Welcome to the UKGI weekly regulation update service for Aviva ABC brokers
We hope you find the Updates useful. If you are
interested in subscribing to our affordable
ABC compliance support package, please
email us at ABC@ukgigroup.com or
call UKGI on our dedicated ABC
contact line 01925 767893.
Archive
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 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...
FCA Transformation and Business Plan – Chairman Nikhil Rathi’s commitment – a more innovative, adaptive and assertive regulator
Link(s): FCA commits to being a more innovative, assertive and adaptive regulator Context The FCA has today published a commitment to be a more, innovative, adaptive and assertive regulator. The commitment reflects the FCA’s Business Plan for 2021/22 (the first annual...
FCA speech and webinar – the FCA’s role and its Business Plan
Link(s): Transforming to a forward-looking, proactive regulator Context Nikhil Rathi has introduced his first Business Plan as the FCA’s Chief Executive, but has set out in this webinar how he sees the FCA’s role emerging and transforming in a post-Covid, post-Brexit...
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...
FCA fines Lloyds Bank General Insurance Limited (and others) for failures in communications for home insurance renewals
Link(s): FCA fines LBGI £90 million for failures in communications for home insurance renewals between 2009 and 2017 Context The FCA has fined LBGI (Lloyds Bank General Insurance Limited, St Andrew’s Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax...
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....
The Upper Tribunal rules against the FCA and the PRA in the Stuart Forsyth case
Link(s): Stuart Malcolm Forsyth v (1) The Financial Conduct Authority and (2) The Prudential Regulation Authority [2021] UKUT 0162 (TCC) Context Upper Tribunal Judge Timothy Herrington, as part of a 98-page published decision, said “Our evaluation of our factual...
European motor insurance directive: removal of Vnuk from UK law
Link(s): https://www.gov.uk/government/speeches/european-motor-insurance-directive-removal-of-vnuk-from-uk-law Context On 21st February 2021, the government announced it intended to remove the effects of the 2014 European Court of Justice’s ruling in the EU Vnuk case...
FCA, PRA and Bank of England set out plan to improve diversity and inclusion in regulated firms
Link(s): https://www.fca.org.uk/news/press-releases/fca-pra-and-bank-england-set-out-plan-improve-diversity-and-inclusion-regulated-firms Context The FCA, PRA and Bank of England have issued a joint Discussion Paper which sets out their plans to improve diversity and...
Proposed changes to the guidance on the FCA’s approach to the review of Part VII insurance business transfers
Link(s): GC 21/3: Proposed changes to guidance on the FCA’s approach to the review of Part VII insurance business transfers | FCA GC 21/3: Guidance Consultation Context The FCA is consulting on proposed updates to its Finalised Guidance, FG18/4: The...
FCA pushes the Premium finance pricing rules commencement date to 1st January 2022
Link(s): https://www.fca.org.uk/publication/handbook/handbook-notice-89.pdf Context In its Handbook Notice 89 the FCA has confirmed that the new disclosure rules for premium finance contained within the Pricing Practices Policy Statement have been moved back to 1st...
Dear CEO Letter- Maintaining adequate client money arrangements – general insurance intermediaries
Link(s): https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-maintaining-adequate-client-money-arrangements-general-insurance-intermediaries.pdf Context During the past year firms have been required to submit financial resilience surveys to the FCA, the...
FSCS declares fifteen firm in default or in administration in Q2 2021
Link(s):FSCS declared 15 firms in default in April and May 2021 Context This is the FSCS regular notice that consumers could be in line for compensation. People who have dealt with any of the 15 firms listed below, and believe...
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...
ICO statement in response to the EU Commission’s announcement on the approval of the UK’s data protection adequacy
Link(s):Data protection: draft UK adequacy decision ICO statement in response to the EU Commission’s announcement on the approval of the UK’s adequacyEU adopts ‘adequacy’ decisions allowing data to continue flowing freely to the UK Context In our weekly update last...
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...
BIBA and the ABI welcome the EU proposal for the Green Card requirement to be removed for UK drivers
Link(s):EU decision on Green Cards (biba.org.uk) ABI welcomes decision on Green Cards EU-UK relations (europa.eu) Context The European Commission has announced a decision to waive the obligation to show the motor insurance Green Card for drivers from the...
Office of Financial Sanctions Implementation – updated Russia Guidance
Link(s):https://www.gov.uk/government/publications/financial-sanctions-ukraine-sovereignty-and-territorial-integrity Context OFSI has published updated guidance for the Russia (Sanctions) (EU Exit) Regulations 2019 relating to financial and investment restrictions....
