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Archive
FCA updates its Statutory Panels web page and publishes letter setting out its Practitioner Panel engagement priorities for 2024/25
Link(s):Statutory panels | FCAFCA engagement with the Practitioner Panel 2024 to 2025 Context The FCA has updated its Statutory Panels web page adding links to letters outlining the areas the FCA expects to prioritise when engaging with the five panels and one...
FCA confirms multi-factor authentication will apply to calls to the Supervision Hub (the Contact Centre for firms)
Link(s):Multi-factor authentication for FCA systems | FCA Context The FCA has updated its web page in relation to multi-factor authentication (MFA) to confirm that, from mid-June 2024, MFA will also be used to verify firms’ identity when firms call the Supervision...
FCA delays publication of the next edition of the Regulatory Initiatives Grid
Link(s):Regulatory Initiatives Grid | FCA Context The Regulatory Initiatives Grid, from the Financial Services Regulatory Initiatives Forum, sets out the regulatory pipeline. It is published so the financial services industry and other stakeholders can understand and...
ABI publishes webpage on customer awareness and understanding of insurance fraud
Link(s):Four out of five people unaware of common motor insurance scam | ABIOnline Fraud | ABI Context The Association of British Insurers (ABI) has published a webpage related to their findings on customer awareness and understanding of insurance fraud. Key points to...
FOS publishes Ombudsman News issue 191
Link(s):Ombudsman News 191 (financial-ombudsman.org.uk)Insurance (financial-ombudsman.org.uk) Context FOS has published issue 191 of Ombudsman News. Key points to note and next actions The areas covered in this issue are: Consultation opens for charging professional...
FSCS confirms zero levy for brokers in 2024/25
Link(s):FSCS confirms annual levy for 2024/25 is £265m | FSCSOutlook May 2024 | FSCSFSCS Outlook May 2024 Context FSCS has published its latest update on the annual levy for 2024/25. The total levy payable by firms for the 2024/25 financial year is now £265m, which is...
FCA publishes new web page on operational resilience
Link(s):Operational resilience: insights and observations for firms | FCAPS21/3 Building operational resilience Context The FCA published PS21/3 Building operational resilience in March 2021. The Policy Statement set out the final rules and guidance on the FCA’s new...
FCA updates Consumer Duty web page in relation to Vulnerability
Link(s):Consumer Duty – information for firms | FCA Context The FCA has updated its Consumer Duty web page adding a section in relation to Vulnerability. The FCA wants firms to be able to identify customers in vulnerable circumstances, understand their needs,...
FCA confirms recommencement of GAP insurance sales for some firms
Link(s):Firms to recommence GAP insurance sales following FCA action | FCA Context In 2022, the FCA’s value measures data showed there were over 2.4 million Guaranteed Asset Protection (GAP) insurance policies in force. This data identified that only 6% of the amount...
LKP publishes details of a First-Tier Tribunal, Property Chamber, decision in relation to multi-occupancy insurances
Link(s):Damning ruling on E&J's insurance over-charging - Leasehold Knowledge PartnershipCOMPOSITION OF TRIBUNALS (leaseholdknowledge.com) Context The Leasehold Knowledge Partnership has published details of a damning ruling handed down by a First-Tier Tribunal...
BIBA CEO calls for ‘allyship, innovation and regulatory stability’ in his first BIBA conference address
Link(s):Graeme Trudgill's Opening Address at The BIBA Conference 2024GRAEME-TRUDGILL-BIBA-CONFERENCE.pdf Context BIBA has published details of CEO Graeme Trudgill’s first BIBA Conference opening address, in which Trudgill outlined his vision of co-operation and...
BIBA launches a new guide explaining what makes up insurance brokers’ commissions
Link(s):Commission earned by insurance brokers explained in guide (biba.org.uk) Context BIBA has launched a guide helping to demystify the commission model. The new guide aims to help consumers and businesses understand the benefits to them of the commission model,...
