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Archive
UK Parliament publishes a written statement in relation to Leasehold and Freehold Reform
Link(s):Written statements - Written questions, answers and statements - UK Parliament Context Matthew Pennycook MP, Minister of State for Housing, Communities and Local Government, has published a statement to the House of Commons on Leasehold and Commonhold...
APPG on Investment Fraud and Fairer Financial Services publishes critical report on the FCA
Link(s):APPG on Investment Fraud and Fairer Financial ServicesDRAFT Call for Evidence Report - PUBLIC Context An “All Party Parliamentary Group” (APPG) is an interest group that occupies a strategic and effective position within Parliament. It is cross-party, with a...
FCA Speech – “Laying Foundations, Grasping Innovations”
Link(s):Inclusive growth: laying foundations, seizing innovations | FCA Context Sarah Pritchard is the Executive Director of Supervision, Policy and Competition – Markets and Executive Director, International, at the FCA. Pritchard gave a speech at The Investment and...
FCA Speech – “Setting the foundations for our future strategy”
Link(s):FCA Speech - Setting the foundations for our future strategy Context Emily Shepperd, FCA Chief Operating Officer, gave a speech delivered at TheCityUK’s National Conference in Birmingham, setting out the FCA’s new five-year strategy. Key points to note and...
FCA calls for life insurers to improve bereavement handling times
Link(s):FCA calls for firms to improve bereavement handling times and shares best practice | FCAFindings of our multi-firm review of life insurers’ bereavement claim process | FCA Context As outlined in its Life insurance portfolio letter: insurance market priorities...
FCA publishes further Consultation and seeks further views on enforcement transparency proposals
Link(s):FCA seeks further views on enforcement transparency proposals | FCACP24/2, Part 2: Greater transparency of our enforcement investigations | FCACP24/2, Part 2: Greater transparency of our enforcement investigations Context The FCA has published what it is...
LMA publishes extensive report and an Executive Summary extract on the future of enhanced underwriting
Link(s):Insights news releaseInsights summary Context The LMA has published a comprehensive new report, in collaboration with Oxbow Partners, titled The Growth of Enhanced Underwriting in the Lloyd’s Market: The New Normal?, exploring the digital and strategic...
CMA publishes details of a breach of the Private Motor Insurance (PMI) Order
Link(s):CMA letter to Prima Subsidiary Limited about a breach of the Private Motor Insurance Order - GOV.UKCMA letter to Prima Context The CMA has published a letter sent to Prima Subsidiary Ltd (‘Prima’) in relation to a breach of Part 2 of the Private Motor...
FSCS declares Eunisure Ltd in default
Link(s):Eunisure Ltd - check you can claim | FSCS Context Eunisure Ltd (‘Eunisure’) is an insurance broker which was placed under investigation by FSCS on 20 July 2022 and declared in default on 14 November 2024. On 7 July 2022 the company entered Creditors Voluntary...
FSCS publishes November 2024 outlook and 2024/25 and 2025/26 levy information
Link(s):FSCS confirms unchanged 2024/25 levy | FSCSInterim Chief Executive’s statement | FSCS Outlook November 2024 | FSCSFSCS Outlook November 2024 Context FSCS has published its November 2024 Outlook, in which Interim Chief Executive, Martyn Beauchamp has set out an...
HMT publishes an open Consultation on Captive Insurance
Link(s):Captive insurance - GOV.UKCaptive_insurance_consultation1.pdfChancellor announces consultation on UK captive regime - London Market Group Context Announced as part of the Mansion House address, HM Treasury has published an open Consultation on Captive...
HMT publishes recommendations for the FCA
Link(s):Recommendations for the Financial Conduct Authority: November 2024 - GOV.UKCX_Letter_-_Recommendations_for_the_Financial_Conduct_Authority__FCA__-_Nikhil_Rathi_14112024.pdf Context The Financial Services and Markets Act 2000 requires the Treasury, at least...
