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Archive
FCA Finalised Guidance – cancellations and refunds: helping consumers with rights and routes to refunds
Link(s): https://www.fca.org.uk/publication/finalised-guidance/cancellations-refunds-helping-consumers-rights-routes-refunds.pdf Context The FCA first published its temporary guidance in October 2020. The guidance was due to end in April 2021, the FCA therefore...
FCA quarterly data – financial promotions
Link(s): https://www.fca.org.uk/data/financial-promotions-and-adverts/financial-promotions-quarterly-data Context The FCA undertakes many reviews of firms’ financial promotions. Financial promotions for review are identified through multiple sources including both...
FCA article on corporate culture
Link(s): https://www.fca.org.uk/insight/corporate-culture-grasping-ungraspable Context The FCA has released an article in its Insight newsletter which explores the concept of measuring culture. The article provides an interesting take on how the FCA views culture...
FCA updates website pages in relation to the use of RegData and adding or amending Directory Persons data
Link(s): user-guide-adding-amending-individual-directory-persons-data.pdf (fca.org.uk) user-guide-amending-multiple-directory-persons-data.pdf (fca.org.uk) FCA explains RegData: Registering a principal user as a newly authorised firm: video transcript RegData user...
Monetary penalty for breach of financial sanctions guidance update comes into force
Link(s): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/975593/MP_guidance_April_2021.pdf Context The Office of Financial Sanctions Implementation's (OFSI) updated version of its monetary penalty guidance came into...
International Underwriting Association (IUA) issues revised good practice guide for delegated authorities
Link(s): https://www.iua.co.uk/IUA_Member/Press/Press_Releases_2021/IUA_publishes_new_delegated_authorities_guide.aspx Context IUA has published a new good practice guide for delegated authorities which highlights key concerns for insurance companies in assessing new...
Financial Ombudsman publishes Ombudsman News: Issue 159
Link(s): https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-159 Context FOS published Ombudsman News issue 159 on 31st March. Key points to note FOS has published its:2021/22 Plan and Budget2020 diversity, inclusion and wellbeing reportFOS Easter...
Financial Ombudsman publishes plans and budget for 2021/22
Link(s): https://www.financial-ombudsman.org.uk/news-events/our-plans-and-budget-for-2021-22 Context FOS has published its final plans and budget for 2021/22, following consultation in December 2020. Key points to note The document sets out that, in the year to the...
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#revisions Context The FCA launched the first phase of the Covid-19 impact survey in June 2020. The survey was repeated in late 2020 and at the beginning of 2021. The FCA...
FCA publishes policy statement – PS21/3: Building operational resilience
Link(s): https://www.fca.org.uk/publications/policy-statements/ps21-3-building-operational-resilience Context In December 2019 the FCA released CP19/32 which proposed changes to how firms approach their operational resilience. The consultation received 73 responses....
FCA publishes details of further Decision Notice for non-financial misconduct
Link(s): https://www.fca.org.uk/news/press-releases/fca-publishes-decision-notice-against-jon-frensham-non-financial-misconduct Context Following the implementation of the Senior Managers and Certification Regime the FCA is considering the non-financial conduct of...
CMA publishes Annual Plan 2021 to 2022
Link(s): https://www.gov.uk/government/news/cma-publishes-annual-plan-2021-to-2022 Context The CMA has published its Annual Plan for 2021 to 2022, which sets out its key priorities for the year ahead. This comes as the CMA takes on additional responsibilities for...
ICO’s plans for updating anonymisation guidance
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/03/building-on-the-data-sharing-code-our-plans-for-updating-our-anonymisation-guidance/ Context The sharing of personal data while a risk, is key to mapping trends, providing insights to...
REMINDER: Directory Persons data submissions deadline 31st March 2021
Link(s): https://www.fca.org.uk/firms/directory-persons Context Solo-regulated firms must submit their Directory Persons data via Connect by 31st March 2021. Failure to provide the correct information on time would constitute a breach of regulatory reporting...
FCA launches campaign to encourage individuals to report wrongdoing
Link(s): https://www.fca.org.uk/news/press-releases/fca-launches-campaign-encourage-individuals-report-wrongdoing Context The FCA has launched the 'In confidence, with confidence' campaign aimed to encourage individuals working in financial services to report...
