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Archive
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...
FCA issues update on Senior Managers and Certification Regime (SM&CR) and coronavirus
Link(s): https://www.fca.org.uk/news/statements/smcr-and-coronavirus-our-expectations-solo-regulated-firms-december-2020-update Context In April 2020, the FCA set out its expectations to help solo-regulated firms to apply the SM&CR under the exceptional...
FCA issues update on Approved Persons regime and coronavirus
Link(s): https://www.fca.org.uk/news/approved-persons-regime-apr-and-coronavirus-our-expectations-december-2020-update Context The FCA has issued an update relating to its expectations of firms using Appointed Representative (AR) arrangements during Covid-19. ...
ABI insurers extend Covid support to help many UK home and motor insurance customers
Link(s): https://www.abi.org.uk/news/news-articles/2020/12/insurers-extend-covid-support-to-help-many-of-the-uks-17-million-home-and-27-million-motor-insurance-customers/ Context The ABI has confirmed that insurers will extend Covid support to help many of the UK’s 17...
ICO to recover £250k fine from Manchester claims management firm
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/12/ico-to-recover-250-000-fine-from-manchester-claims-management-firm/ Context The ICO Financial Recovery Unit (FRU) is starting proceedings to retrieve £250,000 from defunct...
ICO issues reminder to firms of data protection and coronavirus information hub
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/12/data-protection-and-coronavirus/ Context The ICO has issued a reminder to firms about its information hub which is available to help individuals and organisations navigate data...
European Commission issues communication: ‘Getting ready for the end of the Transition Period’
Link(s): https://ec.europa.eu/info/european-union-and-united-kingdom-forging-new-partnership/future-partnership/getting-ready-end-transition-period...
FCA Handbook Notice 83
Link(s): https://www.fca.org.uk/publication/handbook/handbook-notice-83.pdf Context The FCA Handbook Notice 83 describes the legislative changes to the Handbook and other material made by the FCA Board between 7th and 10th December 2020. The changes will be effective...
FCA announces new executive appointments
Link(s): https://www.fca.org.uk/news/press-releases/new-executive-appointments-financial-conduct-authority Context The FCA has announced two new Executive appointments, Sheldon Mills has been appointed as the new Executive Director, Consumers and Competition, and...
FCA fines Barclays £26 million over its treatment of customers in financial difficulty
Link(s): https://www.fca.org.uk/news/press-releases/fca-fines-barclays-treatment-customers-financial-difficulty Context The FCA has fined Barclays Bank UK PLC, Barclays Bank PLC and Clydesdale Financial Services Limited (Barclays), £26 million over the treatment of...
FCA publishes latest complaints data
Link(s): https://www.fca.org.uk/data/complaints-data https://www.fca.org.uk/data/complaints-data/aggregate-complaints-data-2020-h1 https://www.fca.org.uk/data/complaints-data/opened-complaints https://www.fca.org.uk/data/complaints-data/closed-complaints...
FCA launches consultation to assist parties in proving presence of Covid-19 in BI insurance claims
Link(s): https://www.fca.org.uk/publications/guidance-consultations/draft-guidance-business-interruption-insurance-test-case-proving-presence-coronavirus...
ICO fines mortgage broker £50k for sending thousands of nuisance texts
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/12/ico-fines-lincolnshire-mortgage-broker-50-000-for-sending-thousands-of-nuisance-texts/ Context The Information Commissioner’s Office (ICO) has fined OSL Financial Consultancy...
Reminder to prepare for the end of the Transition Period
Link(s): https://ofsi.blog.gov.uk/2020/12/01/get-ready-for-the-end-of-the-transition-period/ Context With under 3 weeks until the end of the Brexit transition period the OFSI has published a blog post on changes to the UK's sanctions framework at...
Brexit: time running out to avoid green cards for UK motorists
Link(s): https://www.abi.org.uk/news/news-articles/2020/12/brexit-time-is-running-out-to-avoid-green-cards-for-uk-motorists-says-the-abi/ Context The ABI warns that time is running out to avoid green cards for UK motorists. Key points to note With the Brexit...
FCA notification of systems outage due to Directory Persons updates – reminder
Link(s) https://www.fca.org.uk/firms/directory-persons Context The FCA has issued a reminder about systems outages following its earlier communication on 26th October. Key points to note The FCA will incrementally publish Directory Persons data from solo-regulated...
FCA Quarterly Consultation Paper CP20/23
Link(s) https://www.fca.org.uk/publication/consultation/cp20-23.pdf Context The FCA has issued its Quarterly consultation paper No. 30, CP20/23 which highlights this quarter's proposed Handbook changes. Key points to note Clarification of expectations in relation to...
HM Treasury announces extension to future regulatory framework consultation period
Link(s): https://www.gov.uk/government/consultations/future-regulatory-framework-frf-review-consultation Context HMT has announced that the period of consultation for its review of the regulatory framework has been extended to 19th February 2021. The review considers...
