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Archive
FCA speech and press release supporting its new Enforcement Guide Consultation
Link(s):FCA to improve pace and transparency around enforcement cases | FCAEvolving our enforcement approach to protect and grow our markets | FCA Context The FCA has issued a press release and has published a speech providing insight into its latest Consultation...
FCA publishes Consultation Paper CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach
Link(s):CP24/2: Our Enforcement Guide and publicising enforcement investigations - a new approach | FCA CP24/2: Our Enforcement Guide and publicising enforcement investigations–a new approach (fca.org.uk) Context The FCA wants to change how it publicises its...
Government responds to Treasury Committee on progress of Edinburgh Reforms
Link(s):Government responds to Treasury Committee on progress of Edinburgh Reforms - Committees - UK Parliament Context In December 2022, the Chancellor of the Exchequer announced the Edinburgh Reforms - 31 strands of work following the UK’s departure from the...
FCA publishes Consumer Duty firm survey findings
Link(s):Consumer Duty firm survey – Autumn 2023 | FCAConsumer Duty Monitoring and Assessment of Firm Implementation Progress Wave 2 Survey Findings (fca.org.uk) Context In Autumn 2023 the FCA conducted a survey of 634 firms that had not been surveyed previously. The...
FCA publishes speech on Consumer Duty
Link(s):Consumer Duty: the art of the possible in a year | FCA Consumer Duty implementation: good practice and areas for improvement | FCA Context Sheldon Mills, FCA Executive Director, Consumers and Competition, has given a speech looking ahead to the deadline for...
BIBA reaffirms its commitment to Environmental, Social and Governance (ESG) for 2024
Link(s):BIBA's ESG policy - BIBAFebruary 2024 BIBA-ESG-Policy Context The British Insurance Brokers‘ Association (BIBA) has reaffirmed its ongoing commitment to Environmental, Social and Governance (ESG) for 2024 as UK and international regulatory requirements...
FCA publishes its authorisations operating service metrics for Q3 2023/24
Link(s):FCA Authorisations operating service metrics 2023/24 Q3 | FCAAuthorisations operating service metrics 2023/24 Q3 table (fca.org.uk) Context The FCA reports its authorisations metrics every quarter to provide greater transparency of its performance. This data...
FCA stops thousands of misleading ads and promotions
Link(s):Financial watchdog stops thousands of misleading ads and promotions | FCAFinancial promotions quarterly data 2023 Q4 | FCAFinancial promotions data 2023 | FCA Context The FCA has published data highlighting that over 10,000 financial adverts and other...
FCA bans and fines Floris Jakobus Huisamen over London Capital & Finance plc financial promotions
Link(s):FCA bans and fines Floris Jakobus Huisamen over London Capital & Finance plc financial promotions | FCA Context In October 2023, the FCA censured London Capital & Finance plc (LCF) over their financial promotions. The FCA has now fined Floris Jakobus...
GAP insurers agree to suspend sales following FCA concerns over fair value
Link(s):GAP insurers agree to suspend sales following FCA concerns over fair value | FCA Context Being concerned that Guaranteed Asset Protection (GAP) insurance is failing to provide fair value to some consumers, the FCA wrote to firms manufacturing GAP insurance...
ABI highlights the rising cost of home insurance as insurers support customers hit by multiple storms
Link(s):The cost of home insurance rises as insurers support customers and battle cost pressures. | ABI Context The ABI report that the average home insurance premium is up by 4% in the last quarter of 2023, as insurers support customers hit by a succession of storms...
The FCA publishes a paper to show how it completes the cost benefit analysis for its policies
Link(s):How we analyse the costs and benefits of our policies - 2024 (fca.org.uk) Context Cost benefit analyses (CBA) has been used by the FCA and its predecessor, FSA, since 2001, to help it make sure its rule-making powers are being used to tackle the biggest...