FCA to launch new Online Fees Portal
Link(s): https://www.fca.org.uk/firms/fees-and-levies/new-online-fees-portal#:~:text=We%20are%20launching%20a%20new,available%20after%2031%20March%202021 Context The FCA has confirmed that, as part of the systems upgrade programme to improve efficiency, a new online...
FCA releases updated statement on non-damage Business Interruption (BI) settlements and deductions made for government support
Link(s): https://www.fca.org.uk/news/statements/updated-statement-non-damage-bi-settlements-deductions Context The FCA has released an updated statement after identifying a number of complaints about insurers making deductions from BI settlements. The complaints have...
FCA publishes data collected from affected insurers on the progress of non-damage business interruption (BI) insurance claims
Link(s): https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data. Context As part of the ongoing work in respect of the Covid-19 non-damage business interruption (BI) insurance claims test case, the FCA has published insurer claims data which was...
FCA provides confirmation of implementation dates for general insurance pricing practices rules
Link(s): https://www.fca.org.uk/news/statements/implementation-period-any-rules-arising-cp20-19 Context The FCA has reacted to feedback from over 100 responses to the consultation on general insurance pricing practices (CP20/19) by proposing to amend the...
FCA updates its policy development web page
Link(s): Policy development update Context The policy development update provides information on the FCA’s recent and upcoming publications but should not be regarded as comprehensive. The FCA usually updates this page on the first Friday of each month – this...
£202 million paid by insurers to help the families of those who have died due to coronavirus
Link(s): £202 million paid by insurers to help the families of those who have died due to Coronavirus Context The ABI has published information setting out the amounts paid out by insurers in relation to coronavirus deaths. Key points to note Insurers paid out...
BIBA publication aims to demystify insurer financial strength
Link(s): Demystifying insurer financial strength in a new BIBA publication Context BIBA has issued a press release about its aim to demystify insurance company financial strength ratings in relation to the use of unrated insurers/carriers. Key points to note The...
Pandemic lockdowns lead to fall in motor insurance claims in 2020
Link(s): Pandemic lockdowns lead to fall in motor insurance claims in 2020 ABI Context The number of motor insurance claims settled by insurers in 2020 fell by 19% according to figures published today by the ABI (Association of British Insurers). This unsurprising...
Financial Ombudsman Service publishes Ombudsman News Issue 158
Link(s): Ombudsman News 158 Context The FOS has published Ombudsman News 158 on 12th March Key points to note The announcement of the departure of Caroline Wayman from her roles as chief executive and chief ombudsman is coveredDetails of the latest complaints data are...
HMRC £20 million SME Brexit support fund opens for applications
Link(s): £20 million SME Brexit Support Fund opens for applications Context A £20 million SME Brexit Support Fund has opened for applications. Smaller businesses can, from 15th March 2021, apply for grants of up to £2,000 to help them adapt to new customs and tax...
Office of Financial Sanctions implementation (OFSI) updates its monetary penalty guidance
Link(s): Monetary penalties for breaches of financial sanctions Context The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented, and enforced in the United Kingdom. It has published an...
FCA updates its delayed activities and regulatory change page
Link(s): Coronavirus (Covid-19): delayed activities and regulatory change Context In response to the coronavirus pandemic, the FCA continues to review its work and plans to delay or postpone activity that is not critical to protecting consumers and market integrity in...
FCA starts criminal proceedings against NatWest Plc
Link(s): FCA starts criminal proceedings against NatWest Plc | FCA Context The FCA has announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under the Money Laundering Regulations 2007 (MLR 2007)....
FCA updates its list of business interruption insurance policies capable of responding to the Covid-19 pandemic following the test case
Link(s): Business interruption insurance test case: list of affected insurers and policies Context On 17 June 2020 the FCA published finalised guidance for insurers on the business interruption (‘BI’) insurance test case (‘Test Case’). It asked insurers to review...
FCA publishes minutes for the January 2021 FCA Board meeting
Link(s): Board minutes | FCA FCA Board Minutes: 28 January 2021 Context The FCA Board meets regularly and a record of its decisions is taken. The minutes of each meeting are generally...