BIBA publishes new guidance to help broker members show fair value in premium finance arrangements
Link(s):Premium Finance Guide to help brokers (biba.org.uk) Context BIBA has launched a guide for members that arrange premium finance for customers. The new guide aims to help members demonstrate fair value in the provision of premium finance. The guide highlights...
OFSI publishes updated financial sanctions general guidance
Link(s):UK financial sanctions general guidance - GOV.UK (www.gov.uk) Context OFSI has updated its general advice and guidance on UK financial sanctions in its role as the authority for the implementation of financial sanctions in the UK. It outlines firms’...
NCSC publishes updated guidance in relation to ransomware
Link(s):ABI, BIBA, IUA with NCSC help reduce ransom harm - NCSC.GOV.UKNCSC guide to help businesses facing ransomware demands (biba.org.uk) Context The NCSC has published, in conjunction with the Association of British Insurers (ABI), British Insurance Brokers’...
FOS consults on proposed changes to its fee structure
Link(s):Charges for professional representatives detailed for the first time in new ombudsman service consultation (financial-ombudsman.org.uk) Context The Financial Ombudsman Service (FOS) has set out proposed changes to its fee structure in a consultation, following...
FCA fines HSBC £6.2 million over treatment of customers in financial difficulty
Link(s):FCA fines HSBC £6.2 million over treatment of customers in financial difficulty | FCA Context The FCA has fined HSBC UK Bank plc, HSBC Bank plc and Marks and Spencer Financial Services plc (HSBC) £6,280,100 for failures in its treatment of customers who were...
FCA publishes a webpage on working together to improve outcomes
Link(s):The hidden cost of domestic financial abuse: working together to improve outcomes | FCA Context The FCA has published a webpage by the FCA’s Joanna Legg, Head of Consumer Policy & Outcomes. The webpage updates on the impacts on financial abuse and this can...
FCA publishes six Dear CEO letters in relation to the application of the Consumer Duty to ‘closed products’
Link(s):Dear CEO letter: Implementing the Consumer Duty for closed products and services – all other firms (fca.org.uk)Dear CEO letter: Implementing the Consumer Duty for closed products and services - consumer finance (fca.org.uk) Context The FCA has published six...
ICO says organisations must do more to combat the growing threat of cyber attacks
Link(s):Organisations must do more to combat the growing threat of cyber attacks | ICOLearning from the mistakes of others – A retrospective review | ICO Context The ICO is calling for all organisations to boost their cyber security and protect the personal...
FCA publishes Consumer Credit Product Data Flow Diagrams for Policy Statement PS24/3
Link(s):PS24/3: Consumer Credit - Product Sales Data Reporting - Performance Data Flow Diagram (fca.org.uk)PS24/3: Consumer Credit - Product Sales Data Reporting - Sales Data Flow Diagram (fca.org.uk)PS24/3: Consumer Credit - Product Sales Data Reporting - Back-book...
FCA publishes its authorisations operating service metrics for 2023/24 Q4
Link(s):FCA Authorisations operating service metrics 2023/24 Q4 | FCAAuthorisations operating service metrics 2023/24 Q4 (fca.org.uk) Context The FCA reports on its authorisations metrics quarterly to provide greater transparency of itsperformance. This data covers...
FCA publishes a speech: “Power Brokers: How to transform into the lynchpins of the ecosystem”
Link(s):Power brokers: how to transform into the lynchpins of the ecosystem | FCA Context Emily Shepperd, FCA Chief Operating Officer, delivered a speech at the BIBA Conference on 16th May 2024, which began with an analogy about eco-systems involving wolves and deers...
FCA updates the SUP15 notification process and forms
Link(s):Firm notification form (SUP 15) | FCANotification Form (fca.org.uk) Context Principle 11 requires a firm to deal with its regulators in an open and cooperative way and to disclose to the FCA appropriately anything relating to the firm of which the FCA would...