The FCA and Practitioner Panel launch their joint survey for 2024
Link(s):The FCA and Practitioner Panel joint survey for 2024 launches | FCA Context A joint FCA and Practitioner Panel survey is being sent to a sample of regulated firms, to gather feedback on how the FCA is doing in regulating the industry. On the FCA’s behalf, the...
The FCA publishes an update on its progress towards reducing and preventing financial crime
Link(s):Reducing and preventing financial crime | FCA Context In 2022 the FCA published its 3-year strategy, identifying the reduction and prevention of financial crime as a priority. The public-private national Economic Crime Plan 2 (2023 to 2026) and Fraud Strategy,...
The FCA issues sector-wide non-financial misconduct survey
Link(s):FCA will email firms directly Context The FCA is writing to firms to request information related to incidents of non-financial misconduct within the organisation. The FCA is doing this as part of a sector-wide information gathering exercise, which requires all...
NCSC asks organisations to take action if they use Ivanti Security products
Link(s):Exploitation of vulnerabilities affecting Ivanti Connect... - NCSC.GOV.UKCVE-2023-46805 (Authentication Bypass) & CVE-2024-21887 (Command Injection) for Ivanti Connect Secure and Ivanti Policy Secure Gateways Context The NCSC is encouraging organisations...
ICO consultation on the Enterprise Data Strategy
Link(s):ICO consultation on the Enterprise Data Strategy | ICOICO Enterprise Data Strategy: Foreword and introduction | ICO Context The Information Commissioner's Office (ICO) has created a new Enterprise Data Strategy (EDS) that outlines how it will use data to...
ICO warns organisations to proactively make advertising cookies compliant
Link(s):ICO warns organisations to proactively make advertising cookies compliant after positive response to November call to action | ICO Context Last November the ICO wrote to 53 of the UK’s top 100 websites, warning that they faced enforcement action if they did...
ABI highlights the continuing rise of motor insurance premiums as insurers battle costs
Link(s):Motor Insurance Premiums Continue to Rise as Insurers Battle Costs | ABI Context The Association of British Insurers (ABI) have released figures which show the average price paid for motor insurance has continued to rise. Costs are up 12% on the previous...
FCA responds to the independent panels’ annual reports
Link(s):FCA response to the independent panels’ annual reports | FCA Context FCA consult on their work with 6 independent statutory panels. These statutory panels are integral to developing FCA’s policies and other regulatory decisions. Statutory panels represent the...
FCA provides summary data on solo-regulated firms that entered, and those that left, the temporary permissions regime (TPR)
Link(s):Temporary permissions regime (TPR) data: solo-regulated firms | FCA Context FCA have provided summary data on solo-regulated firms that entered, and those that left, the temporary permissions regime (TPR). The TPR came in on 11pm GMT 31 December 2020 and ended...
OFSI announces two dates for sanctions-related webinar
Link(s):Financial sanctions webinars and events - GOV.UK (www.gov.uk) Context The Office of Financial Sanctions Implementation (OFSI) runs webinars and events to provide guidance on financial sanctions and how to be compliant with UK financial sanctions regulations....
FSCS reflects on its achievements over the past 12 months
Link(s):Delivering for our customers in 2023 | FSCS Context The FSCS has published a webpage in which the FSCS Chief Customer Officer, Sarah Martin, discusses FSCS achievements over the past 12 months. Key points to note and next actions FSCS has created a capability...
FOS reiterates its view that everyday financial concerns will drive complaints to FOS in 2024
Link(s):Everyday financial concerns are expected to drive complaints to the Financial Ombudsman Service in the year ahead (financial-ombudsman.org.uk) Context Having reminded firms that its current Plans and Budget Consultation closes soon, FOS has taken the...
FOS publishes Ombudsman News issue 188
Link(s):Ombudsman News 188 (financial-ombudsman.org.uk) Context FOS has published issue 188 of Ombudsman News, in which it outlines information for consumers and businesses in relation to car finance complaints, and explains that there is still time to send a response...