HMT announces and publishes the Chancellor’s first Mansion House speech
Link(s):Chancellor fires up financial services sector to drive growth - GOV.UKMansion House 2024 - GOV.UKMansion House 2024 speech - GOV.UK Context HM Treasury has published the details and a summary of the new Chancellor’s first Mansion House speech. The main focus...
FOS announces moves to modernise the redress system
Link(s):Financial Ombudsman Service and FCA move to modernise redress system – Financial Ombudsman service Context In conjunction with the FCA (as outlined above), FOS has announced details of the Call for Input which seeks to review and modernise the redress system. ...
FCA bans director and removes firm’s Permissions following grievous bodily harm conviction
Link(s):FCA bans director following grievous bodily harm conviction | FCAFinal Notice 2024: Ari HarrisFinal Notice 2024: Reeds Motors Ltd Context The FCA has banned a former Director and SMF holder from working in financial services, and has de-authorised the firm he...
FCA provides a Wider Implications Framework update
Link(s):Wider Implications Framework | FCAWider Implications Framework issues log – April 2024Terms of Reference for the Wider Implications FrameworkWider Implications Framework meeting minutes, 25 April 2024 Context In line with other moves following the Chancellor’s...
FCA publishes a joint Call for Input on modernising the redress system
Link(s):Modernising the redress system | FCACall for Input: Modernising the Redress System | FCACall for Input Modernising the Redress System Context The FCA has published a Call for Input, jointly with FOS, seeking views from stakeholders on how to modernise the...
FCA fines and bans two MedDen LLP partners for recklessly breaching requirements
Link(s):FCA fines and bans Craig Buchan and Martin Cooke for recklessly breaching requirements | FCAFinal Notice 2024: Martin Paul CookeFinal Notice 2024: Craig Buchan Context The FCA has fined Craig Buchan and Martin Cooke, former partners of MedDen Financial...
ABI reports that motor premiums fall for the second consecutive quarter
Link(s):Motor premiums fall for the second consecutive quarter | ABI Context The ABI has published the latest data from its Motor Insurance Premium Tracker for the period July to September 2024, which shows that the average motor insurance premium fell by 2%. This the...
FCA, PRA and the Bank of England publish a joint Policy Statement PS24/16 on operational resilience and Critical Third Parties (CTPs)
Link(s):New rules to strengthen resilience of UK’s financial sector | FCAPS24/16: Operational resilience: Critical third parties to the UK financial sector | FCAPS16/24 – Operational resilience: Critical third parties to the UK financial sector | Bank of EnglandSS6/24...
FCA publishes Authorisations operating service metrics for July – Sept 2024
Link(s):FCA Authorisations operating service metrics 2024/25 Q2 | FCAAuthorisations operating service metrics Q2 2024/25 Context The FCA has published its Authorisations division data-led operating service metrics for Q2 2024/25 (so July to September 2024). Key points...
FCA to consult on motor finance complaint handling times extension – premium finance implications
Link(s):FCA to consult on extending the time motor finance firms have to handle commission complaints | FCATranscript of a conference call between the FCA and market analysts on motor finance – November 2024 Context The FCA will consult on extending the time firms...
FCA fines Metro Bank £16m for financial crime failings
Link(s):FCA fines Metro Bank £16m for financial crime failings | FCAFinal Notice 2024: Metro Bank plc Context The FCA has fined Metro Bank £16m for failing to have the right systems and controls in place to adequately monitor over 60m transactions, with a value of...
FCA publishes the outcome of an enforcement regulatory disclosure review
Link(s):Enforcement regulatory disclosure review: outcome | FCA Context Following a review, the FCA has made a number of changes to, and has improved, its disclosure processes in regulatory enforcement cases. In the case of Seiler and others v FCA [2023] UKUT 00133,...
FCA issues a First Supervisory Notice – failure to meet Threshold Conditions
Link(s):First Supervisory Notice 2024: MRA Property Investments Limited Context The FCA has published a First Supervisory Notice sent to MRA Property Investments Limited. The FCA considers that the firm is failing, or likely to fail, to meet the Appropriate...
