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Archive
ICO fines three companies £415,000 for nuisance marketing
Link(s):https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/06/ico-fines-three-companies-415-000-for-nuisance-marketing/ Context Three separate companies have been fined a total of £415,000 for sending nuisance marketing to people about car finance,...
BIBA publishes Premium Credit Limited insights about SME premium finance use
Link(s):Premium Credit Insurance Index (biba.org.uk)The-Premium-Credit-Insurance-Index-May-2021-–-SME-and-Corporate-key-findings.pdf Context The British Insurance Brokers Association (BIBA) has published findings, statistical analysis and insights from Premium Credit...
FCA issues CP21/16: Quarterly Consultation Paper No. 32
Link(s):CP21/16: Quarterly Consultation Paper No. 32https://www.fca.org.uk/publication/consultation/cp21-16.pdf Context The FCA has released its Quarterly Consultation Paper No 32. Once a quarter the FCA consults on proposed changes to be made to the Handbook, which...
Gefion Insurance A/S declared bankrupt – FCA and FSCS statements and information
Link(s):Gefion Insurance A/S declared bankrupt Gefion Insurance A/S - latest update Gefion Insurance A/S has failed Gefion Finans A/S under frivillig likvidation (formerly Gefion Insurance A/S) declared bankrupt Context The Danish Financial Supervisory Authority...
ICO call for views: Anonymisation, pseudonymisation and privacy enhancing technologies guidance
Link(s): https://ico.org.uk/about-the-ico/ico-and-stakeholder-consultations/ico-call-for-views-anonymisation-pseudonymisation-and-privacy-enhancing-technologies-guidance/...
FOS has published Ombudsman News issue 161
Link(s): Ombudsman News 161 (financial-ombudsman.org.uk) Context FOS has published issue 161 of its Ombudsman News, which includes sector-specific commentary and insights, looks at and analyses the recently published annual complaints data, and comments on the need to...
Research Note: Discounts, Cashbacks, and Soft Toys
Link(s): https://www.fca.org.uk/publications/research/discounts-cashbacks-soft-toys-general-insurance Context In addition to its Policy Statement on General Insurance pricing practices the...
FCA publishes General Insurance Pricing Practices Policy Statement (PS21/5)
Link(s): https://www.fca.org.uk/publication/policy/ps21-5.pdf Context The FCA has released its Policy Statement and final rules on general insurance pricing practices. This follows on from its previously published papers in relation to pricing practices and value...
Dutch data protection authority GDPR fine – a potential warning for UK businesses
Link(s):Warning for UK businesses after Dutch GDPR fine (pinsentmasons.com)Boete van €525.000 voor Locatefamily.com | Autoriteit Persoonsgegeven Context This article, by Pinsent Masons’ Amsterdam-based Wouter Seinen, comments on the imposition by the Autoriteit...
BIBA publishes a reminder in relation to the new Whiplash reforms coming into force
Link(s):New Whiplash reformsWhiplash Reform Programme: Information and FAQ - GOV.UK (www.gov.uk) Context The government is making changes to the claims process for low value road traffic accident (RTA) claims, commonly referred to as ‘whiplash claims’, which will take...
Firms must change tack to meet financial regulators’ expectations on supplier risk
Link(s):https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/consultation-paper/2021/march/ps721.pdf?la=en&hash=6C70BEE48B89D7965D43894DB848FC41CD5EC6C0 PS21/3 Building operational resilience | FCA Context As part of the continuing work on...
Amex fined for sending four million unlawful e-mails
Link(s):Amex fined for sending four million unlawful emailsAmerican Express Services Europe Limited Context The Information Commissioner’s Office (ICO) has fined American Express Services Europe Limited (Amex) £90,000 for sending more than four million marketing...
Financial Ombudsman Service publishes annual complaints data 2020/21
Link(s):https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-publishes-annual-complaints-data-202021 Context The FOS has published its annual complaints data for the 2020/21 year. It includes commentary and insights. Key points to note The...
FCA no longer accepting Change of Legal Status Applications
Link(s):Change of legal statushttps://www.fca.org.uk/publication/forms/change-of-legal-status-deed-poll.doc Context From 1st June 2021 the FCA will no longer be accepting Change of Legal Status applications. Going forward, if firms are thinking of changing their legal...
