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Archive
FCA publishes the latest Regulatory Initiatives Grid
Link(s):Regulatory Initiatives Grid | FCA Financial Services Regulatory Initiatives Forum - Minutes: February 2023 (fca.org.uk) Context The Regulatory Initiatives Grid is updated twice each year by the Financial Services Regulatory Initiatives Forum, which is made up...
ABI and ITN Business explore how the insurance sector is helping to ‘Secure Futures’ across the UK in news-style programme
Link(s):ABI and ITN Business explore how the insurance sector is helping to ‘Secure Futures’ across the UK in news-style programme | ABI Context In a world faced with increasing uncertainty and risk, the insurance and long-term savings industry is committed to...
ABI publishes a new 3-year strategy, with a focus on driving change to support customers, society, and the planet
Link(s):Driving change to support customers, society and the planet | ABI Context The Association of British Insurers (ABI) has put customers, society and protecting our planet at the heart of a new three year strategy. Key points to note The headlines...
ABI – Don’t leave me hanging on the telephone…
Link(s):Don’t leave me hanging on the telephone… | ABI Context The Association of British Insurers announces they have joined forces with consumer group Fairer Finance who have produced guidance to help insurers and long-term savings providers further improve their...
Tribunal rules on Experian appeal against ICO action
Link(s):Tribunal rules on Experian appeal against ICO action | ICO Context The First-Tier Tribunal (Information Rights) has ruled on the ICO’s action to require Experian Limited to change how it handles people’s personal data. The Judgment supported aspects of the...
FCA speech – Call of Duty: How putting customers front and centre will help industry innovate
Link(s):Call of Duty: How putting customers front and centre will help industry innovate | FCA Context The FCAs Sheldon Mills, Executive Director, Consumers and Competition, delivered a speech at the 'Countdown to Implementation of the Consumer Duty' event, focusing...
FCA publishes a podcast, an mp3 recording and a transcript about what the Consumer Duty means for firms seeking authorisation
Link(s):Inside FCA Podcast: What the Consumer Duty means for authorisation | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Alex MacDermott, FCA technical specialist, about how the Consumer Duty affects firms...
Cost of living boost for millions of households as the average price of home insurance falls to lowest since records began – ABI
Link(s):Cost of living boost for millions of households as the average price of home insurance falls to lowest since records began | ABI Context Despite a year of turbulent weather in 2022 causing damage to many homes, the average price paid for home insurance fell to...
The FSCS introduces its Budget Update for January 2023
Link(s):Introduction to Budget Update 2023 | FSCS FCA announces next steps on improving the compensation framework | FCA Budget update | FSCS Context FSCS Chief Executive, Caroline Rainbird, introduces the January 2023 Budget Update which covers the proposed 2023/24...
The ICO fines It’s OK Ltd £200,000 for making over 1.7million unlawful calls
Link(s):Business fined £200,000 for making over 1.7million unlawful calls | ICO Context The Information Commissioner’s Office (ICO) has fined It’s OK Ltd £200,000 for what it called a “sustained and exploitative campaign” of nuisance calls. Key points to note It’s OK...
FCA places restrictions on Campbell & Associates Independent Financial Advice Ltd
Link(s):Restrictions placed on Campbell & Associates Independent Financial Advice Ltd | FCA Context The FCA imposed a number of restrictions on Campbell & Associates Independent Financial Advice Ltd preventing it from carrying out any regulated activities and...
FCA Blog: Finance for positive, sustainable change
Link(s):Finance for positive, sustainable change | FCA Context Sacha Sadan, the FCA Director of Environmental, Social and Governance (ESG) has published a blog highlighting that closing the ‘say-do’ gap is key to tackling greenwashing and boosting confidence in ESG...
FCA issues a Final Notice to Stratton Leasing Limited
Link(s):Final Notice 2022: Stratton Leasing Limited (fca.org.uk) Context The FCA have cancelled the permissions of Stratton Leasing Limited due to breaches of the suitability and appropriate resources Threshold Conditions, and also for not being open and co-operative...