FCA fines and bans former Director for misusing funds due to insurers
Link(s):Director fined £1.1m and banned for misusing funds due to insurers | FCAFinal Notice 2024: Leigh Mackey Context The FCA has published a press release and a Final Notice outlining action taken against Leigh Mackey, former Director of Inspire Insurance Services...
ABI and Lloyd’s of London publish guidance on major cyber events
Link(s):ABI and Lloyd’s of London publish guidance on major cyber events | ABI Context The ABI and Lloyd’s have co-published a guide for (re)insurers on how to approach defining a major cyber event. As one of the most prominent systemic and emerging risks, there are...
ABI data: record number of people covered by employer health schemes
Link(s):Private medical insurers report record 4.7 million covered by employer health schemes | ABI Context The ABI has published data showing that a record 4.7 million people were covered by Private Medical Insurance (PMI) through their employer in 2023 – the highest...
ICO publishes three web pages aimed at AI and genomics developers
Link(s):ICO intervention into AI recruitment tools leads to better data protection for job seekers | ICOThinking of using AI to assist recruitment? Our key data protection considerations | ICO“Privacy must still come first.” – we're calling for collaboration with...
FCA Discussion Paper DP24/1: Regulation of commercial and bespoke insurance business
Link(s):DP24/1: Regulation of commercial and bespoke insurance businessDP24/1: Regulation of commercial and bespoke insurance business | FCA Context The FCA is partially reopening Discussion Paper DP24/1. The FCA wants to ensure that customers in the commercial...
FCA starts criminal proceedings in relation to unauthorised business activity
Link(s):Three individuals and two firms charged over alleged unauthorised business activities | FCA Context The FCA has started criminal proceedings against Anthony Hay, Laura Hay, Tim Stewart, Premier Finance GB Ltd and Proserv GBR Limited, for allegedly engaging in...
FCA confirms new Chair of Regulatory Decisions Committee
Link(s):Regulatory Decisions Committee (RDC) | FCA Context The FCA has updated its Regulatory Decisions Committee (RDC) web page to update the Committee membership details, and effectively confirm Alison Potter as the new Chair. Potter becomes Chair of the Committee...
FCA publishes Finalised Guidance FG24/5: Prudential assessment of acquisitions and increases in control
Link(s):FG24/5: Prudential assessment of acquisitions and increases in control | FCAFG24/5: Prudential assessment of acquisitions and increases in control Context Alongside the PRA, the FCA consulted on proposals to replace the EU guidelines on the prudential...
FCA publishes a Warning Notice Statement – failure to act with integrity
Link(s):Warning Notice Statement 24/4 Context On 18th September 2024 the FCA gave Crispin Odey a warning notice proposing to take action in respect of the conduct summarised in the statement. The FCA considers that, during the period from 24th December 2021 to 17th...
FCA Updates its REP008 reporting web page
Link(s):REP008: Conduct Rules reporting for solo-regulated firms | FCA Context The FCA has updated its web page in relation to REP008 Conduct Rule breach reporting. Key points to note and next actions The only update is to the section in relation to submitting a nil...
IoD launches a Code of Conduct to help Directors make better decisions
Link(s):IoD launches Code of Conduct to help directors make better decisions | IoIoD Code of Conduct for Directors | Institute of DirectorsIoD Code of Conduct for Directors Context Built upon six key themes which align closely with the FCA’s Conduct Rules and the...
CII responds to FCA culture and non-financial misconduct survey findings
Link(s):CII responds to FCA culture and non-financial misconduct survey findings Context The CII has called on its members and the wider insurance profession to uphold the highest standards of behaviour following the publication of the FCA’s findings into culture and...
ICO blog and press release: firms need to do more to help people affected by data breaches
Link(s):Information Commissioner: Organisations need to do more to help people affected by data breaches | ICORipple effect: the devastating impact of data breaches | ICO Context John Edwards, the Information Commissioner, has published a blog supported by a press...