ICO and CMA set out blueprint for cooperation in digital markets
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/05/ico-and-cma-set-out-blueprint-for-cooperation-in-digital-markets/ Context The ICO and the Competition and Markets Authority (CMA) have published a joint statement which sets out...
FCA announces plans to stop CMC phoenixing – a veiled warning for other sectors?
Link(s):https://www.fca.org.uk/news/press-releases/fca-announces-plans-stop-cmc-phoenixing CP21/14: Preventing claims management phoenixing CP21/14: Preventing claims management phoenixing by financial services firms (fca.org.uk) Context The FCA has released its...
Access to cash and banking services – FCA speech and FCA / Payment Services Regulator (PSR) joint statement
Link(s): Access to cash FCA and PSR joint statement Protecting access to cash and banking services Context The FCA and the PSR have issued a joint statement in relation to access to cash,...
All reporting firms have now moved to FCA’s new data collection platform RegData
Link(s):https://www.fca.org.uk/news/news-stories/all-reporting-firms-moved-fcas-new-data-collection-platform-regdata Context The FCA’s Gabriel system has now been replaced by the new RegData system. Key points to note The transition began in October 2020; 52,000 firms...
FCA deadline extension for Strong Customer Authentication
Link(s):Deadline extension for Strong Customer Authentication Strong customer authentication and coronavirus Context The FCA has extended our deadline for implementing Strong Customer Authentication (SCA) for e-commerce transactions to 14 March 2022. This...
Data Sharing Code of Practice is laid before Parliament
Link(s):Data Sharing Code of Practice is laid before Parliament | ICO Context The Information Commissioners Office (ICO) has issued a statement in response to the Government laying the Data Sharing Code of Practice before Parliament on 18 May 2021. The ICO published...
The rise in scams and the threat to a legitimate financial services industry – FCA speech
Link(s):https://www.fca.org.uk/news/speeches/rise-scams-and-threat-legitimate-financial-services-industry Context Executive Director of Enforcement and Market Oversight, Mark Steward, gave a speech at the City & Financial Global – FCA Investigations &...
FCA proposes stronger protection for consumers in financial markets by setting out plans for a Consumer Duty
Link(s): FCA proposes stronger protection for consumers in financial marketsCP21/13: A new Consumer DutyFCA CP21/13: A new Consumer Duty (fca.org.uk) Context The FCA has published a...
ICO – How modern data protection is helping to unlock the power of data
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/05/how-modern-data-protection-is-helping-to-unlock-the-power-of-data/ Context In a speech delivered at the Data and the Future of Financial Services 2021 conference, the Information...
FSCS – significant rise in financial scams
Link(s): https://www.fscs.org.uk/news/fraud/worrying-rise-in-online-financial-scams/ Context An article by FSCS Chief Executive, Caroline Rainbird, comments on the worrying increase in financial scams. Key points to note FCA data shows that scams activity is...
Anti-money laundering rules should not be applicable to general insurance – GFIA
Link(s): https://gfiainsurance.org/news/385/alm-rules-should-not-be-applied-to-general-insurance Context The Global Federation of Insurance Associations (GFIA) is an international body set up to increase industry effectiveness in providing input to international...
FSCS revises levy forecasts – FSCS Outlook 13th May 2021
Link(s): Outlook industry newsletter FSCS BIBA applauds proposed halving of broker levies Context The FSCS issues an ‘Outlook’ twice a year, and the latest issue has been published. This issue addresses the fact that the forecast on which the total FSCS levy for...
FCA Consumer vulnerability webinar – Thursday 27th May
Link(s): https://www.fca.org.uk/events/webinar-consumer-vulnerability Context The FCA has released another webinar on consumer vulnerability. Key points to note The webinar is open to all regulated firmsIt will be run on Thursday 27th May 2021 at 10.30am –...
FCA to issue Credit Broking Permission Survey
Link(s): https://www.fca.org.uk/firms/credit-broking-survey Context The FCA will shortly be sending a survey to all firms holding the credit broking permission. Key points to note The survey will provide the FCA with an updated view of how firms are using their...