EIOPA aims to strengthen oversight of third country governance arrangements with supervisory statement
Link(s):EIOPA aims to strengthen oversight of third country governance arrangements with supervisory statement | Eiopa (europa.eu) supervisory_statement_on_the_use_of_governance_arrangements_in_third_countries_to_perform_functions_or_activities.pdf (europa.eu)...
FCA updates its multi-factor authentication (MFA) web page with details of how to register for and use MFA
Link(s):Multi-factor authentication for FCA systems | FCA Context The FCA has updated its MFA web page to confirm that MFA has now been launched. Key points to note The FCA has updated its MFA web page to confirm that MFA has now been launched. It now includes...
FCA Speech – How to organise a COO
Link(s):How to organise a COO | FCA Context Speech by Emily Shepperd, FCA Chief Operating Officer and Executive Director of Authorisations, delivered at the Armstrong Wolfe COO Summit 2023: Non-financial Risk Key points to note Shepperd discusses topics including...
FCA publishes Q4 2022 and all of 2022 financial promotions data
Link(s):Financial promotions quarterly data 2022 Q4 | FCAFinancial watchdog blocks thousands of misleading ads | FCA FCA highlights areas of focus for firms implementing the Consumer Duty | FCA Context The FCA has published its Q4 2022 financial promotions data and an...
FCA publishes a podcast, an mp3 recording and a transcript about the Consumer Duty consumer support outcome
Link(s):Inside FCA Podcast: What does the Consumer Duty consumer support outcome mean? | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Sean Cafferky, FCA policy expect, about the consumer support outcome of the...
FCA supports firms through the transition to implementing the Consumer Duty
Link(s):FCA supports firms through the transition to implementing the Consumer Duty | FCA Consumer Duty events | FCA Context While continuing to get ready for the implementation of the Consumer Duty, the FCA is supporting firms through the transition with a programme...
FCA issues 13-page ‘Dear CEO’ letter to firms in the general insurance and pure protection sector
Link(s):Implementing the Consumer Duty in the General Insurance and Pure Protection sectors (fca.org.uk)Consumer Duty – information for firms | FCA Context As part of its promised sector-specific publication of information and assistance, the FCA (Matt Brewis,...
LMA’s Member Manifesto sets out its agenda for 2023
Link(s):LMA’s Member Manifesto for 2023 (lmalloyds.com) LMA’s Member Manifesto Video 2023 (lmalloyds.com) COH_J013182 LMA Member Manifesto 2023 C6 (adobe.com) Context The Lloyd’s Market Association (LMA) has outlined its strategic priorities for 2023. The LMA will...
Department for Levelling Up, Housing and Communities (DLUHC) responds to the FCA’s report about the buildings insurance market for multiple-occupancy residential buildings
Link(s):Response to the Financial Conduct Authority’s (FCA) report on the buildings insurance market for multiple-occupancy residential buildings - GOV.UK (www.gov.uk) Context The DLUHC has published a further letter to the FCA from the Secretary of State, Michael...
CAP publishes four key tips on using personal data for marketing
Link(s):Stay up to data: four key tips on using personal data for marketing - ASA | CAP Context On 26th April 2006 the Council of Europe decided to launch a Data Protection Day to be celebrated each year on 28th January, the date on which the Council of Europe’s data...
Former RAC employee fined for stealing data of victims of road traffic incidents
Link(s):Former RAC employee fined for stealing data of victims of road traffic incidents | ICO Context A former employee of breakdown services company RAC has plead guilty and been fined for the stealing of data of victims of road traffic accidents. Key points to note...
Staff anger reaching tipping point at the Financial Conduct Authority
Link(s):Staff anger reaching tipping point at the Financial Conduct Authority (unitetheunion.org) Context The trade union Unite has written to Nikhil Rathi, CEO of the Financial Conduct Authority, to warn of widespread anger amid management’s refusal to discuss pay...
FCA publishes a podcast, an mp3 recording and a transcript about the Consumer Duty consumer understanding outcome
Link(s):Inside FCA Podcast: Explaining the Consumer Duty consumer understanding outcome | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Richard Wilson, the FCA’s Manager of Consumer Policy, about the consumer...