FCA publishes a speech – “Leaning in on making consumer tech a force for good”
Link(s):Leaning in on making consumer tech a force for good | FCA Context The FCA has published a speech delivered by Nikhil Rathi, FCA Chief Executive, at the Imperial College London Business School asking ‘how can consumer-facing technology help keep consumer...
FCA has published ‘Application for Authorisation Financial Promotions Annex’ for dual-regulated firms
Link(s):financial-promotions-annex.docx (live.com) Context The FCA has published an ‘Application for Authorisation Financial Promotions Annex’. Although aimed at dual-regulated firms (so authorised / regulated by the PRA and the FCA) this may provide useful...
FCA publishes the Minutes and Issues log from the November 2023 Executive-level Wider Implications Framework meeting
Link(s):Wider Implications Framework | FCAWider Implications Framework meeting minutes, 1 November 2023 (fca.org.uk) Wider Implications Framework issues log – November 2023 (fca.org.uk) Context The Wider Implications framework provides a structure for its members to...
The FSCS Interim Chief Executive publishes a budget update
Link(s):Interim Chief Executive's Statement | FSCS Context Martyn Beauchamp, the interim CEO of the FSCS, has provided an update on the FSCS budget. Key points to note and next actions The FSCS management expenses forecast for 2023/24 is currently £99.7m, which is...
FOS comments on FCA announcement on temporary complaint handling rules for certain motor finance complaints
Link(s):FCA announces temporary complaint-handling rules relating to certain motor finance complaints (financial-ombudsman.org.uk)Ombudsman decisions (financial-ombudsman.org.uk) Context The FOS has commented on the Financial Conduct Authority (FCA) announcement that...
FCA remind firms regarding the timing of cancelling their authorisation
Link(s):SUP 6.4 Applications for cancellation of permission - FCA HandbookFEES 4.3 Periodic fee payable by firms (other than AIFM qualifiers, ICVCs and UCITS qualifiers) - FCA Handbook Context The FCA has reminded firms that if they are looking to cancel their FCA...
FCA upcoming webinar relating to the temporary changes to handling rules for motor finance complaints
Link(s):Events | FCA Context The FCA have an upcoming event regarding the temporary changes to handling rules for motor finance complaints. This webinar is to help firms understand these changes. Key points to note and next actions The date of the webinar is 24...
FCA publishes Portfolio Letters confirming its expectations following Consumer Duty implementation
Link(s):Portfolio letter: FCA expectations for investment-based crowdfunding platformsPortfolio letter: FCA expectations for Loan-based Peer-to-Peer Lending platforms Context The FCA has published Portfolio letters to Crowdfunding and peer-to-peer lending...
FCA reminds firms about resubmitting consumer credit proxy income figures in CCR returns
Link(s):Consumer credit income – what to report | FCACCR007 consumer credit data: how to complete the return | FCA Context In its November fee consultation paper, the FCA proposed to change the way certain consumer credit firms calculate the proxy measure of income,...
FCA publishes a Notes document about Variation of Permission (VoP) applications for financial promotions – the ‘Approver Permission’
Link(s):vop-financial-promotions-notes.docx (live.com) Context The FCA has published a Notes document providing guidance in relation to completing a VoP application form for the new Approver Permission. Key points to note and next actions The document contains...
FCA and PRA publish a Consultation – CP24/1: Financial Services Compensation Scheme – Management Expenses Levy Limit 2024/25
Link(s):CP24/1: Financial Services Compensation Scheme - Management Expenses Levy Limit 2024/25 | FCACP1/24 – Financial Services Compensation Scheme – Management Expenses Levy Limit (MELL) 2024/25r | Bank of England Appendices to CP1/24 - Financial Services...
FCA to undertake work in the motor finance market – is premium finance next on the horizon?
Link(s):FCA to undertake work in the motor finance market | FCA PS24/1: Temporary changes to handling rules for motor finance complaints | FCAPS24/1: Temporary changes to handling rules for motor finance complaints (fca.org.uk) Car finance complaints (fca.org.uk)...