Regulators publish third edition of Regulatory Initiatives Grid
Link(s): Financial regulators publish third edition of plan for upcoming work | FCA Regulatory Initiatives Grid | FCARegulatory Initiatives Grid - May 2021 (fca.org.uk) Context The Financial Services Regulatory Initiatives Forum has issued the third edition of the...
Office of Financial Sanctions Implementation (OFSI) – UK Launches Myanmar Sanctions Regime
Link(s): Notice_Myanmar_290421.pdf (publishing.service.gov.uk) Context The United Kingdom has launched what it is referring to as the Myanmar Sanctions Regime. Key points to note The Myanmar (Sanctions) Regulations 2021 ensure UK sanctions relating to Myanmar are...
Five things learned from the Data Protection Practitioners’ Conference 2021
Link(s): Five things we learned from DPPC 2021 | ICO Context The ICO’s Data Protection Practitioners’ Conference 2021 was held this week, bringing together more than 3,000 data protection professionals from across the country. Key points to note Five particular issues...
BIBA publishes guide to key Brexit considerations
Link(s): BIBA - A brokers' guide to key Brexit business considerations Context In association with Allianz and DAC Beachcroft, BIBA has produced a new guide covering the effects of Brexit on, for example, the workforce, SMEs and cross-border recoveries. The guide...
HM Treasury updates its Economic Crime Plan 2019-2022: statement of progress
Link(s): Economic crime plan 2019 to 2022 Context HM Treasury has published its Economic Crime Plan: Statement of Progress. The plan provides information on action being taken by the public and private sectors to ensure that the UK cannot be abused for economic crime....
HM Treasury update – the ‘Breathing Space’ scheme has launched
Link(s): New scheme to give people in problem debt breathing space launched - GOV.UK (www.gov.uk) Context Hundreds of thousands of people struggling with debt problems will be supported through a new debt respite scheme that launched on 4th May 2021. Key points to...
HM Treasury update – who is subject to financial sanctions in the UK?
Link(s): Who is subject to financial sanctions in the UK? - GOV.UK (www.gov.uk) Context HM Treasury has published a brief guide to the current consolidated list of asset freeze targets, and a list of persons named in relation to financial and investment restrictions...
Milestone for UK financial services as Financial Services Bill receives Royal Assent
Link(s): Financial Services Act 2021 (legislation.gov.uk) Milestone for UK financial services as Bill receives Royal Assent - GOV.UK Context The UK has taken an important first step in shaping its own financial services regulation outside the EU with the...
FOS issues Ombudsman News 160
Link(s): Ombudsman News 160 (financial-ombudsman.org.uk) Context FOS has published the latest issue of Ombudsman News, Issue 160. Key points to note An update on the appointment of Nausicaa Delfas as the FOS interim Chief Executive and Chief Ombudsman.Details of two...
FCA speech – Outcomes-focused regulation: a measure of success?
Link(s): Outcomes-focussed regulation: a measure of success? | FCA Context A speech by Charles Randell, Chair of the FCA and PSR, to the Building Societies Association, took a look at the history of the regulatory journey to outcomes-focussed regulation, including a...
FCA publishes web page in relation to buildings insurance for leasehold properties
Link(s): Buildings insurance for leasehold properties | FCA Context The FCA has published a page on its website outlining its expectations of regulated firms when arranging and providing fair value buildings insurance for leasehold apartment buildings. The...
The FCA and Practitioner Panel joint survey for 2021 launches
Link(s): The FCA and Practitioner Panel joint survey for 2021 launches | FCA Context The FCA and Practitioner Panel joint survey for 2021 has launched. The survey has been sent to a sample of regulated firms, so they can share their feedback on how the FCA regulates...
Advertising Standards Authority and Committees of Advertising Practice (ASA-CAP) publish 2020 annual report – Protecting young and vulnerable people
Link(s): ASA-CAP-2020-Annual-Report.pdf Context There is significant crossover between Advertising Standards Authority (ASA) requirements, the Committees for Advertising Practice Code (CAP Code) guidance and FCA requirements in relation to advertising and financial...
