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Archive
HMT publishes result of independent review of flood insurance
Link(s): https://www.gov.uk/government/publications/flood-insurance-review-2020-blanc-review BIBA Response: https://www.biba.org.uk/press-releases/biba-response-flood-report/ ABI Response:...
FCA bans three for non-financial misconduct
Link(s): https://www.fca.org.uk/news/press-releases/fca-bans-three-individuals-working-financial-services-industry-non-financial-misconduct Context The FCA has prohibited three individuals from working in the financial services industry following findings that they...
Finalised Guidance: Coronavirus and customers in financial difficulty: additional guidance for insurance and premium finance firms
Link(s): https://www.fca.org.uk/publications/feedback-statements/fs20-16-coronavirus-customers-financial-difficulty-feedback-draft-additional-guidance...
FCA provides update in respect of Business Interruption test case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#latest-updates Context The FCA has released further updates in the Business Interruption test case. The first, issued on 2nd November in respect of the appeal to the Supreme Court, and the...
ABI – Cost of motor insurance remains at four year low
Link(s): https://www.abi.org.uk/news/news-articles/2020/10/cost-of-motor-insurance-remains-at-a-four-year-low-according-to-abis-latest-figures/?timeout=s Context The ABI has confirmed that the analysis of its latest Motor Insurance Premium Tracker shows that the...
ICO takes enforcement action against claims management company for making calls without consent
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/10/greater-manchester-claims-management-company-fined-250-000-for-making-millions-of-nuisance-calls/ Context The Information Commissioner’s Office (ICO) has fined Reliance Advisory Limited...
ICO takes enforcement action against Experian
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/10/ico-takes-enforcement-action-against-experian-after-data-broking-investigation/ Context The Information Commissioner’s Office (ICO) has issued an enforcement notice to Experian Limited,...
FCA to participate in cross-border testing of financial products and services
Link(s): https://www.fca.org.uk/news/statements/fca-participate-gfin-cross-border-testing-financial-products-and-services Context The FCA will be taking part in a cross-border testing initiative organised by the Global Financial Innovation Network (GFIN). GFIN...
PS20/12: Extending the implementation deadline for the Certification Regime and Conduct Rules
Link(s): https://www.fca.org.uk/publications/policy-statements/ps20-12-extending-implementation-deadlines-certification-regime-and-conduct-rules Context The FCA has issued a Policy Statement (PS20/12) setting out the final rules in relation to the extension of...
FCA – Update on Directory of Certified and Assessed Persons
Link(s): https://www.fca.org.uk/firms/directory-persons#revisions Context The FCA has provided an update containing a reminder of the deadline dates for firms in relation to the submission of Directory Persons data and when this data will begin to appear on the...
FCA confirm repeat of Covid-19 financial resilience survey is to be issued
Link(s): https://www.fca.org.uk/news/statements/coronavirus-covid-19-financial-resilience-survey Context The FCA has announced that it will be issuing a request to repeat the completion of the Covid-19 impact survey to enable it to fully understand the change in...
HMT – Financial Services Bill introduced
Link(s): https://www.gov.uk/government/news/financial-services-bill-introduced-today Context A new Bill designed to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage was introduced to Parliament...
HMT – Open consultation: Future Regulatory Framework (FRF) review
Link(s): https://www.gov.uk/government/consultations/future-regulatory-framework-frf-review-consultation https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/927316/141020_Final_Phase_II_Condoc_For_Publication_for_print.pdf...
HMT proposes new rules for debt letters
Link(s): https://www.gov.uk/government/news/new-debt-letters-rules-will-support-people-in-problem-debt Context New rules have been proposed for debt letters which will help people to better understand and manage their debts, reducing distress and supporting mental...
ICO issues new detailed subject access requests guidance
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/10/blog-simplifying-subject-access-requests-new-detailed-sars-guidance/ Context The ICO has published a blog introducing new right of access detailed guidance. The guidance was initially...
FCA Consultation Paper – CP20/21: Breathing space regulations: changes to our handbook
Link(s): https://www.fca.org.uk/publications/consultation-papers/cp20-21-breathing-space-regulations-changes-our-handbook Context The FCA has published a consultation paper relating to some minor changes to its Handbook in relation to some regulations on problem debt...