FSCS highlights the top six things people get wrong about FSCS
Link(s):Top 6 things people get wrong about FSCS | FSCSTop 6 things people get wrong about FSCS | FSCSPodcast episode 43 transcriptInsurance protection & compensation | Check you're protected | FSCS Context FSCS has published a consumer-facing article about its...
FOS highlights the rise in ghost broking
Link(s):‘Ghost brokers’ haunting the insurance market – Financial Ombudsman service Context FOS has published a consumer-facing article highlighting a rise in ghost broking, urging consumers “to be vigilant as online fraudsters prey on victims, offering fake insurance...
FCA CEO comments about the Court of Appeal motor finance ruling
Link(s):Rising to the occasion on private markets | FCA Context During a speech at the Investment Association Annual Dinner, Mansion House, FCA Chief Executive Nikhil Rathi has provided comments about the ruling from the Court of Appeal regarding motor finance sales...
FCA fines an individual £350k for failing to notify a fitness and propriety breach
Link(s):FCA fines Kristo Käärmann £350,000 for failing to notify the FCA of significant tax issues | FCAFinal Notice 2024: Kristo Kaarmann Context The FCA has fined Mr Kristo Käärmann, the CEO of Wise plc and senior manager of Wise Assets UK Ltd, £350,000 for...
FCA publishes four Portfolio Letters setting out its strategy for four sectors – messages for all sectors
Link(s):Portfolio letter: FCA strategy for building societies in 2025FCA strategy for Retail Banks in 2025Portfolio Letter: FCA strategy for non-bank mortgage lenders and mortgage third party administrators in 2025Portfolio Letter: FCA strategy for lifetime mortgage...
FCA publishes latest financial promotions quarterly data for Q3 2024
Link(s):Financial promotions quarterly data 2024 Q3 | FCA Context The published web page gives a summary of data collected between 1st July 2024 and 30th September 2024 from the FCA’s actions against firms breaching financial promotion rules, and referrals and...
Court of Appeal judgment in Hopcraft, Johnson and Wrench motor finance case – implications for premium finance
Link(s):FCA statement on Court of Appeal judgment in Hopcraft, Johnson and Wrench | FCA(1) Hopcraft & anr (claimants/appellants) v Close Brothers Ltd (defendant/respondent)(2) Wrench (appellant) v Firstrand Bank Limited (London Branch) (respondent) (3) Johnson...
FCA publishes findings from its culture and non-financial misconduct survey
Link(s):FCA publishes results of non-financial misconduct survey | FCACulture and non-financial misconduct survey – findings | FCASurvey questions: culture and non-financial misconduct Context The FCA has published the findings from its survey of the London insurance...
FCA publishes FCA and Practitioner Panel 2023/24 survey
Link(s):The FCA and Practitioner Panel 2023/24 survey findings | FCAFCA and Practitioner Panel Survey 2023-24 Report Context The FCA has published the findings of its recent FCA and Practitioner Panel 2023/24 survey which collates the responses from its information...
FCA publishes its latest complaints data
Link(s):Complaints data | FCAFirm specific complaints data | FCAfirm-level-complaints-data-2024-h1.xlsxAggregate complaints data: 2024 H1 | FCAaggregate-complaints-data-2024-h1.xlsxOpened complaints | FCAClosed complaints | FCAComplaints upheld | FCARedress paid | FCA...
FCA publishes a speech: “Vulnerability is not a buzzword”
Link(s):Vulnerability is not a buzzword | FCA Context The FCA has published a speech, delivered by Graeme Reynolds, FCA Director of Competition, delivered at the Personal Investment Management & Financial Advice Association's (PIFMA) Wealth Vulnerability...
FCA cracks down on illegal finfluencers
Link(s):FCA cracks down on illegal finfluencers | FCA Context The FCA has announced that it is interviewing 20 ‘finfluencers’ under caution, targeting those who may be touting financial services products illegally. The FCA has also issued 38 alerts against social...