HM Treasury publishes response and proposed Government approach to the Regulatory Framework for Financial Promotions consultation
Link(s):Regulatory Framework for Approval of Financial Promotions - GOV.UK Context The current requirement for an authorised firm to approve the financial promotion of an unauthorised firm may not operate as a strong enough safeguard to ensure such financial...
ASA publishes a guidance checklist to help avoid publishing misleading advertisements
Link(s):Tick the boxes with our misleadingness checklist - ASA Context The ASA has published what it has referred to as a ‘misleadingness checklist’ to help firms avoid misleading consumers, including guidance on omitting material information and holding evidence for...
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...
Nuisance calls land home improvements company with a £130,000 fine
Link(s):Nuisance calls land home improvements company with a £130,000 fine from the ICO | ICO Context The Information Commissioner’s Office (ICO) has fined a home improvement company £130,000 for making more than 900,000 nuisance marketing calls. Colour Coat Ltd of...
Building a regulatory environment for the future – FCA Speech
Link(s): https://www.fca.org.uk/news/speeches/building-regulatory-environment-future Context Nikhil Rathi the CEO of the FCA gave his speech at City Week. Key points to note Leaving the EU allows the FCA to tailor its rules to better suit its markets, while ensuring...
FCA: Brexit can allow us to clamp down more on scam advertising
Link(s): https://committees.parliament.uk/oralevidence/2349/html/ Context The FCA has previously been prevented from taking action against online platforms such as Google by EU rules. However, following the UK’s departure from the EU it is now possible for the...
Lloyd’s publishes its updated and renamed Code for Complaints Handling in the Lloyd’s market
Link(s): Y5340 Code for Complaints Handling (lloyds.com) Context Managing agents are asked to note that Lloyd’s has updated the ‘Code for UK Personal Lines Claims and Complaints’, which has now been re-titled ‘Code for Complaints Handling’. Key points to note The...
ICO fines national takeaway pizza company for unlawfully sending marketing messages to its customers
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/06/ico-fines-national-takeaway-pizza-company/ Context The takeaway pizza company, Papa Johns (GB) Ltd, has been fined £10,000 by the ICO for sending nuisance marketing messages to customers....
ABI and Flood Re joint report highlights the need for adequate maintenance of UK’s flood defences
Link(s): Joint ABI and Flood Re report highlights the need for adequate maintenance of the UK’s flood defences ABI Context A joint report from the ABI and Flood Re has been published ahead of the UK government’s spending review consultation. Flood risk specialist JBA...
Michael Findlay appointed Chair of the FCA’s Markets Practitioner Panel
Link(s): https://www.fca.org.uk/news/press-releases/michael-findlay-appointed-chair-fcas-markets-practitioner-panel Context Michael Findlay, the Non-Executive Chair of the London Stock Exchange plc, has been appointed Chair of the FCA’s independent Markets...
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...
Summary of the Financial Inclusion Policy Forum meeting April 2021
Link(s):Summary of Financial Inclusion Policy Forum meeting April 2021 - GOV.UK https://www.gov.uk/government/publications/summary-of-financial-inclusion-policy-forum-meeting-april-2021 Context The Financial Inclusion Policy Forum brings together leaders from...
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,...
BIBA publishes Premium Credit Limited insights about SME premium finance use
Link(s):Premium Credit Insurance Index (biba.org.uk)The-Premium-Credit-Insurance-Index-May-2021-–-SME-and-Corporate-key-findings.pdf Context The British Insurance Brokers Association (BIBA) has published findings, statistical analysis and insights from Premium Credit...
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...
Gefion Insurance A/S declared bankrupt – FCA and FSCS statements and information
Link(s):Gefion Insurance A/S declared bankrupt Gefion Insurance A/S - latest update Gefion Insurance A/S has failed Gefion Finans A/S under frivillig likvidation (formerly Gefion Insurance A/S) declared bankrupt Context The Danish Financial Supervisory Authority...
ICO call for views: Anonymisation, pseudonymisation and privacy enhancing technologies guidance
Link(s): https://ico.org.uk/about-the-ico/ico-and-stakeholder-consultations/ico-call-for-views-anonymisation-pseudonymisation-and-privacy-enhancing-technologies-guidance/...
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...
Research Note: Discounts, Cashbacks, and Soft Toys
Link(s): https://www.fca.org.uk/publications/research/discounts-cashbacks-soft-toys-general-insurance Context In addition to its Policy Statement on General Insurance pricing practices the...
