Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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),...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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)...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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:...