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Archive
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...
New Connect Beta and ‘Track my Application’ overview document
Link(s):Connect Beta & Track My Application – An Overview (fca.org.uk) Context The FCA has published a document that may be of interest to any users of the Beta version of the Connect system. Key points to note The document provides an overview of the...
ASA Ruling on UK Insurance Ltd t/a Direct Line
Link(s):https://www.asa.org.uk/rulings/uk-insurance-ltd-a20-1078810.html Context Confused.com raised concerns with the ASA in respect of two adverts published by UK Insurance Ltd t/a Direct Line. Key points to note The ASA investigated two issues which were raised by...
Final Notice in relation to David Nicholas King
Link(s):Final Notice 2021: David Nicholas King (fca.org.uk) Context The FCA has published a Final Notice prohibiting David Nicholas King from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt...
Draft Connect Applications
Context This item was included within the FCA’s Regulation Roundup which was published on 15th July 2021. The FCA will begin deleting any draft applications within the Connect system which have not been modified for 120 days. Key points to note From 6th August 2021...
FCA to issue a further round of Covid-19 impact surveys
Link(s):https://www.fca.org.uk/news/statements/coronavirus-covid-19-financial-resilience-survey Context The FCA issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then...
EIOPA publishes report on artificial intelligence governance principles
Link(s): EIOPA publishes report on artificial intelligence governance principles Artificial Intelligence governance principles: towards ethical and trustworthy Artificial Intelligence in the European insurance sector European insurance regulator sets out...
FSCS publishes its 2020/21 Annual Report and Class Statements
Link(s):FSCS 2020/21 Annual Report and Class Statements Context The Financial Services Compensation Scheme (FSCS) helped more than 52,000 customers across the UK during 2020/21. The number of customers helped varies depending on the types of firms that have failed...
FCA bans convicted fraudster from carrying out regulated activity
Link(s): https://www.fca.org.uk/news/press-releases/fca-bans-convicted-fraudster-carrying-out-regulated-activity Context A former director has been banned from carrying out any regulated activity by the FCA. The decision has been brought about following an...
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...