FCA publishes General Insurance Pricing Practices Policy Statement (PS21/5)
Link(s): https://www.fca.org.uk/publication/policy/ps21-5.pdf Context The FCA has released its Policy Statement and final rules on general insurance pricing practices. This follows on from its previously published papers in relation to pricing practices and value...
Dutch data protection authority GDPR fine – a potential warning for UK businesses
Link(s):Warning for UK businesses after Dutch GDPR fine (pinsentmasons.com)Boete van €525.000 voor Locatefamily.com | Autoriteit Persoonsgegeven Context This article, by Pinsent Masons’ Amsterdam-based Wouter Seinen, comments on the imposition by the Autoriteit...
BIBA publishes a reminder in relation to the new Whiplash reforms coming into force
Link(s):New Whiplash reformsWhiplash Reform Programme: Information and FAQ - GOV.UK (www.gov.uk) Context The government is making changes to the claims process for low value road traffic accident (RTA) claims, commonly referred to as ‘whiplash claims’, which will take...
Firms must change tack to meet financial regulators’ expectations on supplier risk
Link(s):https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/consultation-paper/2021/march/ps721.pdf?la=en&hash=6C70BEE48B89D7965D43894DB848FC41CD5EC6C0 PS21/3 Building operational resilience | FCA Context As part of the continuing work on...
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...
Financial Ombudsman Service publishes annual complaints data 2020/21
Link(s):https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-publishes-annual-complaints-data-202021 Context The FOS has published its annual complaints data for the 2020/21 year. It includes commentary and insights. Key points to note The...
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...
ICO and CMA set out blueprint for cooperation in digital markets
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/05/ico-and-cma-set-out-blueprint-for-cooperation-in-digital-markets/ Context The ICO and the Competition and Markets Authority (CMA) have published a joint statement which sets out...
FCA announces plans to stop CMC phoenixing – a veiled warning for other sectors?
Link(s):https://www.fca.org.uk/news/press-releases/fca-announces-plans-stop-cmc-phoenixing CP21/14: Preventing claims management phoenixing CP21/14: Preventing claims management phoenixing by financial services firms (fca.org.uk) Context The FCA has released its...
Access to cash and banking services – FCA speech and FCA / Payment Services Regulator (PSR) joint statement
Link(s): Access to cash FCA and PSR joint statement Protecting access to cash and banking services Context The FCA and the PSR have issued a joint statement in relation to access to cash,...
All reporting firms have now moved to FCA’s new data collection platform RegData
Link(s):https://www.fca.org.uk/news/news-stories/all-reporting-firms-moved-fcas-new-data-collection-platform-regdata Context The FCA’s Gabriel system has now been replaced by the new RegData system. Key points to note The transition began in October 2020; 52,000 firms...
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...
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...
The rise in scams and the threat to a legitimate financial services industry – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/rise-scams-and-threat-legitimate-financial-services-industry Context Executive Director of Enforcement and Market Oversight, Mark Steward, gave a speech at the City & Financial Global – FCA Investigations &...
FCA proposes stronger protection for consumers in financial markets by setting out plans for a Consumer Duty
Link(s): FCA proposes stronger protection for consumers in financial marketsCP21/13: A new Consumer DutyFCA CP21/13: A new Consumer Duty (fca.org.uk) Context The FCA has published a...
ICO – How modern data protection is helping to unlock the power of data
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/05/how-modern-data-protection-is-helping-to-unlock-the-power-of-data/ Context In a speech delivered at the Data and the Future of Financial Services 2021 conference, the Information...
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...
Anti-money laundering rules should not be applicable to general insurance – GFIA
Link(s): https://gfiainsurance.org/news/385/alm-rules-should-not-be-applied-to-general-insurance Context The Global Federation of Insurance Associations (GFIA) is an international body set up to increase industry effectiveness in providing input to international...
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...
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 –...
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...
Regulators publish third edition of Regulatory Initiatives Grid
Link(s): Financial regulators publish third edition of plan for upcoming work | FCA Regulatory Initiatives Grid | FCARegulatory Initiatives Grid - May 2021 (fca.org.uk) Context The Financial Services Regulatory Initiatives Forum has issued the third edition of the...
Office of Financial Sanctions Implementation (OFSI) – UK Launches Myanmar Sanctions Regime
Link(s): Notice_Myanmar_290421.pdf (publishing.service.gov.uk) Context The United Kingdom has launched what it is referring to as the Myanmar Sanctions Regime. Key points to note The Myanmar (Sanctions) Regulations 2021 ensure UK sanctions relating to Myanmar are...