FOS publishes half yearly complaints data
Link(s):Complaints jump by 40% year on year – Financial Ombudsman service Context FOS has published the number of financial complaints it has received in the first half of 2024, which rose by over 40% compared to the same period in 2023. In the first six months of...
ICO welcomes the introduction of the Data (Use and Access) Bill into the House of Lords
Link(s):Statement in response to the introduction of the Data Use and Access Bill in the House of Lords | ICOData (Use and Access) Bill - GOV.UKData (Use and Access) Bill: supporting documents - GOV.UKData (Use and Access) Bill: factsheets - GOV.UKData (Use and...
FCA publishes Terms of Reference for a premium finance market study
Link(s):FCA launches premium finance market study alongside new Government insurance taskforce | FCA MS24/2.1 Premium Finance Market Study | FCA MS24/2.1 Market study into the provision of premium finance - proposed Terms of Reference (fca.org.uk) Context The FCA has...
FCA publishes an interim updated Regulatory Initiatives Grid
Link(s):Regulatory Initiatives Grid | FCA Regulatory Initiatives Grid - Interim update | FCA regulatory-initiatives-grid-interim-update.xlsx (live.com) Context The FCA has published an October 2024 interim update to the Regulatory Initiatives Grid (RIG), updating its...
FCA speech and blog: “It’s good to be different: the new FCA supervisory strategy for the financial advice sector”
Link(s):It's good to be different: the new FCA supervisory strategy for the financial advice sector | FCAA new approach to financial advice regulation | FCA Context Although aimed primarily at the financial advice sector, this speech and a supporting blog contain...
FCA speech, web page and report: “Ten years of FCA innovation: impact and opportunity”
Link(s):Ten years of FCA innovation: impact and opportunity | FCA10-Year Anniversary: FCA Innovation Services | FCA10-year anniversary: FCA Innovation ServicesOur innovation services | FCA Context The FCA has published a speech delivered by Jessica Rusu, FCA Chief...
FCA welcomes HM Treasury ‘Buy Now Pay Later’ regulation consultation
Link(s):FCA welcomes buy now pay later consultation | FCARegulation of Buy-Now, Pay-Later: consultation on draft legislation (October 2024) - GOV.UK (www.gov.uk) Regulation_of_BNPL_consultation_2024_-_final_17.10.pdf (publishing.service.gov.uk)BNPL_SI_draft.pdf...
FOS publishes wedding insurance guidance
Link(s):Don’t let wedding woes ruin your big day: check your insurance now – Financial Ombudsman service (financial-ombudsman.org.uk) Problems with wedding insurance? – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has published guidance for...
FCA publishes a Consumer Duty multi-firm review – Payments firms
Link(s):Payments Consumer Duty multi-firm review | FCA Context The FCA has published multi-firm review report of Payment firms’ implementation of Consumer Duty, having asked 23 Payment firms in January 2024 how they had implemented the Consumer Duty’s...
FCA publishes a Portfolio Letter – guidance about business consolidations
Link(s):Portfolio Letter: FCA's expectations for financial advisers and investment intermediaries Context Although not directly relevant to the financial services sectors we support, the FCA has included some guidance on its expectations in relation to firm...
FCA publishes a consumer credit reporting phases infographic
Link(s):Consumer credit reporting phases infographic (fca.org.uk)Consumer credit reporting web page Context The FCA has published an infographic (an extract from the Consultation Paper CP24.19) to demonstrate which current elements of the existing consumer credit...
FCA publishes Handbook Notice 122
Link(s):Handbook Notice 122 (fca.org.uk) Context The FCA has published Handbook Notice 122, in which it has confirmed updates to the Dispute Resolution Sourcebook (DISP) in relation to the pause on the requirement for firms to provide a final response to Discretionary...
ICO publishes a new data protection audit framework
Link(s):New data protection audit framework launched to help organisations improve compliance | ICOData protection audit framework | ICO Context The ICO has today launched a new audit framework designed to help organisations assess their own compliance with key...