ABI publishes research showing the vital role of workplace health and protection insurance
Link(s):Vital role of employer in supporting workforce health highlighted in new report | ABI Context The ABI has collected data to show how many people use insurance provided by their employer to access health services. According to this new research, the majority...
ABI data shows home insurance premiums have risen but remain below historic peaks
Link(s):Home insurance premiums rise but remain below historic peaks | ABI Context The most recent data from the ABI shows the average home insurance (combined buildings & contents) premium rose 3% in the first quarter of 2024, following a severe winter for...
Financial Services Regulation Committee asks FCA for further comment in relation to Consultation Paper CP24/2
Link(s):Letter from Lord Forsyth of Drumlean to Nikhil Rathi, Chief Executive of the FCA, regarding the FCA's response of 25 April 2024 to the Committee's letter on consultation CP24/2 (1 May 2024) (parliament.uk) Context On 18th April the House of Lords Financial...
FOS publishes an update on car finance commission complaints
Link(s):An update on car finance commission complaints (financial-ombudsman.org.uk)Complaints about car finance commission (financial-ombudsman.org.uk) Context FOS has published an update about its car finance commission cases. Key points to note and next actions FOS...
FCA updates its Change in Control web page
Link(s):Change of legal status | FCA Context The FCA has updated the Change of Legal status webpage. The webpage informs firms on how notify or apply to the FCA if there are changes to your firm’s legal status. Key points to note and next actions Depending on the...
OFSI publishes a Financial Sanctions FAQs web page
Link(s):UK Financial Sanctions FAQs - GOV.UK (www.gov.uk) Context On 1st May 2024 the Office of Financial Sanctions Implementation (OFSI) introduced Frequently Asked Questions (FAQs), a new form of additional guidance aimed at providing technical support to industry...
ABI reports stabilising motor insurance premiums but increasing costs to insurers
Link(s):Motor premiums stabilise but cost to insurers mount | ABI Context The Association of British Insurers (ABI) publishes data from their Motor Insurance Tracker, for motor premiums for the first quarter of 2024. The data shows motor premiums increased by just 1%...
FOS publishes data showing the number of financial complaints received in the second half of 2023
Link(s):Financial complaints have risen by 20% according to latest half-yearly data (financial-ombudsman.org.uk) Context FOS has published the data for financial complaints it has received in the second half of 2023. Key points to note and next actions The FOS data...
FCA publishes Policy Statement PS24/3: Consumer Credit – Product Sales Data Reporting
Link(s):PS24/3: Consumer Credit – Product Sales Data Reporting | FCA PS24/3: Consumer Credit – Product Sales Data Reporting (fca.org.uk) ps24-3-consumer-credit-psd-reporting-data-elements.xlsx (live.com) Context In September 2023 the FCA published Consultation Paper...
FCA publishes Digital Regulation Co-operation Forum (DCRF) update
Link(s):Digital Regulation Cooperation Forum | FCA Fairness in AI: A View from the DRCF | DRCF DRCF Workplan 2024/25DRCF Annual Report 2023/24 Context The FCA has updated its web page in relation to the Digital Regulation Cooperation Forum (DCRF) with details of the...
FCA updates the SUP 15 Notification process and forms
Link(s):Firm notification form (SUP 15) | FCA Notification Form (fca.org.uk) Context Principle 11 requires a firm to deal with its regulators in an open and cooperative way and to disclose to the FCA appropriately anything relating to the firm of which the FCA would...
FCA publishes Q1 2024 Financial Promotions Data
Link(s):https://www.fca.org.uk/data/financial-promotions-quarterly-data-2024-q1 Context The FCA has published its Financial Promotions data for January to March 2024. It sets out the FCA’s actions against firms breaching financial promotion rules, and referrals...
FCA responds to House of Lords Financial Services Regulation Committee regarding CP24/2
Link(s):FCA response LFSRC Context The FCA has written to Lord Forsyth of Drumlean at the House of Lords Financial Services Regulation Committee in response to the Committee’s letter to the FCA of 18th April 2024 about Consultation Paper CP24/2: “Our Enforcement Guide...