FCA issues portfolio letter: Mainstream Consumer Credit Lenders
Link(s): https://www.fca.org.uk/publication/correspondence/mainstream-consumer-credit-lenders-portfolio-letter.pdf Context The FCA has issued a letter to the Mainstream Consumer Credit Lenders (MCCL) portfolio to set out the key areas of risk for customers together...
FCA reminds firms to be ready for the end of the transition period with one month to go
Link(s): https://www.fca.org.uk/news/press-releases/1-month-go-fca-reminds-firms-be-ready-end-transition-period Context The FCA has issued a reminder to firms to ensure that they are ready for when the transition period ends at 11pm on 31st December 2020. Firms will...
FCA publishes series of videos summarising content of recent Brexit webinars
Link(s): https://www.fca.org.uk/brexit/videos Context Further to the Brexit webinar held on 18th November, the FCA has published a 3-part series of videos to summarise the webinar content. The Brexit webinar was presented by Nausicaa Delfas (Executive Director of...
FCA confirms official social media accounts
Link(s): https://www.fca.org.uk/consumers/avoid-scams-unauthorised-firms/fake-fca-emails-letters-phone-calls#revisions Context The FCA has provided a list of its official social media accounts and has again reminded firms to beware of other social media accounts...
FCA publishes slides from recent general insurance pricing practices market study forums
Link(s): https://www.fca.org.uk/publication/corporate/gi-pricing-practices-forum-1.pdf https://www.fca.org.uk/publication/corporate/gi-product-governance-proposals.pdf https://www.fca.org.uk/publication/corporate/gi-auto-renewal-reporting-proposals.pdf Context The FCA...
FCA issues portfolio letter: FCA supervision strategy for Lloyd’s and London Market Insurers and Others (LLM)
Link(s): https://www.fca.org.uk/publication/correspondence/llm-insurers-portfolio-letter.pdf Context The FCA has issued a Dear CEO letter to the Lloyd’s and London Market Insurers portfolio setting out the key potential risks of harm to customers, together with its...
FSCS publishes latest edition of its newsletter ‘Outlook’
Link(s): https://www.fscs.org.uk/news/fscs-news/outlook/ Context The FSCS has published the November edition of its industry newsletter, Outlook, containing the latest news and a levy update. Firms authorised by the FCA and PRA contribute towards an annual levy which...
HM Treasury issue guidance on using personal data in your business from 1st January 2021
Link(s): https://www.gov.uk/guidance/using-personal-data-in-your-business-or-other-organisation-after-the-transition-period?utm_source=1cdb2664-8953-4e44-8d25-41e94dd58d2d&utm_medium=email&utm_campaign=govuk-notifications&utm_content=daily Context HM...
FCA speech by Jonathan Davidson considering purpose and culture in financial services
Link(s): https://www.fca.org.uk/news/speeches/business-social-purpose Context Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, gave a speech at the 6th Annual Culture and Conduct Forum for the financial services industry on 26th...
FCA announces benefits of new data collection platform
Link(s): https://www.fca.org.uk/news/news-stories/fca-announces-benefits-new-data-collection-platform-regdata Context The FCA is in the process of moving 120,000 users and the data of 52,000 firms across from Gabriel to RegData. This transition is being conducted in...
FCA and FOS exchange letters in relation to complaint handling
Link(s): https://www.fca.org.uk/publication/correspondence/letter-ombudsman-sheldon-mills.pdf https://www.fca.org.uk/publication/correspondence/letter-sheldon-mills-ombudsman.pdf Context The FCA has published correspondence with the Financial Ombudsman Service (FOS)...
FCA publishes consultation on regulatory fees and levies proposals
Link(s): https://www.fca.org.uk/publications/consultation-papers/cp20-22-regulatory-fees-and-levies-policy-proposals-2021-22 Context The FCA is consulting on proposed policy changes to the way in which it will raise fees from 2021/22. The consultation applies to any...
FCA issues updates on business interruption test case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#latest-updates Context The FCA has issued a number of updates following the Supreme Court appeal hearing. Key points to note The final transcripts of days 1-4 can be viewed via the following...
CMA fines ComparetheMarket £17.9m for competition law breach in contracts with insurers
Link(s): https://www.gov.uk/government/news/cma-fines-comparethemarket-17-9m-for-competition-law-breach Context The CMA has fined ComparetheMarket £17.9 million after it found that clauses used in the company’s contracts with home insurers breached competition law....
ICO fines Ticketmaster £125m for failing to protect customer payment details
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/11/ico-fines-ticketmaster-uk-limited-125million-for-failing-to-protect-customers-payment-details/ Context The Information Commissioner’s Office (ICO) has issued a £125m fine to Ticketmaster...
ICO issues statement on recommendations published by the European Data Protection Board
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/11/updated-ico-statement-on-recommendations-published-by-the-european-data-protection-board-following-the-schrems-ii-case/ Context A representative of the ICO has issued a statement in...
FOS publishes latest Ombudsman News
Link(s): https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-155 Context The latest issue of Ombudsman News has been published. This edition focuses on the recently published quarterly data and key trends which the ICO has observed. Also included is the...