ICO fines two companies a total of £120k for predatory marketing campaigns
Link(s):£120k issued in fines to two companies for predatory marketing campaigns | ICOWerepairUK Ltd | ICOEnforcement notice (ico.org.uk)Service Box Group Limited | ICOMonetary penalty notice (ico.org.uk) Context The ICO has announced that it has fined two companies...
Lloyd’s publishes Q3 2024 Market Bulletin Y5446 – major loss, exchange rate and other information
Link(s):Market bulletin (lloyds.com) Context Lloyd’s has published its Q3 2024 Market Bulletin Y5446 to provide Managing Agents at Lloyd’s with information required for the completion of the Q3 2024 QMA, QMB and Pillar 3 returns including the list of major losses to...
LMA and IUA publish claims ‘taster’ job simulations
Link(s):Insights (lmalloyds.com)IUA and LMA take first steps to tackle early career challenge - claims 'taster' job simulations Context The LMA and the IUA have launched two online claims job simulations to improve visibility of career opportunities in claims. Key...
FOS publishes an advice note: “Car modifications can wreck your insurance”
Link(s):Car modifications can wreck your insurance – Financial Ombudsman service (financial-ombudsman.org.uk)Car modifications and insurance – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has issued a press release and an ‘advice’ update...
Gowling WLG publishes Court of Appeal decisions impacting insurance policy wordings
Link(s):Court of Appeal rules again on the interpretation of insurance policy terms | Gowling WLG Context Law firm Gowling WLG has published an article outlining the details of three recent Court of Appeal decisions which have confirmed that insurance policies are...
FSCS announces that the FCA and the PRA Have appointed a new Chair of the FSCS
Link(s):FCA and PRA appoint new FSCS Chair | FSCSFCA and PRA appoint new Chair of the FSCS | FCA Context The FCA and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the FSCS Board. She will take up the role on 1 October 2024. Key...
FCA publishes its Conflict of Interests Policy for FCA Non-Executive Directors
Link(s):Conflict of Interests Policy for Non-Executive Directors (fca.org.uk) Context The FCA has chosen to publish its internal Conflict of Interests Policy for its Non-Executive Directors (NEDs). There is no accompanying press release, and the document is dated...
FCA fines Starling Bank £29m for failings in its financial crime systems and controls
Link(s):FCA fines Starling Bank £29m for failings in their financial crime systems and controls | FCAFinal Notice 2024: Starling Bank Limited (fca.org.uk) Context The FCA reviewed financial crime controls at challenger banks in 2021 and, during this review, identified...
CII produces a Consumer Duty Board reporting White Paper
Link(s):White Paper: Consumer Duty Board reporting (cii.co.uk)Consumer-duty-roundtable-reporting-final-25-september.pdf (cii.co.uk) Context The CII has published a useful White Paper, with input gathered by FWD Research in July this year from Institute members...
ABI publishes latest figures on fraudulent claims
Link(s):No let up in crack down on insurance cheats as industry detects £1 billion worth of fraudulent claims | ABI Context The ABI has published recent figures revealing £1.1 billion worth of fraudulent claims were detected last year, up 4% on 2022. The figures are...
FOS publishes a speech “Businesses must step up support for people in debt”
Link(s):Businesses must step up support for people in debt – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has published a speech delivered by Abby Thomas, Chief Executive and Chief Ombudsman, regarding financial firms to do more to help...
FCA publishes a speech “Like London’s Roman Wall, financial rules must adapt”
Link(s):Like London's Roman Wall, financial rules must adapt | FCA Context Sarah Pritchard, FCA Executive Director, Markets and Executive, International, has delivered a speech at the FT Financial Advice Forum, London. She used the fact that the venue is home to a...
FCA publishes a speech “Change for the better: the FCA’s evolving approach to enforcement”
Link(s):Change for the better: the FCA’s evolving approach to enforcement | FCA Context Therese Chambers, FCA Joint Executive Director of Enforcement and Market Oversight, has delivered a speech at the AFME Annual European Compliance and Legal Conference, regarding...