FCA confirms full roll-out of the new Form A
Link(s):Using the new Form A | FCA Context The FCA’s improved Form A (used for Senior Management Function and Controlled Function applications) is now being rolled out to all firms. Key points to note and next actions Some of the changes the FCA has made may affect...
Companies House outlines key aims of the Economic Crime and Corporate Transparency Act
Link(s):Changes to UK company law - Changes to UK company law Context The Economic Crime and Corporate Transparency Act introduces a number of changes over the next few years. Companies House has outlined that one of the key aims of the act is to improve the accuracy...
FCA publishes guidance and feedback for principal firms appointing and monitoring of ARs
Link(s):Principal firms who have Credit Broking permissions: Good practice and areas for improvements | FCA Context The FCA has assessed the key harms and drivers of harm caused by Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) who...
CAP publishes a guide to the privacy rules
Link(s):Can we get some privacy? A guide to the privacy rules - ASA | CAP Context Recognising that everyone values their privacy, from high street consumers to members of the Royal Family, CAP has highlighted the extent these concerns are reflected to in law and also...
ABI takes action on motor premium finance
Link(s):ABI takes action on motor premium finance | ABI Context The ABI has set out the steps the industry is taking to combat the rise in the cost of motor insurance at their conference in February. Motor insurance costs have been a particular focus after claims...
BIBA urges government to revise position on IPT as consumers and businesses continue to feel strain of cost of living
Link(s):BIBA urge government to revise position on IPT as consumers and businesses continue to feel strain of cost of living | LinkedIn Context BIBA have again urged the Government to revise its position on Insurance Premium Tax following the release of another...
FCA publishes complaints data for H2 2023
Link(s):Complaints data | FCAFirm specific complaints data | FCAAggregate complaints data: 2023 H2 | FCA Context The FCA publishes its complaints data every 6 months, around April and October. It provides firm-specific data for individual firms and aggregate, or...
FCA consults on proposed changes to its Financial Crime Guide
Link(s):CP24/9: Financial Crime Guide updates | FCACP24/9: Financial Crime Guide updates (fca.org.uk) Context The FCA is proposing updates to its Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring. It also proposes...
FCA publishes finalised non-handbook guidance on the anti-greenwashing Rule
Link(s):FCA confirms anti-greenwashing guidance and proposes extending sustainability framework | FCAFG24/3: Finalised non‑handbook guidance on the Anti‑Greenwashing Rule (fca.org.uk) Context The FCA has published finalised non handbook guidance on the...
FCA outlines its approach to AI following the Government’s publication of its pro-innovation AI strategy
Link(s):Artificial Intelligence (AI) update – further to the Government’s response to the AI White Paper | FCAAI Update (fca.org.uk) Context Following the Government’s publication of A Pro-Innovation Approach to AI Regulation: Government Response and Implementing the...
FCA announces work on Big Tech in financial services
Context Link(s):‘Big Tech a priority’ says FCA Chief Executive | FCANavigating the UK's Digital Regulation Landscape: Where are we headed? | FCAFS24/1 – Potential competition impacts from the data asymmetry between Big Tech firms and firms in financial services | FCA...
EU minimum PII limits to be increased in October 2024
Link(s):L_202400896EN.000101.fmx.xml (europa.eu) IDD – Publication in the OJ of the EU of the Commission’s Delegated Regulation Amending Amount of Professional Indemnity Insurance | Brokers Ireland Context Brokers Ireland recently announced, following a review by...
Which? urges FCA action on insurance instalment facilities interest rates in the home and motor insurance market
Link(s):The cheapest and most expensive car and home insurers for paying monthly - Which? News Context In publishing the details of research it has conducted into the cost of insurance instalment facilities in the home and motor insurance markets, Which? is urging the...