Competition and Markets Authority publicises the release of the first annual plan of work by the Digital Regulation Cooperation Forum
Link(s): A joined-up approach to digital regulation Context The Digital Regulation Cooperation Forum (DRCF) today outlined its priorities for the coming year by publishing the Digital Regulation Cooperation Forum workplan 2021/22, marking a step-change in coordination...
ICO publishes information about the 2021 Data Protection Practitioners’ Conference
Link(s): Data Protection Practitioners' Conference 2021 Context The ICO has confirmed the date for the DPPC 2021 as Wednesday 14th April 2021. For further details and an introduction to the conference there is a short video from Information Commissioner Elizabeth...
FOS announces that the chief executive and chief ombudsman, Caroline Wayman, is stepping down
Link(s): Caroline Wayman to step down as chief ombudsman & chief executive at the Financial Ombudsman Service Context Caroline Wayman, the chief ombudsman and chief executive of the FOS, is stepping down from the role on 16th April, after 22 years of service and...
ICO fines firms for sending more than 2.7 million spam text messages
Link(s): ICO fines firms for sending more than 2.7 million spam text messages during the pandemic Context Two separate companies which sent nuisance text messages during the Covid-19 pandemic have been fined a total of £330,000 by the Information Commissioner’s Office...
FOS publishes its latest complaints data
Link(s): https://www.financial-ombudsman.org.uk/news-events/weve-published-latest-complaints-data-products-individual-businesses Context The FOS has published data showing the number of complaints received between 1 October and 31 December 2020. It has also published...
The Budget 2021: the ABI’s response
Link(s): The ABI comments on the 2021 Budget Context The Chancellor of the Exchequer delivered the Budget 2021 on 3rd March. Commenting on the launch of Green Savings Bonds and measures to stimulate green investment, Huw Evans, the ABI’s Director...
ABI comments on the publication of the Whiplash reforms
Link(s): ABI comments on the publication of Statutory Instruments to amend Civil Procedure Rules and introduce Whiplash Tariffs Context Commenting on the publication of Statutory Instruments to amend Civil Procedure Rules and introduce Whiplash Tariffs, Mark Shepherd,...
The Budget 2021 – taxation issue – HM Revenue and Customs
Link(s): All HMRC tax related documents and other announcements for Budget 2021 Context Commentary in relation to Corporation Tax: Corporation tax - GOV.UK (www.gov.uk) To balance the need to raise revenue with the objective of having an internationally competitive...
Elizabeth Denham, the Information Commissioner, delivers a speech at the Oxford Internet Institute
Link(s): “From facial recognition technology to children online: regulating data protection in 2021” Context The Information Commissioner has taken what she sees as an ideal and timely opportunity to speak about the nature of the ICO’s work. Next actions None – for...
Policy Statement PS21/1: breathing space regulations: changes to the FCA handbook
Link(s): FCA sets out changes to its Handbook resulting from regulations on problem debt that come into force in May 2021 Context The FCA wants firms to be clear on how their rules interact with The Debt Respite Scheme (Breathing Space Moratorium and Mental...
FCA publishes details of fines levied in 2020
Link(s): FCA Fines 2020 Context During the calendar year ending 2020, the total amount of fines imposed by the FCA reached over £192m. This included a £48,308,400 fine for Goldman Sachs for breaches related to wholesale conduct in the investment bank sector and a...
Business Interruption Insurance test case – proving the presence of Coronavirus
Link(s): Business interruption insurance FCA update Context The FCA has published Finalised Guidance setting out how to prove the presence of Covid-19 in a particular area, based on the High Court’s judgment and declarations. The FCA has also published a...
FOS – Caroline Wayman speaks at ABI annual conference 2021
Link(s): Caroline Wayman speaks at ABI annual conference 2021 Context Chief ombudsman & chief executive, Caroline Wayman, attended the ABI annual conference on 23rd February 2021 to take part in a panel discussion on the strategic and reputational challenges...
ICO statement in response to the publication of a draft adequacy decision from the European Commission
Link(s): ICO and ABI statements in response to the publication of a draft adequacy decision from the European Commission Context In response to the publication of the draft UK data adequacy decisions by the European Commission the Information Commissioner,...