FCA publishes a Senior Independent Director Review into whistleblowing concerns
Link(s):Senior independent director review into whistleblowing concerns | FCAOutcome of an internal whistleblowing communications review by the FCA’s Senior Independent Director Context The FCA has published the details of a review carried out by its Senior...
ICO issues a fine relating to retaining and selling data to competitors
Link(s):Guilty car salesman fined for retaining and selling data to competitors | ICO Context The ICO has published details of a fine it has issued to Alexander Doré. Alexander pleaded guilty to, and has been fined for, unlawfully retaining and selling thousands of...
FCA confirms it will be updating the Firm Details Attestation
Link(s):N/A Context The FCA has written to the Association of Professional Compliance Consultants (APCC) which has, in turn, written to us at UKGI as APCC members. The FCA’s notification is in relation to “Changes to the Firm Details Attestation Form”. The...
FCA speech: Catalysing productivity and growth: A change in mindset on financial inclusion
Link(s):Catalysing productivity and growth: A change in mindset on financial inclusion | FCA Context The FCA has published a speech, delivered by Nikhil Rathi, FCA Chief Executive, on 19 September 2024, at StepChange Connected 2024 at the Aspire building in Leeds. ...
Which? calls for FCA action on insurer premium finance interest rates
Link(s):Which? calls for urgent FCA action, as research reveals insurers still hitting customers with crippling interest rates for paying monthly - Which? Policy and insight Context Which? is calling on the FCA to take urgent action to prevent insurers from charging...
ASA publishes a webpage regarding the increase they have received on financial ads
Link(s):Ensuring your financial ads are on the money - ASA | CAP14 Financial products - ASA | CAP Context The Advertising Standards Authority (ASA) has published a webpage regarding the rise year on year of financial ads referred to the ASA. ASA wants firms to ensure...
CII issues a response to the Which? report on insurer premium finance rates
Link(s):(2) Post | Feed | LinkedIn Context In what is being seen as a ‘first’ by some industry commentators, the CII’s Policy and Public Affairs Director, Dr Matt Connell, has published on LinkedIn a response to the Which? report about insurer premium finance rates....
LMA publishes details of a market-wide consultation about ‘computable contracts’
Link(s):Insights (lmalloyds.com)2024 Consultation (lmadare.co) Context The LMA has launched a market-wide consultation on the new Computable Binding Authority Agreement (CBAA) model wording that is being developed with the support of Lloyd’s, the London &...
FSCP publishes a response to the FCA Discussion Paper: Regulation of commercial and bespoke insurance business
Link(s):20240916_final_fscp_response_to_fca_discussion_paper_regulation_of_commercial_and_bespoke_insurance_business.pdfDP24/1: Regulation of commercial and bespoke insurance business | FCADP24/1: Regulation of commercial and bespoke insurance business (fca.org.uk)...
FCA speech: Frameworks for effective fraud prevention measures
Link(s):Frameworks for effective fraud prevention measures | FCA Context The FCA has published a speech, initially delivered by Andrea Bowe, Director of the specialist directorate, on 5 September 2024, at the Westminster Legal Policy Forum Keynote Seminar “Next Steps...
FCA publishes an Upper Tribunal decision – Promethean Finance – trading names and financial promotions
Link(s):Promethean Finance Limited tribunal decision | FCA Second Supervisory Notice 2024: Promethean Finance Limited (fca.org.uk)PROMETHEAN FINANCE LIMITED v THE FINANCIAL CONDUCT AUTHORITY [2024] UKUT 00229 (TCC) - GOV.UK (www.gov.uk)...
FCA publishes a ‘Price and Value Outcome: Good and Poor Practice’ update
Link(s):Price and Value Outcome: Good and Poor Practice update | FCA Context The FCA has published a web page regarding insights from the first year of the implementation of the price and value outcome, which is intended to help firms improve the way they think about...