FCA announces support of financial services bill
Link(s): https://www.fca.org.uk/news/statements/fca-welcomes-financial-services-bill Context The FCA has announced its support of the Financial Services Bill which has been introduced in Parliament. This FCA has welcomed the Bill which it believes will help to...
FCA – Draft guidance published: Coronavirus and customers in financial difficulty: additional guidance for insurance and premium finance firms
Link(s): https://www.fca.org.uk/publication/guidance-consultation/coronavirus-customers-financial-difficulty-additional-guidance-firms.pdf Context The FCA has published draft proposals designed to protect customers who continue to face financial difficulties due...
FCA – Update on Business Interruption Insurance test case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance#latest-updates https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-final-transcript-2-oct-hearing.pdf...
HM Treasury announces an open consultation and call for evidence in review of pool reinsurance
Link(s): https://www.gov.uk/government/consultations/hm-treasury-review-of-pool-reinsurance-ltd-2020-2021-call-for-evidence Context HM Treasury has published an open consultation and is seeking input in a call for evidence in respect of its relationship with Pool Re...
MGAA releases report titled: “Proceeding with caution: A survey of MGA and insurance carrier opinion on the state of the MGA sector”
Link(s): https://www.mgaa.co.uk/mga-report-2020/ Context The MGAA has released its report titled “Proceeding with caution: A survey of MGA and insurance carrier opinion on the state of the MGA sector”. The report looks at the state of the market and the MGA-insurer...
ABI – Insurers extend pledges of Covid support until December 2020
Link(s): https://www.abi.org.uk/news/news-articles/2020/10/insurers-extend-their-covid-support-to-help-many-of-the--uks-17-million-home-and-27-million-motor-insurance-customers/ Context The pledges made by members of the ABI to support both those working from home due...
FCA shares short video highlighting key points in relation to SM&CR for solo-regulated firms
Link(s): https://www.fca.org.uk/multimedia/fca-explains-certification-regime-and-conduct-rules Context The FCA has published a short multimedia presentation which includes some key points about the implementation of the Certification Regime and Conduct Rules for...
FCA issues update in relation to PS 20/3: signposting to travel insurance for consumers with medical conditions
Link(s): https://www.fca.org.uk/publications/policy-statements/ps20-3-signposting-travel-insurance-consumers-medical-conditions https://www.fca.org.uk/publication/policy/ps20-03.pdf Context The FCA has issued an update on its website in relation to Policy Statement PS...
FCA confirms that East West Insurance Company Limited has entered administration
Link(s): https://www.fca.org.uk/news/news-stories/east-west-insurance-company-limited-enters-administration Context The FCA has confirmed that insurance firm East West was placed into administration on 12 October 2020. Richard Barker and Simon Edel, both of Ernst...
FCA Speech: Regulation of consumer credit – during the pandemic and beyond
Link(s): https://www.fca.org.uk/news/speeches/fca-regulation-consumer-credit-during-pandemic-and-beyond Context The FCA has published a speech given by Nisha Arora, Director of Consumer and Retail Policy, about regulation of consumer credit, during the pandemic and...
FCA issues ‘Dear CEO’ letter – adequate client money arrangements (general insurance intermediaries)
Link(s): https://www.fca.org.uk/publication/correspondence/dear-ceo-portfolio-letter-giis.pdf Context The FCA has issued a 'Dear CEO' letter to general insurance intermediaries. The letter highlights that firms must continue to safeguard the client money it holds for...
Updates on the Business Interruption Insurance test case
Link(s): https://www.fca.org.uk/firms/business-interruption-insurance https://www.fca.org.uk/firms/business-interruption-insurance#revisions https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-draft-transcript-2-oct-hearing.pdf. Context The past week...
ICO launches consultation on draft Statutory Guidance
Link(s): https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2020/10/ico-launches-consultation-on-draft-statutory-guidance/ https://ico.org.uk/about-the-ico/ico-and-stakeholder-consultations/ico-consultation-on-the-draft-statutory-guidance/ Context The...
Society of Insurance Broking/CII urges brokers to review public liability insurance policies
Link(s): https://www.cii.co.uk/news-insight/media/press-releases/articles/brokers-urged-to-check-public-liability-insurance-policies/95431 Context The Society of Insurance Broking has urged brokers to conduct a review of public liability insurance policies to...