FCA publishes review of travel insurance signposting rules for consumers with medical conditions
Link(s):Travel insurance signposting rules for consumers with medical conditions: Review | FCAPost implementation review of the travel insurance signposting rules for consumers with medical conditions (fca.org.uk) Context In February 2020, the FCA introduced rules to...
FCA asks firms to complete a customers in vulnerable circumstances survey
Link(s):Review of firms' treatment of customers in vulnerable circumstances | FCAFG21/1: Guidance for firms on the fair treatment of vulnerable customers (fca.org.uk) Context On 15 March 2024 the FCA announced that it will be conducting a review into firms’ treatment...
FCA publishes a speech: ‘Reaping the rewards of investing in women’
Link(s):Reaping the rewards of investing in women | FCA Context The FCA has published a speech by Sheree Howard, Executive Director of Risk and Compliance Oversight, at the PIMFA Women’s symposium conference. Howard talks about how to attract more women to work...
FCA writes to motor finance firms to remind them they must maintain adequate financial resources at all times
Link(s):FCA statement regarding motor finance firms’ financial resources | FCADear CEO letter: Maintaining adequate financial resources (fca.org.uk) Context The FCA has announced that it is currently reviewing the historical use of ‘discretionary commission...
FOS publishes Ombudsman News issue 190
Link(s):Ombudsman News 190 (financial-ombudsman.org.uk) Financial Ombudsman Service - Plans and Budget 2024-25 (financial-ombudsman.org.uk) Context FOS has published issue 190 of Ombudsman News. Key points to note and next actions The areas covered in this issue are:...
ABI highlights figures that Motor Insurers have paid out to help keep motorists mobile
Link(s):Motor insurers pay out record amounts to help keep motorists mobile | ABImotor-insurance-affordability-roadmap.pdf Context The Association of British Insurers (ABI) published the latest Motor Insurance Claims Tracker figures, showing that the £9.9bn paid out...
FCA publishes PS24/2 on strengthening protections for borrowers in financial difficulty
Link(s):PS24/2: Strengthening protections for borrowers in financial difficulty: Consumer credit and mortgages | FCA Policy Statement 24/2: Strengthening protections for borrowers in financial difficulty: Consumer credit and mortgages (fca.org.uk)Improving picture for...
FCA publishes findings from its latest Financial Lives cost of living survey
Link(s):Financial Lives cost of living (Jan 2024) recontact survey - Summary | FCAfinancial-lives-cost-of-living-jan-2024-recontact-survey-findings.pdf (fca.org.uk) Context The FCA conducted the ‘Financial Lives cost of living (Jan 2024) recontact survey’ between 8...
FCA publishes its fees and levies rates proposals for 2024/25
Link(s):CP24/6: FCA fees and levies: rates proposals 2024/25CP24/6: FCA regulated fees and levies: rates proposals for 2024/25 | FCA Context The FCA is consulting on the rates for the regulatory fees and levies for the financial year (1 April 2024 to 31 March 2025)....
FOS increases complaint level predictions as performance continues to improve
Link(s):Financial Ombudsman Service - Plans and Budget 2024-25 (financial-ombudsman.org.uk)Financial Ombudsman increases complaint level predictions as performance continues to improve (financial-ombudsman.org.uk) Context The Financial Ombudsman has published its...
FCA publishes Handbook Notice 117
Link(s):Handbook Notice 117 (fca.org.uk) Context The FCA has published Handbook Notice 117 which provides feedback to a number of Consultations. The Handbook Notice effectively serves as the Policy Statements in relation to the Consultations included in the...
FCA confirms new proxy income measure for Consumer Credit returns
Link(s):Consumer credit income – what to report | FCACCR007 consumer credit data: how to complete the return | FCA Context The FCA recently proposed changes to the calculation of proxy income for Consumer Credit firms that receive no commission, advising firms to use...