FCA Practitioner Panel response to the FCA – CP23/20: ‘Diversity and inclusion in the financial sector – working together to drive change’
Link(s):practitioner_panel_response_-_cp23-20_di_in_the_financial_sector_.pdf (fca-pp.org.uk) Context In a published response to the FCA’s Governance and Cross Cutting Standards Policy Team in relation to Consultation Paper CP23/20: ‘Diversity and inclusion in the...
FCA publishes a Rule Review Framework
Link(s):Our Rule Review Framework | FCA Summary of feedback on the Rule Review Framework (fca.org.uk)Figure 1: Overview of rule review process for new rules (fca.org.uk) Figure 2: Overview of rule review process for all rules (fca.org.uk) Figure 3: Comparison of types...
Companies House article: “A new year and a new challenge for Companies House”
Link(s):A new year and a new challenge for Companies House - Companies House (blog.gov.uk) Context In this article, Louise Smyth, the Companies House Chief Executive and Registrar of Companies, reflects on the introduction of the Economic Crime and Corporate...
The Department for Business and Trade extends the Smarter Regulation and the Regulatory Landscape Call for Evidence deadline
Link(s):Smarter regulation and the regulatory landscape - GOV.UK (www.gov.uk) call_for_evidence_regulatory_landscape_overview_and_questions.odt (live.com) Context The Department for Business and Trade has extended the ‘Call for Evidence deadline to 17 January 2024 for...
ASA’s most recent Insights publication highlights three issues of general relevance to any business that carries out advertising or marketing
Link(s):Six top tips to avoid misleading advertising - ASA | CAPTo include or not to include? - VAT in stated prices - ASA | CAPA quick guide to comparative advertising - ASA | CAP Context The ASA’s most recent insights publication highlights three issues of general...
FCA has outlined some key achievements and milestones from the last 12 months
Link(s):Duty calls: Future-proofing finance for everyone | FCA Context The FCA has published a webpage outlining some key achievements and milestones from the last 12 months, including the introduction of the Consumer Duty, which came into force on 31 July 2023. The...
FCA updates its Temporary Permissions Regime web page following the end of the TPR transition period
Link(s):Temporary permissions regime | FCA Context The FCA has updated its web page in relation to the Temporary Permissions regime (TPR) now that the TPR transition period has come to an end. Key points to note and next actions The TPR ended on 30 December...
UK Parliament publishes Money Laundering Regulations (MLRs) amendment – Domestic PEPs
Link(s):The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (legislation.gov.uk) The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (legislation.gov.uk) Context An amendment to the Money Laundering Regulations 2017 (the...
FCA publishes web page with expectations for firms selling client banks
Link(s):Expectations of firms selling client banks | FCA Context Although perhaps of greater relevance to investment firms, the FCA has published a web page in relation to its expectations of firms selling client banks. A client bank is a name for a list of...
FCA, PRA and the Bank of England publish the 2023 CBEST thematic report – cyber resilience in the financial services sector
Link(s):Cyber resilience good practice for firms FCA 2023 CBEST thematic | Bank of England Context The FCA, PRA and Bank of England (the Bank) have published the latest annual CBEST thematic report in relation to cyber resilience in the financial services...
FCA publishes the results of its retail banking multi-firm Consumer Duty work
Link(s):Retail banking Consumer Duty multi-firm work | FCA Context The FCA has published the results of its multi-firm work in the retail banking sector. Although the review is sector-specific to retail banking, the FCA’s view is that other firms outside the sector...
FCA publishes PS23/18: Smarter Regulatory Framework – The Insurance Distribution Directive
Link(s):PS23/18: Smarter Regulatory Framework: The Insurance Distribution Directive | FCAPS23/18: Smarter Regulatory Framework: The Insurance Distribution Directive Feedback to CP23/19 and Final Rules (fca.org.uk) Context In early September, the FCA published a...
FOS publishes Ombudsman News 187
Link(s):Ombudsman News 187 (financial-ombudsman.org.uk) Context FOS has published its latest edition of Ombudsman News. Key points to note and next actions This edition: Highlights the publication of its latest quarterly complaints data (see separate article).Requests...