UK Government announces plans to remove controversial EU Vnuk motor insurance law from British statute – welcomed by the ABI.
Link(s): Government announces plan to scrap EU law, ensuring British drivers avoid an estimated £50 per year insurance hike Context The Department for Transport has confirmed plans to scrap the controversial EU 'Vnuk' law. If the regulations had been...
UK Government welcomes the European Commission’s draft data adequacy decisions
Link(s): The Government welcomes the European Commission’s draft data adequacy decisions Context The European Commission has published its draft UK adequacy decisions in relation to the processing of personal data. If adopted, these adequacy decisions will allow for...
The FCA and PRA jointly issue a Dear CEO letter in relation to a Bank of England publication about transforming data collection from the financial services industry
Link(s): FCA and PRA Dear CEO letter in relation to transforming data collection Context On 23 February 2021, the Bank of England published ‘Transforming Data Collection from the UK Financial Sector: A Plan for 2021 and beyond’. The document is the Bank’s plan to...
FCA announces a Memorandum of Understanding between the FCA and the Equality and Human Rights Commission (EHRC)
Link(s): Memorandum of Understanding between the FCA and the Equality and Human Rights Commission (EHRC) Context On Friday 19th February the FCA and the EHRC entered into a Memorandum of Understanding, which sets out a framework to support the working arrangements...
FCA launches guidance for firms on the fair treatment of vulnerable customers
Link(s): Guidance for firms on the fair treatment of vulnerable customers Context The FCA has issued its latest Finalised Guidance on the fair treatment of vulnerable customers, “FG21/1: Guidance for firms on the fair treatment of vulnerable customers”. ...
FCA sets out its guidance resources for firms in relation to the fair treatment of vulnerable customers
https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers Context On Tuesday 23 February the FCA published guidance for firms on the fair treatment of vulnerable customers. To help firms meet the guidance, the FCA has...
ICO launches data analytics toolkit
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/02/ico-launches-data-analytics-toolkit/ Context The ICO is urging all organisations considering using data analytics on personal data to look at its new toolkit which can be found here:...
ICO issues fines totalling £270k to firms making nuisance calls
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/02/ico-issues-fines-totalling-270-000-to-firms-making-nuisance-calls/ Context The Information Commissioner’s Office (ICO) has issued fines totalling £270,000 to two separate companies...
FCA plans to extend guidance to help consumers claim in the event of a cancellation
Link(s): https://www.fca.org.uk/publications/finalised-guidance/cancellations-refunds-helping-consumers-rights-and-routes-refunds Context The FCA is consulting on a proposed extension of temporary guidance which was first introduced in October 2020. The guidance is...
Reminder: Individual Conduct Rules deadline 31st March 2021
Link(s): https://www.fca.org.uk/firms/senior-managers-certification-regime/solo-regulated-firms Context UKGI would like to remind firms that the date on which the Individual Conduct Rules come into force for staff other than Senior Managers and Certification staff, is...
Reminder to submit directory of certified and assessed persons information
Link(s): https://www.fca.org.uk/firms/directory-persons Context UKGI is reminding firms of the deadline dates in relation to the submission of Directory Persons data and when this data will begin to appear on the Financial Services Register. Key points to note The...
FCA publish submissions to the Supreme Court on declarations on business interruption court case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#revisions Context The FCA and the other parties to the test case have made written submissions to the Supreme Court on the form of the declarations to be issued by the Court. The declarations...
CII poll reveals impact of Covid-19 on mental health of insurance professionals
Link(s): https://www.cii.co.uk/news-insight/media/press-releases/articles/insurance-professionals-reveal-impact-of-covid-19-on-mental-health/97462 Context An online poll hosted by the CII in January 2021 received 336 responses when asking insurance professionals about...
FCA issues update following scam RegData emails
Link(s): https://www.fca.org.uk/consumers/avoid-scams-unauthorised-firms/fake-fca-emails-letters-phone-calls#revisions Context The FCA has confirmed that it has received reports of scam emails claiming to be from RegData (data collection platform) which appear to...