The FCA and Practitioner Panel launch a joint survey for 2023
Link(s):The FCA and Practitioner Panel joint survey for 2023 launches | FCA Context The FCA and Practitioner Panel 2022/23 survey is being sent to a sample of regulated firms, to gather their feedback on how it is doing in regulating the industry. Key points to note...
BIBA publishes its 2023 Manifesto
Link(s):BIBA - BIBA Manifesto 2023 - Page 1 (publitas.com) Context BIBA have launched their 2023 Manifesto, highlighting their key topics for this year. Key points to note Topics covered within the Manifesto include: Ensuring financial resilience and stability in...
ICO – Building better business by responsibly unlocking the value of personal information
Link(s):Building better business by responsibly unlocking the value of personal information | ICO Context Ahead of Data Protection Day, the Information Commissioner’s Office (ICO) is encouraging the UK’s 5,501,000* small-and-medium-sized businesses (SMEs) to check...
FCA reminds firms to review its consultation paper regarding stronger rules to protect consumers from rogue financial promotions
Link(s):FCA outlines stronger rules to protect consumers from rogue financial promotions | FCA Context We have been asked by the FCA to remind our members that a new authorisations gateway is being introduced which will mean firms need to apply to the FCA if they wish...
FCA updates its Consumer Duty – information for firms webpage
Link(s):Consumer Duty - information for firms | FCA Context To help firms implement the Duty, the FCA explain more on the areas of the Duty that it has been receiving firm queries on, which are relevant for the wider market. Key points to note The FCA has included...
FCA reminds firms to complete the S165 data collection on Appointed Representatives before 28th February 2023
Link(s):Section 165 request for principal firms | FCA Context The FCA has asked us to remind our members that the S165 data collection on Appointed Representatives must be completed before 28th February 2023. Failure to complete the request could lead to enforcement...
FCA highlights areas of focus for firms implementing the Consumer Duty
Link(s):FCA highlights areas of focus for firms implementing the Consumer Duty | FCAConsumer Duty implementation plans | FCA Context With 6 months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how...
The FOS publishes Ombudsman News issue 178
Link(s):Ombudsman News issue 178 (financial-ombudsman.org.uk) Context In this edition of Ombudsman News, FOS highlights that its plans and budget consultation for 2023/24 closes soon. It also shares its latest blog about helping to resolve complaints from small...
FCA updates its webpage for TPR firms that do not meet expectations
Link(s):TPR firms that do not meet our expectations | FCA Context The FCA has updated its webpage for firms in its Temporary Permissions Regime (TPR) which don't meet its expectations, and the conditions for firms leaving the TPR. Key points to note The FCA has...
FCA to issue Financial Resilience Survey (formerly “Covid-19 Impact Survey”)
Link(s):Financial Resilience Survey | FCA Context The FCA has repurposed its Covid-19 Impact Survey, which has become the Financial Resilience Survey. A number of firms will be asked to complete this survey to help the FCA to understand how the current financial...
FCA delays the Multi Factor Authentication implementation date for firms accessing their systems
Context The FCA is making changes to how firms access its systems (Connect, RegData, etc), replacing the existing 6-digit passcode with a One Time Passcode (OTP). Key points to note We have been made aware that the implementation date for this change has been delayed...
FCA publishes a podcast, an mp3 recording and a transcript about the products and services outcome of the Consumer Duty
Link(s):Inside FCA Podcast: Understanding the Consumer Duty products and services outcome | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Richard Wilson, the FCA’s Manager of Consumer Policy, about the products and...
The FSCS introduces its January 2023 Budget Update
Link(s):Introduction to Budget Update/MELL consultation | FSCS Context FSCS Chief Executive, Caroline Rainbird, introduces the FSCS January 2023 Budget Update which covers the proposed 2023/24 FSCS management expenses budget and the latest forecast for 2022/23. Key...
FSCS outlines and explains the role of the Retail Pool
Link(s):The role of the retail pool | FSCS Context Following a September 2021 article about how the FSCS forecasts the levy, Fiona Kidy, FSCS Chief Financial Officer, explains how the class contributions work, what the retail pool is and when the FSCS needs to use it....