FOS complaints data shows that vehicle issues now account for a quarter of all financial complaints
Link(s):Vehicle issues now account for a quarter of all financial complaints (financial-ombudsman.org.uk)Quarterly complaints data: Q2 2023/24 (financial-ombudsman.org.uk) Context FOS has published its latest quarterly complaints data, which shows that complaints...
ICO publishes consultations relating to new employment guidance
Link(s):Two new employment guidance pieces out for consultation | ICOEmployment practices and data protection: keeping employment records | ICOEmployment practices and data protection: recruitment and selection | ICO Context The ICO is producing an online resource...
FCA updates its Change in Control webpages and information
Link(s):Change in Control | FCAControl thresholds or bands | FCAIdentifying controllers | FCAChange in control: Identifying controllers structure chart (fca.org.uk)Submit a change in control notification | FCAChange in control notification forms | FCA Context Although...
FCA conducts further research on the rising cost of living
Link(s):The Financial Lives survey | FCAFinancial Lives survey: Frequently Asked Questions: Short follow-up survey on the impact of the rising cost of living (fca.org.uk) Context Financial Lives is the FCA’s flagship, nationally representative survey of UK...
FCA publishes report and consultation on costs to consumers and SMEs of a loss of access to cash and banking services
Link(s):CP23/29: Access to cash | FCACP23/29: Access to cash (fca.org.uk)Costs to consumers and SMEs of a loss of access to in-person cash and banking services: Narrative report (fca.org.uk) Context The FCA commissioned research from London Economics on access to cash...
Information Commissioner Speech – warning against 2024 becoming the year that people lose trust in AI
Link(s):UK Information Commissioner warns against 2024 becoming the year people lose trust in AI | ICOJohn Edwards speaks at TechUK Digital Ethics Summit 2023 | ICO Context UK Information Commissioner, John Edwards, spoke at the TechUK Digital Ethics Summit 2023, and...
FOS publishes Ombudsman News 186
Link(s):Ombudsman News 186 (financial-ombudsman.org.uk) Context FOS has published its latest edition of Ombudsman News. Key points to note and next actions This edition highlights: FOS Plans and Budget Consultation for 2024/25 (see separate article).“16 days of...
FOS publishes Plan and Budget for 2024/25
Link(s):Our performance improvements and consultation on plans to reduce costs to businesses (financial-ombudsman.org.uk)Strategic plans and budget (financial-ombudsman.org.uk)Financial Ombudsman Service - Plans and Budget Consultation 2024-25...
International Underwriting Association publishes report on new technology trends and innovation
Link(s):New technology trends and innovation report published by IUA and Credera Context The IUA has published details of a report it has produced in conjunction with Credera, a consulting firm focused on strategy, transformation, data, and technology. Senior...
FCA publishes Consultation Paper CP23/30: Operational resilience – Critical third parties to the UK financial sector
Link(s):CP23/30: Operational resilience: Critical third parties to the UK financial sector | FCACP26/23 - Operational resilience: Critical third parties to the UK financial sector | Bank of England Context The PRA, FCA and Bank of England (‘the regulators’) have...
FOS publishes its Annual Report and Accounts for 2022/23
Link(s):Annual reports and accounts (financial-ombudsman.org.ukhttps://www.financial-ombudsman.org.uk/who-we-are/governance-funding/annual-reports-accounts Context FOS has published its Annual Report and Accounts for 2022/23, setting out how it has progressed against...
ASA publishes its new strategy for Collective Ad Regulation with the use of AI
Link(s):AI-Assisted, Collective Ad Regulation - our new strategy - ASA | CAP Context The ASA is launching its new five-year strategy, "AI-assisted collective ad regulation", with ambitious targets to make sure all ads are responsible and people are protected from...