FCA publishes findings from multi-firm technology change management review
Link(s): https://www.fca.org.uk/news/news-stories/fca-report-outlines-practices-firms-can-consider-reduce-consumer-harm-caused-failed-technology Context The FCA has released its findings from its multi-firm review which can be found here:...
FCA publishes findings from Financial Lives 2020 survey
Link(s): https://www.fca.org.uk/publications/research/financial-lives-2020-survey-impact-coronavirus Context Financial Lives, the FCA’s flagship survey of UK consumers, provides a wealth of information about consumers’ attitudes towards managing their money, the...
ICO: Data Protection Practitioners Conference 2021 (DPPC)
Link(s): https://ico.org.uk/about-the-ico/news-and-events/events-and-webinars/data-protection-practitioners-conference-2021/ Context The ICO has announced the DPPC will take place on Wednesday 14th April 2021. The event will be held digitally and there is no charge...
FCA set to issue repeat of Covid-19 impact survey to tranche 2 firms
Link(s): N/A Context UKGI, as a member of the Association of Professional Compliance Consultants (APCC), has been informed that the FCA will be repeating its financial resilience survey for a third time, to enable further understanding of the change in firms'...
FCA sets out approach to international firms
Link(s): https://www.fca.org.uk/news/press-releases/fca-sets-out-its-approach-international-firms Context The FCA has published its approach to the authorisation and supervision of international firms. The publication...
Reminder to register for RegData
Link(s): https://www.fca.org.uk/firms/regdata#revisions Context The FCA has issued a reminder to firms that all Principal Users must ensure that they, and all other firm users, are registered for the new data collection platform (RegData) ahead of a firm's planned...
FCA launches business interruption insurance policy checker
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance/policy-checker Context The FCA has released a policy checking tool intended to provide general guidance to support small businesses in checking whether a policy will cover business interruption...
FCA confirms BIBA travel directory meets requirements for a Medical Cover Firm Directory
Link(s): https://www.fca.org.uk/publications/policy-statements/ps20-3-signposting-travel-insurance-consumers-medical-conditions Context The FCA has confirmed that the travel insurance directory launched by BIBA for people with serious Pre-Existing Medical Conditions...
Blog: maintaining data flows for a digital world
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/01/maintaining-data-flows-for-a-digital-world/ Context The ICO has published a blog on maintaining data flows for a digital world, where the Information Commissioner looks at the data...
FSCS: Prometheus Insurance Company Ltd formerly Tradewise Insurance Company Ltd & Triton Insurance Brokers now in administration
Link(s): https://www.fscs.org.uk/failed-firms/prometheus/ https://www.fscs.org.uk/failed-firms/triton-insurance-brokers-ltd/ Context FSCS provides an update on Prometheus Insurance Company Ltd and Triton Insurance Brokers. Key points to note Prometheus Insurance...
ABI: cost of motor insurance at a four-year low in 2020 according to ABI’s motor insurance premium tracker
Link(s): https://www.abi.org.uk/news/news-articles/2021/01/driving-a-better-deal---the-cost-of-motor-insurance-at-a-four-year-low-in-2020-according-to-the-abis-latest-motor-insurance-premium-tracker/ Context The average price motorists paid for their motor...
FOS Ombudsman News 157
Link(s): https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-157 Context FOS published its latest Ombudsman News on 25th January. Key points to note This issue includes its strategic plans and budget for this financial year as well as access to reports...
FCA issues guidance on fee tariff data for general insurance distribution class
Link(s): https://www.fca.org.uk/publication/fees-information/fscs-clgid-1-guidance.pdf Context In order to calculate a firm’s levies for the Financial Services Compensation Scheme (FSCS) the FCA requires certain data from the firm.The FCA has produced a guidance sheet...
CP21/2 Financial Services Compensation Scheme – Management Expenses Levy Limit 2021/22
Link(s): https://www.fca.org.uk/publications/consultation-papers/cp21-2-fscs-management-expenses-levy-limit-2021-22 Context The FCA and the Prudential Regulation Authority (PRA) are consulting on proposals for the annual Management Expenses Levy Limit (MELL) for the...
FCA issues Dear CEO business interruption insurance letter
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-business-interruption-insurance-january-2021.pdf...