Five things learned from the Data Protection Practitioners’ Conference 2021
Link(s): Five things we learned from DPPC 2021 | ICO Context The ICO’s Data Protection Practitioners’ Conference 2021 was held this week, bringing together more than 3,000 data protection professionals from across the country. Key points to note Five particular issues...
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...
HM Treasury updates its Economic Crime Plan 2019-2022: statement of progress
Link(s): Economic crime plan 2019 to 2022 Context HM Treasury has published its Economic Crime Plan: Statement of Progress. The plan provides information on action being taken by the public and private sectors to ensure that the UK cannot be abused for economic crime....
HM Treasury update – the ‘Breathing Space’ scheme has launched
Link(s): New scheme to give people in problem debt breathing space launched - GOV.UK (www.gov.uk) Context Hundreds of thousands of people struggling with debt problems will be supported through a new debt respite scheme that launched on 4th May 2021. Key points to...
HM Treasury update – who is subject to financial sanctions in the UK?
Link(s): Who is subject to financial sanctions in the UK? - GOV.UK (www.gov.uk) Context HM Treasury has published a brief guide to the current consolidated list of asset freeze targets, and a list of persons named in relation to financial and investment restrictions...
Milestone for UK financial services as Financial Services Bill receives Royal Assent
Link(s): Financial Services Act 2021 (legislation.gov.uk) Milestone for UK financial services as Bill receives Royal Assent - GOV.UK Context The UK has taken an important first step in shaping its own financial services regulation outside the EU with the...
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...
FCA speech – Outcomes-focused regulation: a measure of success?
Link(s): Outcomes-focussed regulation: a measure of success? | FCA Context A speech by Charles Randell, Chair of the FCA and PSR, to the Building Societies Association, took a look at the history of the regulatory journey to outcomes-focussed regulation, including a...
FCA publishes web page in relation to buildings insurance for leasehold properties
Link(s): Buildings insurance for leasehold properties | FCA Context The FCA has published a page on its website outlining its expectations of regulated firms when arranging and providing fair value buildings insurance for leasehold apartment buildings. The...
The FCA and Practitioner Panel joint survey for 2021 launches
Link(s): The FCA and Practitioner Panel joint survey for 2021 launches | FCA Context The FCA and Practitioner Panel joint survey for 2021 has launched. The survey has been sent to a sample of regulated firms, so they can share their feedback on how the FCA regulates...
Advertising Standards Authority and Committees of Advertising Practice (ASA-CAP) publish 2020 annual report – Protecting young and vulnerable people
Link(s): ASA-CAP-2020-Annual-Report.pdf Context There is significant crossover between Advertising Standards Authority (ASA) requirements, the Committees for Advertising Practice Code (CAP Code) guidance and FCA requirements in relation to advertising and financial...
Competition and Markets Authority (CMA) and regulators deliver for consumers in 20/21
Link(s): https://www.gov.uk/government/news/cma-and-regulators-deliver-for-consumers-in-20-21 Context The CMA’s 20/21 report shows how concurrency arrangements with other regulators have helped deliver benefits for consumers over the past year. Key points to note 3...
Insurance and long-term savings industry to lead a flexible working revolution with 27 firms signing up to new campaign
Link(s): https://www.abi.org.uk/news/news-articles/2021/04/insurance-and-long-term-savings-industry-to-lead-a-flexible-working-revolution-with-27-firms-signing-up-to-new-campaign/ Context The insurance and long-term savings sector has launched the biggest-ever...
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...
FCA insights – insights from the 2020 Cyber Coordination Groups
Link(s): Insights from the 2020 Cyber Coordination Groups | FCA Context The FCA has provided a broad overview and insight into the discussions held at its quarterly Cyber Coordination Group meetings, with the aim of sharing the valuable insights found in these groups...
FCA speech – compliance, culture and evolving regulatory expectations
Link(s): https://www.fca.org.uk/news/speeches/compliance-culture-and-evolving-regulatory-expectations-mark-steward Context Mark Steward the Executive Director of Enforcement and Market Oversight gave a speech at NYU Law School. Key points to note The Senior Managers...
FCA speech – cautious optimism for the post-pandemic world
Link(s): https://www.fca.org.uk/news/speeches/cautious-optimism-post-pandemic-world Context Charles Randell, Chair of the FCA and PSR (Payment Systems Regulator), gave a speech to the Finance & Leasing Association. Key points to note In his speech Charles Randell...
