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Archive
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...
Court papers set out findings of fraud and misrepresentation on the part of two former Directors of AFL insurance Brokers Limited
Link(s):Next Generation Holdings Ltd & Anor v Finch & Ors [2023] EWHC 2383 (Ch) (27 September 2023) (bailii.org) Context Court papers / a Court decision has been published In The High Court Of Justice Business And Property Courts Of England And Wales Business...
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...
FCA takes action against Darren Reynolds and Andrew Deeney of Active Wealth for dishonest pension transfer advice
Link(s):FCA takes action against Darren Reynolds and Andrew Deeney of Active Wealth for dishonest pension transfer advice | FCADecision Notice 2023: Darren Antony Reynolds (fca.org.uk)Final Notice 2023: Andrew John Deeney (fca.org.uk) Context The FCA has decided to...
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...
The FCA and PRA propose measures to boost diversity and inclusion in financial services
Link(s):The FCA and PRA propose measures to boost diversity and inclusion in financial services | FCA CP23/20: Diversity and inclusion in the financial sector – working together to drive change | FCA Context The FCA has published a consultation paper, the aim of...
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...
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...
FCA issues two Insurance Market Priorities 2023-2025 Portfolio Letters
Link(s):Personal and commercial lines insurance portfolio letter: insurance market priorities 2023-2025 (fca.org.uk) Wholesale insurance portfolio letter: insurance market priorities 2023-2025 (fca.org.uk) Context The FCA has set out its priorities for the insurance...
FCA publishes the General Insurance Value Measures Data for 2022
Link(s):FCA calls on insurers to take action as it publishes latest fair value data | FCA General insurance value measures data 2022 | FCA gi-value-measures-data-2022.xlsx (live.com) Context In the FCA’s latest data, and from its ongoing interactions with firms, there...
FOS publishes quarterly complaints data for Q1 2023/2024
Link(s):Quarterly complaints data: Q1 2023/24 (financial-ombudsman.org.uk) Context FOS has published its quarterly complaints data for Q1 2023/2024 (so April to June 2023). Key points to note complaints relating to motor and buildings insurance have reached their...
FCA publishes a blog: “The post-Brexit Handbook: a collective opportunity”
Link(s):The post-Brexit Handbook: a collective opportunity | FCA Repeal and replacement of retained EU law | FCA Context The FCA and other regulators have been given the ability to set out what a UK financial services rulebook outside of the EU is going to look like....
FCA publishes a transcript of a video introducing the new Form A
Link(s):Improving Form A: video transcript (fca.org.uk) Context The FCA has published a transcript of a video talking about the improvements the FCA is making to the Form A. Key points to note The transcript sets out the main changes that are being made, including a...
RegData – Notice Board
Link(s):FCA RegData : Login Context The FCA is aware some users’ period end dates are incorrect. The reports have been incorrectly scheduled with the period end 28/08/2023 instead of 31/08/2023, the FCA are looking to implement a fix as soon as possible. Also Data...
New screening checks required to approve financial adverts
Link(s):New screening checks required to approve financial adverts | FCA PS23:/13: Introducing a gateway for firms who (fca.org.uk) PS23/13: Introducing a gateway for firms who approve financial promotions | FCA Context The FCA is introducing new screening checks for...
Keeping the UK moving – record motor insurance payouts to keep drivers mobile
Link(s):Keeping the UK moving – record motor insurance payouts to keep drivers mobile | ABI Context Motor insurers paid out £2.5 billion in motor claims in the second quarter of this year, up 29% on the £2 billion paid in the same quarter last year according to latest...
FCA publishes findings from its assessments of firms’ sanctions systems and controls
Link(s):Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine | FCA Context The FCA has published a new webpage – Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of...
FCA publishes CP23/19: Future Regulatory Framework – The Insurance Distribution Directive
Link(s):CP23/19: Future Regulatory Framework - The Insurance Distribution Directive | FCACP23/19: Future Regulatory Framework The Insurance Distribution Directive (fca.org.uk) Context The UK fully implemented the Insurance Distribution Directive (IDD) in 2018. Most of...
FCA publishes Quarterly Consultation Paper No. 41 (CP23/18)
Link(s):CP23/18: Quarterly Consultation Paper No. 41 | FCACP23/18: Quarterly Consultation Paper No. 41 (fca.org.uk) Context Once a quarter, the FCA consults on proposed miscellaneous amendments to its Handbook. Key points to note Changes to the employers’ liability...
The FCA’s Sarah Pritchard talks about calibrating controls to build confident markets
Link(s):Calibrating controls to build confident markets | FCA Context Speech by Sarah Pritchard, FCA Executive Director of Markets and International, which focuses on financial crime and why it is a key focus of the FCA. While the speech is primarily focused on...
FCA launches review of treatment of Politically Exposed Persons
Link(s):FCA launches review of treatment of Politically Exposed Persons | FCA Context FCA has set out issues it will consider as part of a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms. Key points to note The FCA’s...