Storm Christoph: flood advice from the Association of British Insurers
Link(s): https://www.abi.org.uk/news/news-articles/2021/01/new-page/ Context The ABI has outlined six flood recovery steps relating to what a customer should do immediately following a flood and how the flood claim will be handled. Key points to note The customer...
ABI responds to the Supreme Court verdict on the business interruption insurance test case
Link(s): https://www.abi.org.uk/news/news-articles/2021/01/supreme-court-verdict-on-business-interruption-insurance-test-case/ Context Huw Evans, ABI General Director, has provided a response following the judgement from the Supreme Court on 15th January 2021. Key...
FCA announces that half of reporting firms have now been moved onto RegData system
Link(s): https://www.fca.org.uk/news/news-stories/half-reporting-firms-moved-regdata-data-collection Context The FCA has reported that 50% of firms which have previously submitted their regulatory reporting on Gabriel are now using RegData. Key points to note...
FCA publishes responses to key comments from Smaller Business Practitioner Panel and Financial Services Consumer Panel
Link(s): https://www.fca.org.uk/publication/correspondence/fca-response-smaller-business-practitioner-panel.pdfhttps://www.fca.org.uk/publication/correspondence/fca-response-consumer-panel.pdf Context The FCA has published its response to key comments from the 2019/20...
FCA publishes Final Notice for Triton Insurance Brokers Ltd (TIB)
Link(s): https://www.fca.org.uk/publication/final-notices/triton-insurance-brokers-ltd-2021.pdf Context The FCA has published a final notice confirming the cancellation of Triton Insurance Brokers Ltd.’s (TIB) Part 4A permission. Key points to note In February 2020...
FCA passporting in and out of Gibraltar
Link(s): https://www.fca.org.uk/firms/passporting/gibraltar Context The FCA has issued guidance for firms which may wish to passport in and out of Gibraltar. Under current UK legislation, firms in the UK and Gibraltar can apply for a passport if they wish to provide...
FCA reminds firms to regularly review regulatory permissions
Link(s): https://www.fca.org.uk/news/statements/fca-reminds-firms-regularly-review-regulatory-permissions Context The FCA has reminded firms of their obligation to regularly review their regulatory permissions to ensure these are up to date or removed where they are...
Supreme Court judgement in FCA’s business interruption insurance test case published
Link(s): https://www.fca.org.uk/news/press-releases/supreme-court-judgment-business-interruption-insurance-test-case Context The Supreme Court delivered its judgment in the FCA’s business interruption insurance test case at 9.45am, today, 15th January 2021. The...
ABI comments on short delay to implementation of Whiplash Reform Programme and new Official Injury Claims Portal
Link(s): https://www.abi.org.uk/news/news-articles/2021/01/abi-comments-on-the-governments-intention-to-introduce-a-short-delay-to-the-implementation-of-the-whiplash-reform-programme/ Context Mark Shepherd, Assistant Director, Head of General Insurance Policy of the...
Dormant Asset Scheme to include insurance and pensions
Link(s): https://www.abi.org.uk/news/news-articles/2021/01/dormant-asset-scheme-to-include-insurance-and-pensions Context The Association of British Insurers (ABI) has published an article in relation to the Government’s announcement that the Dormant Asset Scheme will...
Motor industry employee sentenced in ICO Computer Misuse Act prosecution
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/01/motor-industry-employee-sentenced-in-ico-computer-misuse-act-prosecution/ Context A motor industry employee has been sentenced to eight months' custody, suspended for two years, in a...
FCA updates Covid-19 expectations in relation to flood and storm claims
Link(s): https://www.fca.org.uk/firms/insurance-and-coronavirus-our-expectations#revisions Context The FCA has updated its expectations of insurers in relation to flood and storm claims during the Covid-19 pandemic with the ongoing pandemic providing presenting...
FCA publishes information on the fines issued in 2020
Link(s): https://www.fca.org.uk/news/news-stories/2020-fines Context The FCA has published details of the individual fines which it imposed in 2020 with a total amount of £192,570,018 of fines issued. Key points to note 11 individual fines are listed, totalling...