FCA updates its Transforming Data Collection webpage
Link(s):Transforming data collection | FCA TDC phase two industry recommendations FINAL.pdf (tdc-production-public-files.s3.eu-west-2.amazonaws.com)Transforming Data Collection – response to phase two indsutry recommendations and future strategy (bankofengland.co.uk)...
FCA publishes details of its Financial Penalty Scheme
Link(s):Financial Penalty Scheme | FCAEnforcement | FCA Context The FCA has published details of how its Financial Penalty Scheme works, and how it uses retained penalties for the benefit of firms, in a new webpage. It has also updated its Enforcement webpage to...
FCA publishes the results of its Financial Resilience Survey
Link(s):The Financial Resilience Survey data | FCA Context Throughout the Cvid-19 pandemic, cost of living crisis and beyond, the FCA collected financial resilience data from approximately 23,000 regulated firms. The data gathered helped the FCA to develop its...
FCA identifies shortcomings over insurers’ valuation of written-off or stolen vehicles
Link(s):FCA finds concerns over insurers’ valuation of written-off or stolen vehicles | FCA Findings of multi-firm review into insurers' valuation of vehicles | FCA Context The FCA is engaging with firms included in a review that has found evidence suggesting some...
FCA announces its upcoming Appointed Representative oversight webinar for principal firms
Link(s):Events | FCA Context The FCA has announced an upcoming event for principal firms relating to ‘Overseeing your Appointed Representatives’. Key points to note and next actions The webinar will be for principal firms about the Appointed Representatives regime and...
FCA warns firms and finfluencers to keep their social media ads lawful
Link(s):FCA warns firms and finfluencers to keep their social media ads lawful | FCA FG24/1: Finalised guidance on financial promotions on social media | FCA FG24/1: Finalised guidance on financial promotions on social media (fca.org.uk) GC23/2: Financial promotions...
FCA updates PS20/3 Policy Statement in relation to pre-existing medical conditions
Link(s):PS20/3: Signposting to travel insurance for consumers with medical conditions | FCA Context The FCA has updated its web page in relation to Policy Statement PS20/3 on signposting to travel insurance for consumers with medical conditions. Key points to note and...
FCA outlines the new Long Form A content
Link(s):Using the new Form A | FCA Context Following publication of its webpage on the new Form A, the FCA has announced that it plans to gradually roll out the new form to all firms from April 2024. Form A applications which relate to becoming authorised for the...
ICO publishes new guidance onhow it decides to issue penalties and calculate fines
Link(s):ICO publishes new fining guidance | ICOData Protection Fining Guidance | ICORegulatory Action Policy (ico.org.uk) Context The Information Commissioner’s Office has published new guidance, which sets out how it decides to issue penalties and calculate fines. ...
FCA publishes 2024/25 Business Plan and supporting web pages
Link(s):FCA sets out plan for the year ahead | FCABusiness Plan 2024/25 | FCA FCA outcomes and metrics | FCAOur approach to supervision | FCAFigure 1: The FCA’s decision-making frameworkOur approach to consumers | FCA Context In its Business Plan for 2024-25, the FCA...
FCA publishes a web page setting out its approach to international firms
Link(s):Our approach to international firms | FCAAt a glance: our approach to international firms (fca.org.uk) Context The FCA has published a web page setting out the standards it expects from international firms providing financial services in the UK, or which are...
ASA publishes a webpage relating to debt
Link(s):Don't get into debt with the ASA - ASA | CAP03 Misleading advertising - ASA | CAP Context ASA has published a webpage relating to a few rulings on ads for products related to ‘debt’, that are not regulated by the FCA, such as IVAs and Lead Generation. CAP has...
IUA publishes Directors and Officers liability insurance guide
Link(s):IUA publishes directors and officers liability insurance guide Context The IUA has issued a press release announcing a new IUA guide addressing the Complex compliance, tax and coverage issues surrounding the purchase of directors and officers liability cover...