BIBA highlights over 1 million age related enquiries received to its Find Insurance Service
Link(s):Signposting service reaches 1,000,000 enquiries - BIBA Context The Agreement on Age and Insurance between Government, BIBA and the ABI renewed today. This ‘Signposting Agreement’ continues to help older people find the essential travel or car cover they need....
ICO publishes new guidance on sending bulk communications by email
Link(s):ICO publishes new guidance on sending bulk communications by email | ICO Context The Information Commissioner’s Office (ICO) has issued a warning to organisations to use alternatives to the blind carbon copy (BCC) email function when sending emails containing...
FCA publishes updates to its Wider Implications Framework issues log up to March 2023
Link(s):Wider Implications Framework issues log – March 2023 (fca.org.uk)Terms of Reference for the Wider Implications Framework (fca.org.uk) Context The FCA has published its updated Wider Implication Framework and Issues as of March 2023. The FCA, through the...
Direct Line to carry out a past business review relating to the FCA’s pricing rules
Link(s):Direct Line to carry out a past business review relating to the FCA's pricing rules | FCA Context Direct Line Group has agreed a voluntary requirement having charged some existing home and motor customers more for their renewal than they would have...
FCA publishes its latest Inside FCA Podcast ‘Fighting fraud and financial crime’
Link(s):Inside FCA Podcast: Fighting fraud and financial crime | FCA Inside FCA Podcast transcript: Interview with Emad Aladhal on fighting fraud and financial crime Context The FCA has published a podcast interview and a transcript with Ozge Ibrahim and Emad Aladhal....
ICO consultation on the draft biometric data guidance
Link(s):ICO consultation on the draft biometric data guidance | ICOGuidance on biometric data | ICO Context The Information Commissioner’s Office (ICO) is producing guidance on biometric data and biometric technologies. The draft biometric data guidance explains how...
Verex Insurance Services Limited enters administration
Link(s):Verex Insurance Services Limited enters administration | FCA Context Verex Insurance Services Limited (Verex) is an insurance broker that sold motor insurance products from a range of insurers. The Directors of the company applied to place the firm in...
ABI highlights crackdown on insurance cheats
Link(s):Conning big - crackdown on insurance cheats delivering results, but average scam up to nearly £15,000 | ABI Context The Association of British Insurers (ABI) is warning that there can be no let-up in cracking down on insurance fraud. Key findings from the...
A picture says a thousand words. Avoiding misleading imagery in ads
Link(s):A picture says a thousand words. Avoiding misleading imagery in ads - ASA | CAP Context CAP has published a webpage about how the ASA will assess whether an ad is likely to mislead. Key points to note The ASA will consider the entire ad, and the overall...
Affiliate yourself with the CAP Code this month
Link(s):Affiliate yourself with the CAP Code this month - ASA | CAP Context CAP has published a webpage referring to Rule 2.1 of the CAP Code. This rule requires that marketing communications are obviously identifiable as such. The Code also states that marketing...
FCA invites Politically Exposed Persons to share their experiences
Link(s):We invite Politically Exposed Persons to share their experiences | FCALetter to MPs, peers and other interested parties (fca.org.uk) Context The FCA is currently reviewing how financial services firms have applied the PEPs regime and whether changes to its...
ABI reports that sustained cost pressures on insurers push the average price of motor insurance to a record high
Link(s):Sustained cost pressures on insurers push the average price of motor insurance to a record high | ABI Context The Association of British Insurers has gathered data which analysed 28 million motor insurance policies. This produced the most accurate picture of...
The ICO and CMA say it’s time to end damaging website design practices that may harm your users
Link(s):It’s time to end damaging website design practices that may harm your users | ICO Context The ICO and CMA have published a joint position paper which is targeted to firms that deploy design practices in digital markets (such as on websites or other online...
FOS publishes Ombudsman News 183
Link(s):Ombudsman News 183 (financial-ombudsman.org.uk) Context The FOS has published the latest edition of Ombudsman News. Key points to note This edition highlights: Its recent blog on Section 75 and chargeback complaintsUpdated guidance for financial businesses on...
Helping firms provide more support to customers making investment decisions
Link(s):Helping firms provide more support to customers making investment decisions | FCA Context The Government announced in 2022, plans to fundamentally review how the boundary between advice and guidance on investments is operating. This review will be carried out...
FCA publishes its authorisations operating service metrics for April to June 2023
Link(s):FCA Authorisations operating service metrics 2023/24 Q1 | FCAAuthorisations operating service metrics 2023/24 Q1 (fca.org.uk) Context The FCA has published its authorisations metrics covering the period from April to June 2023. Key points to note The data...
FCA publishes its financial promotions quarterly data for April to June 2023
Link(s):Financial promotions quarterly data 2023 Q2 | FCA Context The FCA has published a summary of data generated between 1 April 2023 and 30 June 2023 from its actions against firms breaching financial promotion rules, and referrals and investigations into...
NCSC reveals most common cyber vulnerabilities exploited in 2022
Link(s):NCSC and allies reveal most common cyber vulnerabilities... - NCSC.GOV.UK2022 Top Routinely Exploited Vulnerabilities | CISA Context In a new joint advisory, the National Cyber Security Centre – a part of GCHQ – and agencies in the US, Australia, Canada and...