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...
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...
FCA bans and fines financial adviser £68,300 for lacking honesty and integrity
Link(s): https://www.fca.org.uk/news/press-releases/fca-bans-fines-financial-adviser-lacking-honesty-integrity Context The FCA has banned an individual from working in financial services and fined him £68,300 for knowingly performing a controlled function without...
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...
Levelling the playing field – innovation in the service of consumers and the market
Link(s): https://www.fca.org.uk/news/speeches/levelling-playing-field-innovation-service-consumers-and-market Context Nikhil Rathi, CEO of the FCA, has given a speech at the FCA’s FinTech Week. Key points to note Success in financial innovation has been enabled by...
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...
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...
FCA commences criminal proceedings for fraud and unauthorised business
Link(s): FCA commences criminal proceedings for fraud and unauthorised business | FCA Context Following an investigation, the FCA has commenced criminal proceedings against two individuals. Key points to note The proceedings relate to an offence of conspiracy to...
Financial Ombudsman Service appoints Nausicaa Delfas as interim Chief Executive and Chief Ombudsman
Link(s): https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-appoints-nausicaa-delfas-interim-chief-executive-chief-ombudsman Context Nausicaa Delfas has been appointed as interim Chief Executive and Chief Ombudsman of the FOS. Key points to...
ABI launches biggest ever drive to boost standards for insurance customers with mental health conditions
Link(s): https://www.abi.org.uk/news/news-articles/2021/04/abi-launches-biggest-ever-drive-to-boost-standards-for-insurance-customers-with-mental-health-conditions/ Context The ABI has launched an online training platform developed in collaboration with employee...
Lloyd’s to invest in building digital delivery capability and opening a new hub in Manchester
Link(s): https://www.lloyds.com/news-and-insights/news/lloyds-to-invest-in-building-digital-delivery-capability-and-opening-a-new-hub-in-manchester Context Lloyd’s is investing in order to enhance its digitalisation capabilities. Key points to note A hub will be...
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...
CP21/8: FCA regulated fees and levies: rates proposals 2021/22
Link(s): https://www.fca.org.uk/publication/consultation/cp21-8.pdf Context The FCA is consulting on its periodic fee rates and other fee policy proposals for the 2021/22 financial year. It is also consulting on the Financial Ombudsman Service general levy, Money and...
Principal firm censured and paying clients sold to by its ARs £399,902 in compensation
Link(s): https://www.fca.org.uk/news/press-releases/alsford-page-gems-limited-censured-and-agrees-pay-extended-warranty-insurance-customers Context This week, the FCA has publicly censured Alsford Page & Gems Limited (APG), in a long-running case, for a lack of...
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...
RAC Insurance sets up in-house broker as part of mission to top £300m personal lines GWP by 2023
Link(s): https://media.rac.co.uk/pressreleases/rac-insurance-sets-up-in-house-broker-as-part-of-mission-to-top-ps300m-personal-lines-gwp-by-2023-3089262 Context RAC Insurance has announced it has set up its own in-house insurance intermediary in a key step towards...
Regulating the UK as a global financial centre – FCA speech
Link(s): https://www.fca.org.uk/news/speeches/regulating-uk-global-financial-centre Context Speech delivered by Nausicaa Delfas, Executive Director of International, Interim Chief Operating Officer and Executive Director of International, at City & Financial...
FCA’s online invoicing system – user guide and terms & conditions of use
Link(s): https://www.fca.org.uk/publication/fees-information/fca-online-guide-2021.pdf https://www.fca.org.uk/publication/fees-information/online-invoicing-terms-conditions.pdf Context The...
Business Interruption insurance test case: Insurer claims data – updated data
Link(s): https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context The FCA sent a Dear CEO letter to insurers affected by the test case which explained that the Regulator intends to gather information on all non-damage Business Interruption (BI)...
Changes for consumer credit firms post-Brexit – minor changes to the SECCI form
Link(s): https://www.fca.org.uk/firms/changes-consumer-credit-firms-post-brexit Context From 1st June 2021, there will be changes for firms subject to regulations 8, 10 and 11 of the Consumer Credit (Disclosure) Regulations 2010 and the relevant rules in the FCA...
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...
FCA speech – the importance of purposeful anti-money laundering controls
Link(s): https://www.fca.org.uk/news/speeches/importance-purposeful-anti-money-laundering-controls Context FCA Executive Director of Enforcement and Market Oversight, Mark Steward, gave a speech on 24th March 2021 at the AML and ABC Forum. Key points to note...