FCA announces a review of firms’ treatment of customers in vulnerable circumstances
Link(s):Review of firms' treatment of customers in vulnerable circumstances | FCA Context Linked to the article above, the FCA has announced its intention to conduct a review into how firms are acting to understand and respond to the needs of customers in vulnerable...
FCA extends the Consultation period for CP24/2 – the Enforcement Guide
Link(s):CP24/2: Our Enforcement Guide and publicising enforcement investigations - a new approach | FCACP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach (fca.org.uk) Context The FCA’s current Consultation CP24/2 proposes new...
FCA publishes new web page about who needs to complete the FIN074 return
Link(s):FIN074 returns – who needs to complete and why | FCA Context The FCA published a web page providing some guidance about which firms need to complete the FIN074 Financial Crime Levy return, and why. The FIN074 is a RegData Report introduced in April 2023 and...
LMA and Insurance Capital Markets Research (ICMR) to release report on Lloyd’s record-breaking results
Link(s):Insights (lmalloyds.com) Context The LMA and Insurance Capital Markets Research (ICMR) intend to unveil a comprehensive report into Lloyd’s results following the publication of all the syndicates’ accounts on 28 March 2024. The report promises valuable...
CII data shows EDI (Equality, Diversity and Inclusion) practices have a positive impact on business
Link(s):CII data shows EDI practices have a positive impact on businessesPowerPoint Presentation (cii.co.uk) Supporting diversity in the profession (cii.co.uk) Context Data from the CII’s 2023 Corporate Chartered Equality, Diversity & Inclusion survey indicates...
ABI announces the finalisation of the Fire Safety Reinsurance Facility
Link(s):Fire Safety Reinsurance Facility finalised | ABIABI confirms finalisation of Fire Safety Reinsurance Facility - BIBA Context The ABI has confirmed that reinsurance support is now in place to launch the Fire Safety Reinsurance Facility (the Facility) from 1...
FOS sets out its updated maximum award limit
Link(s):Increase to our award limits (financial-ombudsman.org.uk) Context FOS has announced that the FCA has confirmed the increase to the FOS award limit for the coming financial year. The award limit is the maximum amount FOS can require a financial business to pay...
FCA publishes a speech: “Investing in outcomes: a regulatory approach to deliver for consumers, markets and competitiveness”
Link(s):Investing in outcomes: a regulatory approach to deliver for consumers, markets and competitiveness | FCA Context The FCA has published a speech delivered by Nikhil Rathi, FCA Chief Executive, at the Morgan Stanley European Financials Conference. There is...
FCA publishes its latest available Attestations data
Link(s):Attestations | FCAHistoric attestations data (fca.org.uk) Context The FCA has updated its Attestations web page to include the data for Q2 2023/24 (so July to September 2023). An attestation is a firm's formal statement that it will take, or has...
FCA publishes latest Authorisations Division operating service metrics
Link(s):FCA Authorisations operating service metrics | FCAFCA Authorisations operating service metrics 2023/24 Q3 | FCA Authorisations operating service metrics 2023/24 Q3 table (fca.org.uk) Context The FCA has published its latest Authorisations Division operating...
FCA publishes web page in relation to the Treasury Committee’s ‘Sexism in the City’ report
Link(s):House of Commons Treasury Committee’s ‘Sexism in the City’ report | FCA Context The FCA has published a web page effectively linking the House of Commons Treasury Committee’s ‘Sexism in the City’ report to its Consultation aimed at boosting diversity and...
FCA publishes Whistleblowing data for Q3 and Q4 2023
Link(s):Whistleblowing quarterly data 2023 Q3 | FCAWhistleblowing quarterly data 2023 Q4 | FCA Context The FCA has published its Whistleblowing data for Q3 and Q4 2023, showing the number of new whistleblowing reports it received between July and September 2023 (Q3),...
FOS publishes Ombudsman News issue 189
Link(s):Ombudsman News 189 (financial-ombudsman.org.uk) Context FOS has published issue 189 highlighting their latest data, covering complaints about financial products and services between October and December 2023. FOS have also shared an online guidance for...
