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Archive
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...
FCA to host a webinar – “Consumer Duty: the next steps”
Link(s):Consumer Duty: The next steps - FCA Webinars Context The Consumer Duty came into force on 31 July 2023, setting a higher standard of consumer protection in financial services. The FCA hosting a webinar on 6th December 2023 to help firms understand its...
FCA writes to Principal firms about overseas Appointed Representatives (ARs)
Link(s):N/A Context We are aware that the FCA has started to write to Principal firms in relation to overseas ARs, and that the FCA had written to the London & International Insurance Brokers’ Association (LIIBA) in relation to actions the FCA is proposing to take...
FCA publishes the findings of its review of rules extending SME access to the Financial Ombudsman Service
Link(s):Review of rules extending SME access to the Financial Ombudsman Service | FCA FS23/5: Review of rules extending SME access to the Financial Ombudsman Service | FCA FS23/5: Findings of review of rules extending SME access to the Financial Ombudsman Service...
Office of Financial Sanctions Implementation confirms date for upcoming introductory 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....
FCA publishes a speech: “Collaborate to compete: why we must all embrace a growth mindset”
Link(s):Collaborate to compete: why we must all embrace a growth mindset | FCA Context The FCA has published a speech by Nikhil Rathi, FCA Chief Executive, titled “Collaborate to compete: why we must all embrace a growth mindset” Key points to note Key points made in...
FCA publishes a report prepared by London Economics: “The deterrence effects of the Financial Conduct Authority’s authorisations activities”
Link(s):The deterrence effects of the Financial Conduct Authority's authorisations activities (fca.org.uk) Context The FCA has published a report, written for the FCA, from London Economics about the deterrence effect of the FCA’s authorisation activities (its...
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...
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...
FCA publishes its quarterly whistleblowing data for April to June 2023
Link(s):https://www.fca.org.uk/data/whistleblowing-quarterly-data-2023-q2 Context The data shows the number of new whistleblowing reports the FCA received between April and June 2023 and how the information was received. Key points to note In 2023 Q2 (April – June),...
FCA finally censures London Capital & Finance (LCF) for its “unfair and misleading financial promotions of minibonds”
Link(s):https://www.fca.org.uk/news/press-releases/fca-censures-london-capital-finance-plc https://www.fca.org.uk/publication/final-notices/london-capital-and-finance-plc-2023.pdf Context The Financial Conduct Authority (FCA) has censured London Capital & Finance...
FCA fines Equifax Ltd £11 million for role in one of the largest cyber-security breaches in history
Link(s):https://www.fca.org.uk/news/press-releases/equifax-ltd-fine-cyber-security-breach https://www.fca.org.uk/publication/final-notices/equifax-limited-2023.pdf Context The FCA has fined Equifax Ltd (Equifax) £11,164,400 for failing to manage and monitor the...
PRA proposes updates to Forms C and D for the FCA’s new consumer duty
Link(s):CP22/23 – Occasional consultation paper – October 2023 | Bank of England Context In its occasional consultation paper for October 2023 (CP22/23), the PRA proposes changes to Senior Managers and Certification Regime (SM&CR) Forms C and D related to the...
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...
ABI unveils industry progress on DEI and urges insurance and long-term savings sector to not get left behind
Link(s):ABI unveils industry progress on DEI and urges insurance and long-term savings sector: don’t get left behind | ABI Context One year on from the launch of the ABIs ambitious Diversity, Equity and Inclusion (DEI) Blueprint, setting out how the ABI plans to...
FOS publishes its complaints data from the first half of 2023
Link(s):We’ve published our complaints data from the first half of 2023 (financial-ombudsman.org.uk) Context FOS has published data that shows how many complaints it has received about financial businesses in the first half of 2023. Key points to note The new figures...
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...
ICO publishes guidance to ensure lawful monitoring in the workplace
Link(s):ICO publishes guidance to ensure lawful monitoring in the workplace | ICO Context The Information Commissioner’s Office (ICO) is calling on organisations to consider both their legal obligations and their workers’ rights before they implement any monitoring in...
PRA consults on its approach to the authorisation and supervision of insurance branches
Link(s):CP21/23 – The PRA’s approach to the authorisation and supervision of insurance branches | Bank of England Context The PRA has published a consultation paper, which sets out the Prudential Regulation Authority’s proposals to consolidate and formalise...
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...
PRA publishes a statement on the dynamic general insurance stress test in 2025
Link(s):PRA statement on the dynamic general insurance stress test in 2025 | Bank of England Context The PRA has published a statement which provides an early indication to the insurance industry of the PRA’s intent to run a dynamic general insurance stress test in...
FCA publishes a speech – “AI: Flipping the coin in financial services”
Link(s):AI: Flipping the coin in financial services | FCA Context The FCA has published a speech, delivered by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, at the City and Financial Global AI Regulation Summit 2023. Titled “AI: Flipping...
FCA review of terminal illness benefits within life insurance protection products
Link(s):Review of terminal illness benefits within life insurance protection products | FCA Context The FCA has published the results of a review it has conducted into insurance companies’ approaches to terminal illness benefits, and has made recommendations for...
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...
FCA publishes Policy Statement PS23/14 – multi-occupancy buildings insurance reforms
Link(s):FCA confirms leasehold buildings insurance reforms | FCA PS23/14: Multi-occupancy building insurance: Feedback to CP23/8 and final rules (fca.org.uk) Context The FCA has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance...
FCA publishes Appointed Representatives (AR) data and outlines what it expects from firms
Link(s):Improving the Appointed Representatives regime through greater use of data | FCA Context The FCA set out its commitment to improving the AR regime within its Business Plan and Strategy and, in December 2022, introduced rules and guidance to improve how...
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...