Advertising Standards Agency (ASA) summarise position of CAP and BCAP code rules after Brexit transition period
Link(s): https://www.asa.org.uk/news/cap-and-bcap-code-rules-after-brexit-transition-period.html Context The ASA has provided a summary of the impact of Brexit on CAP (UK Code of Non-broadcast Advertising ) and BCAP (UK Code of Broadcast Advertising ). Key points to...
FCA publishes Memorandum of Understanding (MoU) with European Insurance and Occupational Pensions Authority (EIOPA)
Link(s): https://www.fca.org.uk/publication/mou/mou-eiopa-bank-fca.pdf Context The FCA has published the Memorandum of Understanding (MoU) entered into with EIOPA and the Bank of England. Key points to note The purpose of the MoU is to establish the general terms for...
Tokio Marine Kiln Insurance Limited and Tokio Marine Kilm Syndicates (TMK) make voluntary application for the imposition of requirements
Link(s): https://www.fca.org.uk/publication/requirement-notices/tokio-marine-kilns-insurance-limited-tokio-marine-kiln-syndicates-limited-vreq.pdf Context The FCA has published the voluntary application by TMK for requirements to be placed on them pursuant to Section...
FCA publishes Q&A document: general insurance pricing practices
Link(s): https://www.fca.org.uk/publication/corporate/gi-pricing-q-and-a.pdf Context The FCA has published a Q&A document which seeks to provide answers to the questions which remained unanswered following the webinars hosted in November 2020 relating to the...
FCA repeats Covid-19 financial resilience survey
Link(s): https://www.fca.org.uk/news/statements/coronavirus-covid-19-financial-resilience-survey Context The FCA has announced it will be repeating its financial resilience survey for a third time to enable further understanding of the change in firms' financial...
CMA reminder: private motor insurance brokers and insurers to submit returns by 1 February 2021
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#revisions Context The CMA has issued a reminder to private motor insurers and brokers about the requirement to submit a compliance report to the Competition and Markets Authority (CMA) by 1 February...
FCA publishes coronavirus resilience survey data
Link(s): https://www.fca.org.uk/news/press-releases/fca-publishes-coronavirus-financial-resilience-survey-data Context The FCA has published the results of its Covid-19 resilience surveys which were sent to 23,000 solo-regulated firms. The results of the surveys can...
FCA announces Memoranda of Understanding (MoUs) with European authorities
Link(s): https://www.fca.org.uk/news/statements/mous-european-authorities-areas-securities-insurance-pensions-banking Context The FCA has announced that MoUs, previously agreed with the European Insurance and Occupational Pensions Authority (EIOPA), the Prudential...
Goods in transit insurance for businesses affected by border delays
Link(s): https://www.abi.org.uk/news/news-articles/2020/12/goods-in-transit-insurance-for-businesses-affected-by-border-delays/ Context On 21 December the ABI published an article relating to the latest COVID-19 restrictions and the impact of travel delays on freight...
FOS consults on 2020/21 plan and budget
Link(s): https://www.financial-ombudsman.org.uk/news-events/consultation-opens-strategic-plans-budget-2021-22 Context The Financial Ombudsman Service (FOS) is consulting on its plan and budget for 2021/22. The consultation which can be accessed here...
ICO warns UK organisations using Solarwinds Orion platform following cyber attack
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/12/uk-organisations-using-solarwinds-orion-platform-should-check-whether-personal-data-has-been-affected/ Context The ICO has warned that any organisations using the SolarWinds Orion...
ICO calls on UK businesses to prepare to keep data flowing at the end of the Transition Period
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/12/ico-calls-on-uk-businesses-to-prepare-to-keep-data-flowing-at-the-end-of-the-transition-period/ Context The ICO is calling on UK business to check whether they are impacted by data...
ICO publishes new data sharing code of practice
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/12/ico-publishes-new-data-sharing-code-of-practice/ Context The ICO has issued its data sharing code of practice providing practical advice to businesses and organisations on how to carry...
FCA publishes final Brexit instruments and Temporary Transitional Power (TTP) directions
Link(s): https://www.fca.org.uk/news/news-stories/fca-publishes-final-brexit-instruments-ttp-directions Context On 22 December, the FCA published the final onshoring instruments, related guidance, and Temporary Transitional Power (TTP) directions applying at the end...