ABI comments on record motor insurance pay-outs
Link(s):Stuck in overdrive! Record motor insurance pay-outs keep motorists moving. | ABI Context According to figures published by the ABI, motor insurance payouts by insurers jumped by 21% in the third quarter of the year, compared to the same period last year...
FCA publishes update to the Regulatory Initiatives Grid
Link(s):Regulatory Initiatives Grid | FCARegulatory Initiatives Grid dashboard – November 2023 | FCARegulatory Initiatives Grid - November 2023 (fca.org.uk)regulatory-initiatives-grid-nov-2023.xlsx (live.com)Financial Services Regulatory Initiatives Forum - Minutes:...
FCA confirms a new sustainability disclosure and labelling regime – impacts all firms
Link(s):Sustainability disclosure and labelling regime confirmed by the FCA | FCASustainability Disclosure Requirements (SDR) and investment labels regime (Qualitative Research) (fca.org.uk)PS23/16: Sustainability Disclosure Requirements (SDR) and investment labels...
FCA publishes changes to application forms accessed via Connect
Link(s):Changes to application forms accessed via Connect | FCA Context This week the FCA is rolling out the improved Form A to more firms following positive feedback from the initial launch. Key points to note The FCA encourage firms who are contacted to use the...
FCA reminds firms about updated AR applications web page
Link(s):Recruit, change or terminate an appointed representative | FCA Context The FCA has reminded firms in its latest Regulatory Round-Up that it updated its “Recruit, change or terminate an appointed representative” web page on 20th November. Key points to note The...
FCA publishes a Call for Input: Potential competition impacts of data asymmetry between Big Tech and firms in financial services
Link(s):Call for Input: Potential competition impacts from the data asymmetry between Big Tech and firms in financial services | FCACall for Input: Potential competition impacts from the data asymmetry between Big Tech firms and firms in financial services...
PRA and FCA jointly consult on the prudential assessment of acquisitions and increases in control
ink(s):CP23/23: Prudential assessment of acquisitions and increases in control | FCACP25/23 – Supervisory statement – Prudential assessment of acquisitions and increases in control | Bank of EnglandMicrosoft Word - MA Guidelines.doc (bankofengland.co.uk) Context The...
UK and Republic of Korea issue warning about DPRK state-linked cyber actors attacking software supply chains
Link(s):UK and Republic of Korea issue warning about DPRK... - NCSC.GOV.UK Context The UK and the Republic of Korea have both warned that cyber actors linked to the Democratic People’s Republic of Korea (DPRK - North Korea) are increasingly targeting software supply...
FCA publishes a speech: “How to flex your organisation’s power through culture and conduct”
Link(s):How to flex your organisation's power through culture and conduct | FCA Context The FCA has published a speech (the second this week in relation to firms’ culture) by Emily Shepperd, FCA Chief Operating Officer and Executive Director of Authorisations, at City...
FCA publishes a speech: “Building firm foundations for healthy cultures”
Link(s):Building firm foundations for healthy cultures | FCA Context The FCA has published a speech by Sheree Howard, FCA Executive Director of Risk and Compliance Oversight, delivered at the XLOD Global London event on 15 November 2023. Key points to note The...
FCA publishes responses to unanswered questions from its Annual Public Meeting
Link(s):Annual Public Meeting 2023: Responses to unanswered questions (fca.org.uk) Context The FCA has published a 35-page document providing answers to questions from its 2023 Annual Public Meeting which were not answered on the day. Key points to note There were 101...
FCA publishes its regulatory fees and levies Consultation for 2024/25 – CP23/22 – and proposes a widening of the FOS fees calculation
Link(s):CP23/22: Regulatory fees and levies: policy proposals for 2024/25 | FCACP23/22: Regulatory fees and levies: policy proposals for 2024/25 (fca.org.uk) Context The FCA has published its plans for how it will raise fees for 2024/25, which represent a consultation...
