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Archive

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...

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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...

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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...

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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...

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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...

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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...

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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...

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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:...

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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...

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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...

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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...

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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...

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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...

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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...

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FCA publishes firms’ complaints data for January to June 2023

Link(s):Complaints data | FCA    About our complaints data | FCA    Aggregate complaints data: 2023 H1 | FCA    Firm specific complaints data | FCA Opened complaints | FCA    Closed complaints | FCA    Complaints upheld | FCA    Redress paid | FCA Context The FCA has...

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FCAs publishes details of skilled person reviews instigated

Link(s):Skilled person reviews | FCA Number of skilled persons reports commissioned in Q1 2023/24 (April – June 2023) (fca.org.uk) Number of skilled persons reports commissioned in Q2 2023/24 (July – September 2023) (fca.org.uk) Context The FCA has published a web...

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FCA decides to fine and ban James Staley

Link(s):FCA decides to fine and ban James Staley | FCA Context The FCA has decided to fine former CEO of Barclays, James Staley, £1.8 million and ban him from holding a senior management or significant influence function in the financial services industry.  The FCA...

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How the FCA is making form filling easier for applicants

Link(s):How we are making form filling easier for applicants | FCA Context In a blog by Emily Shepherd, FCA Authorisations Chief Operating Officer and Executive Director, she explains that for firms to gain authorisation or registration, applicants must fill out the...

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ICO consultation on draft Data Protection Fining Guidance

Link(s):ICO consultation on draft Data Protection Fining Guidance | ICODraft Data Protection Fining Guidance | ICO Context The Information Commissioner’s Office is consulting on new draft guidance about how it decides to issue penalty notices and calculate fines under...

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FCA announces that it has launched the new Form A

Link(s):Changes to application forms accessed via Connect | FCA Context The FCA has launched the new Form A to the subset of firms which have been helping the FCA to test it, and the FCA will begin rolling the new Form out to more firms this week.  The...

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ABI signs Memorandum of Understanding with ABIR

Link(s):ABI signs Memorandum of Understanding with ABIR | ABI Context The Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI) have agreed to work together on matters of mutual interest detailed in a Memorandum of...

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FCA Publishes Handbook Notice 112

Link(s):Handbook Notice 112 (fca.org.uk) Context This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 28th September 2023. Key points to note The only significant...

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FCA consults on consumer credit Product Sales Data Reporting

Link(s):CP23/21: Consumer credit – Product Sales Data Reporting | FCACP23/21: Consumer Credit – Product Sales Data Reporting (fca.org.uk) Context This new FAC requirement will be relevant to any Insurance Intermediaries that provides its own lending facilities for...

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FCA to issue another round of financial resilience surveys

Link(s):Financial Resilience Survey | FCA Context The FCA has updated its Financial Resilience Survey web page to indicate that it is to issue another round of surveys. Key points to note The FCA is asking a number of firms to complete the survey, which helps the FCA...

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FOS publishes Ombudsman News 184

Link(s):Ombudsman News 184 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service has published its latest edition of Ombudsman News. Key points to note This edition highlights: The Financial Ombudsman’s latest data, covering complaints about financial...

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