The FCA releases its whistleblowing quarterly data for 2022 Q3
Link(s):Whistleblowing quarterly data 2022 Q3 | FCA Context The data shows the number of new whistleblowing reports the FCA received between July and September 2022 and how the information was received. Key points to note The FCA received 291 new whistleblowing...
FCA updates its Q&As related to the General Insurance Pricing Practices published rules
Link(s):General Insurance Pricing Practices: Q&As on the published rules (fca.org.uk) Context The FCA has updated its Q&As related to General Insurance Pricing Practices. Key points to note The ‘what’s new’ boxes at the bottom of the Q&A document indicate...
The FCA publishes a portfolio letter to wholesale brokers
Link(s):Portfolio letter: Wholesale brokers 2023 (fca.org.uk) Context The FCA has sent a letter to wholesale brokers to set out its new strategy for supervision for those firms. Key points to note The letter details the FCA’s view of the most important risks arising...
CP23/3: Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24
Link(s):Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24 | FCA CP23/3: Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24 (fca.org.uk) Context The FCA and Prudential Regulation Authority (PRA) are consulting...
FCA publishes a podcast, an mp3 recording and a transcript about the price and value outcome of the Consumer Duty
Link(s):Inside FCA Podcast: What is the price and value outcome? | FCA Context The FCA has published a podcast, an mp3 recording and a transcript of an interview with Ed Smith, the FCA’s Head of Competition Policy, about the price and value outcome of the Consumer...
FCA writes to insurance firms and Principal firms about RegData and survey emails
Context The FCA has issued emails to insurance firms about period-end reporting that is due, and to Principal firms in relation to its request for data about Appointed Representatives. Key points to note The first is an auto-generated email from the RegData system,...
The FCA consults about protections for insurance customers in financial difficulty
Link(s):Financial watchdog consults about protections for insurance customers in financial difficulty | FCACP23/1: Insurance guidance for the support of customers in financial difficulty | FCA Context As part of its ongoing work to help protect customers during the...
FSCS: Recovering compensation costs and tackling the root causes of consumer harm
Link(s):FSCS: Recovering compensation costs and tackling the root causes of consumer harm | FSCS Context FSCS Chief Counsel, James Darbyshire, talks about the work that FSCS does to recover compensation costs and tackle the root causes of consumer harm. Key points to...
Number of fines issued by the FCA more than doubled in 2022
Link(s):2022 fines | FCANumber of fines issued by the FCA more than doubled in 2022 | RPC Context The Financial Conduct Authority (FCA) has published a table of fines against firms and individuals during 2022 Key points to note During 2022: The FCA issued 25 fines in...
FCA updates webpage on Change in Control
Link(s):Change in Control | FCA Context The Financial Conduct Authority (FCA) has provided an update regarding change in control applications within its change in control webpage. Key points to note The FCA has noted that it has been experiencing delays in allocating...
FCA updates its Consumer Duty webpage
Link(s):Consumer Duty - information for firms | FCA Context The FCA has sent an update in relation to its Consumer Duty webpage as it has updated the information for firms page to include additional content on some of the key topics it has been receiving queries on....
FCA to change how to log into FCA systems
Link(s):Multi-factor authentication for FCA systems | FCA Context The FCA is introducing multi-factor authentication to strengthen how firms log into FCA systems and to further protect and control access to data. UKGI has published a Bulletin on its Compliance Manual...
FCA publishes highlights of its approach in 2022
Link(s):Highlights of the FCA’s approach in 2022 | FCA;Temporary permissions removed if firms failing to apply for authorisation | FCA Context The FCA set out a three-year strategy in April 2022 designed to improve outcomes for consumers and markets. Key points to...
FOS publishes Ombudsman News 176 and 177
Link(s):Ombudsman News 176 (financial-ombudsman.org.uk)Ombudsman News 177 (financial-ombudsman.org.uk) Context FOS has published Ombudsman News 176 and Ombudsman News 177 in which it shares: details on its roundtable discussion on motor insurance complaints and its...
