using their...

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BIBA publishes guide to key Brexit considerations

Link(s): BIBA - A brokers' guide to key Brexit business considerations Context In association with Allianz and DAC Beachcroft, BIBA has produced a new guide covering the effects of Brexit on, for example, the workforce, SMEs and cross-border recoveries.  The guide...

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FOS issues Ombudsman News 160

Link(s): Ombudsman News 160 (financial-ombudsman.org.uk) Context FOS has published the latest issue of Ombudsman News, Issue 160. Key points to note An update on the appointment of Nausicaa Delfas as the FOS interim Chief Executive and Chief Ombudsman.Details of two...

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FSCS declared 11 firms in default in March 2021

Link(s): 11 firms in default in March | FSCS Context The FSCS has published its latest notice to inform consumers they may be eligible for compensation. Key points to note People who have dealt with any of the 11 firms listed below, and believe they are owed money as...

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UK launches global anti-corruption sanctions

Link(s): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/980367/Notice_Global_Anti-Corruption_260421.pdf Context The United Kingdom has launched the Global Anti-Corruption sanctions regime. Key points to note On 26 April...

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FCA publishes half-yearly firm complaints data from H2 2020

Link(s): Complaints data | FCA Context The FCA believes that being transparent about the number of complaints that firms receive is helpful for the industry and consumers. Firms can compare their performance with their peers and consumers have an additional source of...

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FCA makes key sustainability and technology hires

Link(s): https://www.fca.org.uk/news/press-releases/fca-makes-key-sustainability-and-technology-hires Context Sacha Sadan has been appointed Director of Environment Social and Governance. The FCA has also appointed Ian Alderton as Chief Information Officer and Ian...

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FCA business plan 2021/22

Link(s): https://www.fca.org.uk/news/statements/fca-business-plan-2021-22 Context The FCA has issued a statement in relation to the 2021/22 FCA Business Plan. Key points to note The business plan will be published in July instead of April.It will be published...

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FCA speech – why black inclusion matters

Link(s): Why black inclusion matters to us | FCA Context The FCA has published a speech by Sheldon Mills, Executive Director, Consumers and Competition, delivered at New Financial. Key points to note There is a lack of black people across senior roles in...

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FCA rules for travel insurance sales

Link(s): https://www.fca.org.uk/publication/policy/ps20-03-addendum.pdf Context As a reminder, the FCA is making it a requirement to signpost travel insurance customers with more serious medical conditions to a Medical Cover Firm Directory under certain circumstances...

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Data Protection Practitioners’ Conference 2021- postponed

Link(s): https://ico.org.uk/global/data-protection-practitioners-conference-2021/ Context Following the death of HRH The Duke of Edinburgh, the ICO has taken the decision to postpone its Data Protection Practitioners' Conference. Key points to note The ICO is now...

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Insurance intermediaries – Conduct Rule breach reporting

Link(s): Various industry publications Context The FCA’s response to a Freedom of Information (FOI) request by Sicsic Advisory, about reported Conduct Rules breaches by solo regulated insurance intermediaries last year, has been receiving wide attention in the...

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