FCA updates its General Insurance Pricing Practices Q&A document
Link(s):General Insurance Pricing Practices: Q&As on the published rules (fca.org.uk) Context The FCA has updated its General Insurance Pricing Practices (GIPP) Q&A document. Q 1.11 has been removed, and the answers to Q 1.12 and 1.13 have been updated with...
Lloyd’s publishes a Market Bulletin – dealing with poor conduct and behaviours
Link(s):Market bulletin (lloyds.com)Proposed New Conduct Framework - Lloyd's (lloyds.com) Context Lloyd’s has published a Market Bulletin Y5443: “Modernised approach to dealing with poor conduct and behaviours in the market”. The purpose of the document is to consult...
BIBA calls on Government to support brokers in its Autumn Budget
Link(s):Budget Submission (biba.org.uk) Context BIBA has formally asked HM Treasury, ahead of the Autumn Budget, to cut the headline rate of IPT from 12% to 10%, exempt IPT on the insurance of multi-occupancy residential buildings which still require or are undergoing...
BIBA and the Managing General Agents Association (MGAA) to work closer together
Link(s):BIBA and MGAA to work closer together Context BIBA has announced that it has formalised its working relationship with the Managing General Agents’ Association (MGAA) by becoming affiliates. Key points to note and next actions This formal association between...
ICO and the National Crime Agency sign a Memorandum of Understanding
Link(s):ICO and NCA sign memorandum of understanding for further collaboration on cyber security | ICO Context The ICO has announced it has signed a Memorandum of Understanding (MoU) with the National Crime Agency (NCA), which sets out how the orginasations will...
FCA publishes Consultation Paper regarding Consumer Credit Regulatory Returns
Link(s):CP24/19: Consumer Credit Regulatory Returns: Credit Broking, Debt Adjusting, Debt Counselling and Providing Credit Information Services | FCACP24/19: Consumer Credit Regulatory Returns (fca.org.uk) Context The FCA has published a consultation paper regarding...
FCA publishes Quarterly Consultation No. 45
Link(s):CP24/18: Quarterly Consultation Paper No. 45 | FCACP24/18: Quarterly Consultation No 45 (fca.org.uk) Context The FCA has published a brief Quarterly Consultation Paper CP 24/18 proposing two minor amends in relation to access to cash (a consequential amendment...
FCA publishes a review report about Principal firms’ oversight of Appointed Representatives (ARs)
Link(s):Oversight of ARs improving but more to do, says FCA | FCAPrincipal firms embedding the new rules for effective appointed representative oversight: Good practice and areas for improvement | FCA Context The FCA has published a review report indicating that,...
Department for Science, Innovation and Technology consults on changes to the data protection fee regime
Link(s):Data protection fee regime: proposed changes - GOV.UK (www.gov.uk)Data protection fee regime consultation - GOV.UK (www.gov.uk) Context The Department for Science, Innovation and Technology is consulting on proposed changes to the data protection fee regime,...
FSCS publishes an update about its transformation journey
Link(s):Boosting efficiency and enhancing customer outcomes | FSCS Context Sarah Marin, Chief Customer Officer at FSCS, has provided an update on how FSCS is changing the way it handles claims to boost efficiency and enhance customer outcomes. FSCS has been on a...
FOS publishes Ombudsman News issue 194
Link(s):Ombudsman News 194 – Financial Ombudsman service (financial-ombudsman.org.uk) Context FOS has published issue 194 of Ombudsman News, which looks at the latest FOS complaints data that we commented on in our previous weekly update. The latest data covers the...
FCA publishes its Annual Report and supporting documentation
Link(s):FCA’s improved performance set to help UK finance sector thrive | FCAOur Annual Report and Accounts 2023/24 | FCAAnnual Report and Accounts 2023/24 (fca.org.uk)FCA Enforcement data 2023/24 | FCAFCA outcomes and metrics | FCAFCA operating service metrics...