FCA to investigate use of personal guarantees in certain small business lending following investigation of a super-complaint
Link(s):FCA to investigate use of personal guarantees in certain small business lending | FCAFCA response to FSB’s Super-Complaint - requiring personal guarantees for business loans | FCA Context The Financial Conduct Authority (FCA) has committed to investigate the...
FCA publishes insights and writes to certain firms about anti-money laundering failings
Link(s):FCA warns firms over anti-money laundering failings | FCADear CEO letter: Action needed in response to common control failings identified in anti-money laundering frameworks (fca.org.uk) Context The FCA has written to firms (‘Annex 1 firms’ – which are firms...
FCA publishes a speech: “The hallmarks of a future-fit workforce”
Link(s):The hallmarks of a future-fit workforce | FCA Context The FCA has published a speech delivered by Emily Shepperd, FCA Chief Operating Officer and Executive Director of Authorisations, at TheCityUK and Financial Services Skills Commission Future Skills...
FCA publishes a new ‘Preparing your firm’s wind-down plan’ web page
Link(s):Preparing your firm's wind-down plan | FCA Context The FCA has published a new page on its website providing guidance about preparing your firm’s wind-down plan. Wind-down plans help firms exit the market in an orderly manner if their business is no longer...
FCA published Handbook Notice 116 – updates to references to enactments
Link(s):Handbook Notice 116 (fca.org.uk) Context The FCA’s Handbook contains many references to source materials. At present, references in the FCA Handbook to enactments (other than references to the FCA Handbook, the PRA Handbook or certain provisions of...
FCA consults on amendments to the Training and Competence (TC) Sourcebook
Link(s):CP24/3: Quarterly Consultation Paper No. 43 | FCACP24/3: Quarterly Consultation Paper No. 43 (fca.org.uk) Context The FCA’s TC Sourcebook contains a long list of ‘appropriate qualifications’ at TC Appendix 4.1.1D, which hit revisits occasionally on an ad-hoc...
FCA consults on its disciplinary and enforcement rules for critical third parties
Link(s):CP24/3: Quarterly Consultation Paper No. 43 | FCACP24/3: Quarterly Consultation Paper No. 43 (fca.org.uk) Context The Financial Services and Markets Act 2023 (FSMA 2023) created a new regime for the oversight of critical third parties (CTPs), including new...
ABI launches new guide to help firms use AI responsibly
Link(s):ABI launches new guide to help firms use AI responsibly | ABIai-guide.pdf (abi.org.uk) Context The Association of British Insurers (ABI) has convened experts to produce a guide to responsible AI innovation, in light of the rapid growth of Artificial...
ABI publishes a series of steps the industry is taking to combat the rising costs of motor cover
Link(s):Insurers Take Steps to Tackle Motor Cover Costs | ABI Context The ABI has unveiled a series of steps the industry is taking to combat the rising costs of motor cover. In collaboration with its Consumer Advisory Group, the ABI will commission...
ICO publishes detailed new guidance on the use of people’s biometric data
Link(s):Biometric data guidance: Biometric recognition | ICOCan we use biometric data for time and attendance control and monitoring? | ICO Context Against the backdrop of issuing nine separate enforcement notices in relation to the monitoring of employees by using...
ICO orders Serco Leisure and community leisure trusts to stop using biometric data technology to monitor employee attendance
Link(s):ICO orders Serco Leisure to stop using facial recognition technology to monitor attendance of leisure centre employees | ICOSerco Leisure Operating Limited and relevant associated Trusts | ICO Context Serco Leisure, Serco Jersey and seven associated community...
FCA updates Michael Gove about multi-occupancy buildings insurance
Link(s):February 2024 letter to DLUHC: Multi-occupancy buildings insurance (fca.org.uk) Context Sheldon Mills, FCA Executive Director – Consumers and Competition, has written to the Secretary of State for Levelling Up, Housing and Communities providing an update on...