Prime Minister’s Office releases a copy of the King’s Speech and an accompanying ‘background briefing notes’ document
Link(s):The King's Speech 2023 - GOV.UK (www.gov.uk) The_King_s_Speech_background_briefing_notes.pdf (publishing.service.gov.uk) Context The Prime Minister’s Office has published a background briefing notes document in relation to the King’s Speech, alongside a draft...
CII publishes data showing satisfaction with insurance policies matching previous peak
Link(s):Consumer satisfaction with insurance policies matches previous peak (cii.co.uk) Context New data published by the Chartered Insurance Institute (‘CII') on the 15th November 2023 reveals overall consumer satisfaction with insurance policies reached its joint...
ABI calls on the Government to reduce Insurance Premium Tax
Link(s):Ease this 'Raid on the Responsible' Now - The ABI Calls on the Government to Reduce Insurance Premium Tax | ABI Context The Association of British Insurers is urging the Chancellor to reduce the rate of Insurance Premium Tax (IPT) in the upcoming Autumn...
FSCS lists F M L Insurance Services Ltd, trading as Entertainment Insurance Services, as a ‘failed firm’
Link(s):F M L Insurance Services Ltd - check if you can claim | FSCS Context The FSCS has declared F M L Insurance Services Ltd, trading as Entertainment Insurance Services, as a ‘failed firm’. Key points to note The Financial Services Register confirms that the firm...
FCA provides updates after reviewing its approach to secondary credit brokers
Link(s):Review of our approach to secondary brokers | FCAOur approach to secondary credit brokers that supply a non-financial service | FCASecondary credit brokers | FCA Apply to become a consumer credit broker | FCA Context The FCA recently reviewed its...
FCA updates its consumer credit product sales data consultation paper web page
Link(s):CP23/21: Consumer credit – Product Sales Data Reporting | FCA Context The FCA has updated its web page in relation to its Consultation Paper CP23/21 about consumer credit product sales data reporting. This is of direct relevance to consumer credit lending...
FCA publishes its latest Authorisations division operating service metrics
Link(s):FCA Authorisations operating service metrics 2023/24 Q2 | FCA FCA Authorisations operating service metrics 2023/24 Q2 Context The FCA has published its latest Authorisations division operating service metrics for Q2 2023/24. Key points to note The data shows...
FSCS publishes its November Outlook – no additional insurance distribution levy this year
Link(s):Our November 2023 Outlook | FSCSOutlook November 2023 | FSCSFSCS confirms unchanged 2023/24 levy of £270m and provides early indication of compensation and levy figures for 2024/25 | FSCS Context The FSCS November Outlook includes the latest update on the...
ICO publishes Data Security Trends for April to June 2023
Link(s):Data security incident trends | ICO Context The ICO has published statistics regarding data security breaches on a page containing information reported to it. The information is published to help organisations understand what to look out for and help them to...
ABI calls for IPT to be removed from further increased motor insurance premiums
Link(s):Increased cost of materials and labour continue to push up price of motor insurance in the last quarter | ABI Context The ABI has reported that the increased cost of materials and labour continue to push up price of motor insurance in the last quarter....
FCA publishes a Dear CEO letter including an infographic demonstrating areas of concern
Link(s):Dear CEO letter: FCA expectations for wealth management & stockbroking firms Context The FCA has published a Dear CEO letter setting out its expectations for wealth management and stockbroking firms. As with any Dear CEO letter, it provides an insight...
FCA publishes the results of its fraud controls and complaints handling review
Link(s):Firms should strengthen anti-fraud systems and must treat victims of fraud better, review finds | FCAAnti-fraud controls and complaint handling in firms (with a focus on APP Fraud) | FCA Context The FCA has published a press release and a report following a...
FCA confirms that the ‘Approver Permission’ application window is open and publishes a number of application-related forms
Link(s):Applying to approve financial promotions for unauthorised persons | FCAvop-financial-promotions-form.docx (live.com)vop-financial-promotions-notes.docx (live.com)financial-promotion-inflight-form.docx (live.com)financial-promotion-annex-notes.docx...