Competition and Markets Authority (CMA) and regulators deliver for consumers in 20/21
Link(s): https://www.gov.uk/government/news/cma-and-regulators-deliver-for-consumers-in-20-21 Context The CMA’s 20/21 report shows how concurrency arrangements with other regulators have helped deliver benefits for consumers over the past year. Key points to note 3...
Insurance and long-term savings industry to lead a flexible working revolution with 27 firms signing up to new campaign
Link(s): https://www.abi.org.uk/news/news-articles/2021/04/insurance-and-long-term-savings-industry-to-lead-a-flexible-working-revolution-with-27-firms-signing-up-to-new-campaign/ Context The insurance and long-term savings sector has launched the biggest-ever...
FSCS declared 11 firms in default in March 2021
Link(s): 11 firms in default in March | FSCS Context The FSCS has published its latest notice to inform consumers they may be eligible for compensation. Key points to note People who have dealt with any of the 11 firms listed below, and believe they are owed money as...
FCA insights – insights from the 2020 Cyber Coordination Groups
Link(s): Insights from the 2020 Cyber Coordination Groups | FCA Context The FCA has provided a broad overview and insight into the discussions held at its quarterly Cyber Coordination Group meetings, with the aim of sharing the valuable insights found in these groups...
FCA speech – compliance, culture and evolving regulatory expectations
Link(s): https://www.fca.org.uk/news/speeches/compliance-culture-and-evolving-regulatory-expectations-mark-steward Context Mark Steward the Executive Director of Enforcement and Market Oversight gave a speech at NYU Law School. Key points to note The Senior Managers...
FCA speech – cautious optimism for the post-pandemic world
Link(s): https://www.fca.org.uk/news/speeches/cautious-optimism-post-pandemic-world Context Charles Randell, Chair of the FCA and PSR (Payment Systems Regulator), gave a speech to the Finance & Leasing Association. Key points to note In his speech Charles Randell...
UK launches global anti-corruption sanctions
Link(s): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/980367/Notice_Global_Anti-Corruption_260421.pdf Context The United Kingdom has launched the Global Anti-Corruption sanctions regime. Key points to note On 26 April...
FCA publishes half-yearly firm complaints data from H2 2020
Link(s): Complaints data | FCA Context The FCA believes that being transparent about the number of complaints that firms receive is helpful for the industry and consumers. Firms can compare their performance with their peers and consumers have an additional source of...
FCA bans and fines financial adviser £68,300 for lacking honesty and integrity
Link(s): https://www.fca.org.uk/news/press-releases/fca-bans-fines-financial-adviser-lacking-honesty-integrity Context The FCA has banned an individual from working in financial services and fined him £68,300 for knowingly performing a controlled function without...
FCA makes key sustainability and technology hires
Link(s): https://www.fca.org.uk/news/press-releases/fca-makes-key-sustainability-and-technology-hires Context Sacha Sadan has been appointed Director of Environment Social and Governance. The FCA has also appointed Ian Alderton as Chief Information Officer and Ian...
Levelling the playing field – innovation in the service of consumers and the market
Link(s): https://www.fca.org.uk/news/speeches/levelling-playing-field-innovation-service-consumers-and-market Context Nikhil Rathi, CEO of the FCA, has given a speech at the FCA’s FinTech Week. Key points to note Success in financial innovation has been enabled by...
FCA business plan 2021/22
Link(s): https://www.fca.org.uk/news/statements/fca-business-plan-2021-22 Context The FCA has issued a statement in relation to the 2021/22 FCA Business Plan. Key points to note The business plan will be published in July instead of April.It will be published...
FCA speech – why black inclusion matters
Link(s): Why black inclusion matters to us | FCA Context The FCA has published a speech by Sheldon Mills, Executive Director, Consumers and Competition, delivered at New Financial. Key points to note There is a lack of black people across senior roles in...
FCA commences criminal proceedings for fraud and unauthorised business
Link(s): FCA commences criminal proceedings for fraud and unauthorised business | FCA Context Following an investigation, the FCA has commenced criminal proceedings against two individuals. Key points to note The proceedings relate to an offence of conspiracy to...
Financial Ombudsman Service appoints Nausicaa Delfas as interim Chief Executive and Chief Ombudsman
Link(s): https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-appoints-nausicaa-delfas-interim-chief-executive-chief-ombudsman Context Nausicaa Delfas has been appointed as interim Chief Executive and Chief Ombudsman of the FOS. Key points to...