FCA updates consumer credit payment deferral guidance and tailored support guidance
Link(s): https://www.fca.org.uk/publications/feedback-statements/fs20-18-consumer-credit-coronavirus-updated-guidance-firms-november2020-feedback-draft-guidance Context The FCA has updated its guidance on payment deferrals and tailored support, designed to...
FCA issues reminder to insurers in respect of responsibilities regarding the provision of risk transfer arrangements
Context The FCA has included a reminder to insurers in respect of responsibilities regarding risk transfer agreements in its recent regulation round up email. The FCA's regulation round up email is not published on the FCA website but firms may sign up to receive a...
FCA issues warning to firms over handling client data
Link(s): https://www.fca.org.uk/news/statements/fca-warns-firms-be-responsible-when-handling-client-data Context The current economic climate is having an impact in many ways, with many firms changing the way in which they operate, in some cases, merging or being...
FCA confirms reporting deadline flexibility has now ended and administrative fees for late submissions have been reinstated
Link(s): https://www.fca.org.uk/firms/regulatory-reporting/changes-regulatory-reporting-during-coronavirus Context The FCA has reminded firms that the final date where it allowed reporting deadline flexibility was 30th September 2020. Key points to note All regulatory...
FCA issues updates on Business Interruption Test Case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#latest-updates Context The FCA has issued updates in respect of the ongoing Supreme Court appeal in the Business Interruption Test Case. Key points to note 16th November Update – Timetable for the...
FCA provides update on FCA work stopped or postponed due to Covid-19 and changes in market conditions
Link(s): https://www.fca.org.uk/news/statements/statement-certain-fca-work-light-coronavirus-and-changing-market-conditions Context The FCA has issued a statement on work that it intends to either stop or postpone in light of the ongoing impact of coronavirus and...
ABI launches guidance for homeowners to reduce the risk of flooding
Link(s): https://www.abi.org.uk/news/news-articles/2020/11/surviving-a-flood---consumer-help-from-the-abi/ Context The ABI, in collaboration with the National Flood Forum has launched a document to provide fresh help and guidance to homeowners about how to...
Chancellor sets out ambition for future of UK financial services
Link(s): https://www.gov.uk/government/news/chancellor-sets-out-ambition-for-future-of-uk-financial-services Context The Chancellor, Rishi Sunak has outlined plans to bolster the dynamism, openness and competitiveness of the UK financial services sector following the...
ICO publishes details of two new innovative tools to combat financial crime
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/11/sandbox-helps-develop-innovative-tools-to-combat-financial-crime/ Context The ICO has updated its webpage dedicated to the ICO Regulatory Sandbox. The latest addition includes details of...
ICO issues detailed guide on criminal offence data
Link(s): https://ico.org.uk/for-organisations/guide-to-data-protection/guide-to-the-general-data-protection-regulation-gdpr/criminal-offence-data/ Context The ICO has issued a guide on the processing of criminal offence data to help firms to comply with the rules in...
FOS publishes quarterly complaints data for Q2 2020/21
Link(s): https://www.financial-ombudsman.org.uk/news-events/weve-published-financial-product-complaints-data-q2-202021 Context The Financial Ombudsman Service has published its latest quarterly data for Q2 2020/21. The data shows the number of complaints received...
FCA issues update on business interruption test case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#latest-updates Context The FCA has issued an update to include a link to enable live-streaming of the appeal hearing; it has also published the written cases for the appeals in the Supreme Court....
FCA issues update following fake due diligence request emails
Link(s): https://www.fca.org.uk/consumers/avoid-scams-unauthorised-firms/fake-fca-emails-letters-phone-calls#revisions Context The FCA has updated its list of known fake email addresses in light of reports from firms which have received requests to complete a due...
FCA Chief Executive Nikhil Rathi discusses FCA pandemic response and vision for future
Link(s): https://www.fca.org.uk/news/news-stories/nikhil-rathi-discusses-fcas-pandemic-response-and-his-vision-future Context Nikhil Rathi has participated in his first podcast as the new FCA Chief Executive. The podcast focussed on discussions around the impact of...
FCA issues reminder to firms to review product value following impact of coronavirus
Link(s): https://www.fca.org.uk/news/statements/fca-reminds-insurance-firms-review-value-their-products-light-impacts-coronavirus Context The FCA has issued a reminder to firms that a review of the value of products in light of the impact of coronavirus should be...
FCA invites firms to register for Brexit webinar
Link(s): https://www.fca.org.uk/events/brexit-webinar Context The FCA is hosting a webinar on 18th November to help senior level staff involved in Brexit preparations to understand what the end of the transition period on 31st December 2020 means for firms. Key points...
FCA launches webpage with central library of links signposting Brexit information from EEA regulators
Link(s): https://www.fca.org.uk/brexit/information-eea-regulators Context The FCA has launched a page on its website to provide a central resource which provides links to dedicated Brexit websites hosted by financial regulators in EEA member states. The list has been...
Call for input: review into change and innovation in the unsecured credit market (the Woolard Review)
Link(s): https://www.fca.org.uk/publications/calls-input/woolard-review-unsecured-credit Context The FCA has asked for views on change and innovation in the unsecured credit market, considering how regulation can better support a healthy unsecured lending market, as...