House of Commons Treasury Committee publishes evidence transcript – Sexism in the City
Link(s):committees.parliament.uk/oralevidence/13688/pdf/The Worker Protection Bill will become law (fawcettsociety.org.uk) Context The Treasury Select Committee has recently held an oral evidence session as part of its 'Sexism in the City' inquiry into sexism...
NCSC updates its guidance on SMS and telephone best practice for business communications
Link(s):Business communications - SMS and telephone best practice - NCSC.GOV.UK Context The NCSC has updated its published guidance, which is designed to help firms protect its customers from fraud by ensuring that SMS and telephone messages are consistent,...
ICO issues three fines totalling £170,000 for illegal direct marketing
Link(s):Information Commissioner’s Office issues three fines totalling £170,000 for illegal direct marketing | ICO Context Three companies offering financial services have been fined £170,000 collectively by the Information Commissioner’s Office (ICO) for illegal...
FCA publishes a transcript of its Annual Public Meeting
Link(s):Transcript of Annual Public Meeting 2022 (fca.org.uk)Annual Public Meeting 2023 | FCA Context The FCA has published a transcript of its Annual Public Meeting, which took place on 4th October 2023. The meeting is now viewable on demand. Key points to note...
FCA publishes its financial promotions quarterly data for Q3 2023
Link(s):Financial promotions quarterly data 2023 Q3 | FCA Context The FCA has set out a summary of data generated between 1 July 2023 and 30 September 2023 from its actions against firms breaching financial promotion rules, and referrals and investigations into...
LMA publishes its CEO’s Quarterly Report
Link(s):CEO report (lmalloyds.com) Context The Lloyd’s Market Association has published the latest Quarterly Report from its CEO Sheila Cameron, to managing and members' agent CEOs. Key points to note The report covers: the primary areas of market focus during Q3, Q4...
PRA publishes a Discussion Paper DP 2/23 “FSCS General Insurance Limit”
Link(s):DP2/23 – FSCS general insurance limit | Bank of England Context The Prudential Regulation Authority (PRA) has published a Discussion paper DP2/23 about the FSCS general insurance limit. This DP seeks feedback on whether it would be appropriate to increase FSCS...
FCA publishes a transcript of its webinar on diversity and inclusion in the financial sector
Link(s):Transcript of Diversity and Inclusion Webinar (fca.org.uk) Context The FCA has published a transcript of a webinar which took place on 30 October 2023 “Diversity and inclusion in the financial sector – working together to drive change”. It was hosted by the...
FCA publishes Handbook Notice 113
Link(s):Handbook Notice 113 (fca.org.uk) Context The FCA has published Handbook Notice 113. It introduces Handbook changes in relation to the remuneration codes rules in SYSC 19D and changes to a number of areas of the Handbook to introduce the new Financial...
FCA delivers a speech: Consumer Duty is not a once and done exercise
Link(s):Consumer Duty: Not once and done | FCA Context Nisha Arora, the FCAs Director of Cross Cutting Policy and Strategy, gave a speech on marking three months since the Duty came into force. The FCA stressed that the Duty is not something where firms can tick the...
HM Treasury has published a letter with updates on the Edinburgh reforms
Link(s):committees.parliament.uk/publications/41848/documents/207533/default/ Context HM Treasury (HMT) has published a letter from the Chancellor, responding to a request from the Chair of the Treasury Committee for an update on the delivery of the Edinburgh reforms....
Latest Consumer Intelligence car insurance price index shows a record 61% increase in motor insurance premiums
Link(s):Quoted motor insurance premiums accelerate with record 61% increase (consumerintelligence.com) Context Consumer Intelligence has published a web page, which illustrates that the average quoted price of car insurance rose by 61% in the year to August– the...
FOS publishes Ombudsman News issue 185
Link(s):Ombudsman News 185 (financial-ombudsman.org.uk) Context The Financial Ombudsman has published its latest edition of Ombudsman News. Key points to note This edition highlights: Working with FOS to resolve complaints - James Dipple-Johnstone, Deputy Chief...