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Archive
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...
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...