ABI launches biggest ever drive to boost standards for insurance customers with mental health conditions
Link(s): https://www.abi.org.uk/news/news-articles/2021/04/abi-launches-biggest-ever-drive-to-boost-standards-for-insurance-customers-with-mental-health-conditions/ Context The ABI has launched an online training platform developed in collaboration with employee...
Lloyd’s to invest in building digital delivery capability and opening a new hub in Manchester
Link(s): https://www.lloyds.com/news-and-insights/news/lloyds-to-invest-in-building-digital-delivery-capability-and-opening-a-new-hub-in-manchester Context Lloyd’s is investing in order to enhance its digitalisation capabilities. Key points to note A hub will be...
FCA rules for travel insurance sales
Link(s): https://www.fca.org.uk/publication/policy/ps20-03-addendum.pdf Context As a reminder, the FCA is making it a requirement to signpost travel insurance customers with more serious medical conditions to a Medical Cover Firm Directory under certain circumstances...
CP21/8: FCA regulated fees and levies: rates proposals 2021/22
Link(s): https://www.fca.org.uk/publication/consultation/cp21-8.pdf Context The FCA is consulting on its periodic fee rates and other fee policy proposals for the 2021/22 financial year. It is also consulting on the Financial Ombudsman Service general levy, Money and...
Principal firm censured and paying clients sold to by its ARs £399,902 in compensation
Link(s): https://www.fca.org.uk/news/press-releases/alsford-page-gems-limited-censured-and-agrees-pay-extended-warranty-insurance-customers Context This week, the FCA has publicly censured Alsford Page & Gems Limited (APG), in a long-running case, for a lack of...
Data Protection Practitioners’ Conference 2021- postponed
Link(s): https://ico.org.uk/global/data-protection-practitioners-conference-2021/ Context Following the death of HRH The Duke of Edinburgh, the ICO has taken the decision to postpone its Data Protection Practitioners' Conference. Key points to note The ICO is now...
RAC Insurance sets up in-house broker as part of mission to top £300m personal lines GWP by 2023
Link(s): https://media.rac.co.uk/pressreleases/rac-insurance-sets-up-in-house-broker-as-part-of-mission-to-top-ps300m-personal-lines-gwp-by-2023-3089262 Context RAC Insurance has announced it has set up its own in-house insurance intermediary in a key step towards...
Regulating the UK as a global financial centre – FCA speech
Link(s): https://www.fca.org.uk/news/speeches/regulating-uk-global-financial-centre Context Speech delivered by Nausicaa Delfas, Executive Director of International, Interim Chief Operating Officer and Executive Director of International, at City & Financial...
FCA’s online invoicing system – user guide and terms & conditions of use
Link(s): https://www.fca.org.uk/publication/fees-information/fca-online-guide-2021.pdf https://www.fca.org.uk/publication/fees-information/online-invoicing-terms-conditions.pdf Context The...
Business Interruption insurance test case: Insurer claims data – updated data
Link(s): https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context The FCA sent a Dear CEO letter to insurers affected by the test case which explained that the Regulator intends to gather information on all non-damage Business Interruption (BI)...
Changes for consumer credit firms post-Brexit – minor changes to the SECCI form
Link(s): https://www.fca.org.uk/firms/changes-consumer-credit-firms-post-brexit Context From 1st June 2021, there will be changes for firms subject to regulations 8, 10 and 11 of the Consumer Credit (Disclosure) Regulations 2010 and the relevant rules in the FCA...
Insurance intermediaries – Conduct Rule breach reporting
Link(s): Various industry publications Context The FCA’s response to a Freedom of Information (FOI) request by Sicsic Advisory, about reported Conduct Rules breaches by solo regulated insurance intermediaries last year, has been receiving wide attention in the...
FCA speech – the importance of purposeful anti-money laundering controls
Link(s): https://www.fca.org.uk/news/speeches/importance-purposeful-anti-money-laundering-controls Context FCA Executive Director of Enforcement and Market Oversight, Mark Steward, gave a speech on 24th March 2021 at the AML and ABC Forum. Key points to note...
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...