FOS publishes consultation on strategic plans and budget for 2023/24
Link(s):Financial Ombudsman Service publishes consultation on strategic plans and budget for 2023/24 (financial-ombudsman.org.uk) Context FOS has published its plans and budget consultation for 2023/24. Key points to note Each year the FOS publicly consults on...
Association of British Insurers re-issues guide to support customers at risk of flooding
Link(s):ABI issues guide to support customers at risk of flooding | ABI Context The ABI flood guide: ‘Responding to Floods: What you need to know’ has been re-issued. This guide is designed to help those impacted by flooding and offers reassurance on the role insurers...
Information Commissioner’s Office – Updated guidance on international transfers
Link(s):International transfers | ICO Context Earlier this year the ICO published the International Data Transfer Agreement (IDTA) and the Addendum to the European Union Standard Contractual Clauses (SCCs); recent social media content has reminded firms that it has...
Statement on the reform of the UK financial services sector – Jeremy Hunt, Chancellor of the Exchequer
Link(s):Statement made by Jeremy Hunt, the Chancellor of the Exchequer - UK Parliament Financial Services and Markets Bill (parliament.uk) Context In what has been termed the “Edinburgh Reforms”, the Chancellor of the Exchequer, Jeremy Hunt, has expanded on plans for...
FCA announces ESG Advisory Committee to its Board
Link(s):FCA announces ESG Advisory Committee to its Board | FCA A strategy for positive change: our ESG priorities | FCA Context Earlier this year the FCA Board agreed to establish a new ESG Advisory Committee to help execute its Environmental, Social and Governance...
FCA publishes insights from the 2021 Cyber Coordination Groups (CCGs)
Link(s):Insights from the 2021 Cyber Coordination Groups | FCA Context Since the CCG programme was launched in 2017, the CCGs have brought together cyber security and technology risk leaders from industry in shared forums and connected them with multiple authorities...
FCA publishes findings from its general insurance pricing attestation multi-firm review
Link(s):General insurance pricing attestation multi-firm review | FCA Context The FCA undertook this review to gain some assurance that firms had taken appropriate steps to comply with the pricing rules, including implementing appropriate systems and controls to...
FCA announces next steps on improving the compensation framework
Link(s):FCA announces next steps on improving the compensation framework | FCAThe FCA's Compensation Framework Review discussion paper response - FSCS's view FS22/5: Compensation Framework Review | FCA Context The FCA has published the feedback it received to its call...
ICO fines five businesses a total of £435,000 for making nearly half a million unlawful marketing calls
Link(s):Five businesses fined a total of £435,000 for making nearly half a million unlawful marketing calls | ICO Context The Information Commissioner’s Office (ICO) has fined five companies a total of £435,000 for making nearly half a million unlawful marketing calls...
ABI reports that motor insurance remains competitive, despite sustained cost pressures for motor insurers
Link(s):Sustained cost pressures for motor insurers biting, but motor insurance remains competitive | ABI Context The average price paid by motorists for their motor insurance has risen only marginally by 2% over the last year despite sustained rising cost pressures...
The FCA has proposed new measures to clamp down on illegal, unfair or misleading financial marketing
Link(s):FCA outlines stronger rules to protect consumers from rogue financial promotions | FCA CP22/27: Introducing a gateway for firms who approve financial promotions | FCA Context The FCA has today outlined new checks for those firms which want to approve financial...
FCA warns insurance providers not to undervalue cars or other insured items when settling claims
Link(s):Insurance providers warned not to undervalue cars or other insured items when settling claims | FCADear CEO letter: Our expectations on cost of living and insurance (fca.org.uk) Context Insurance firms have been warned by the FCA not to undervalue cars and...
Treasury Committee publishes correspondence on proposed regulatory ‘call in’ power
Link(s):Treasury Committee publishes correspondence on proposed regulatory ‘call in’ power - Committees - UK Parliamenthttps://committees.parliament.uk/publications/31748/documents/178169/default/ Context The Treasury Committee publishes correspondence confirming that...
FCA sends letter to firms that have provided or arranged PII cover for firms that gave defined benefit pension transfer advice to British Steel Pension Scheme members
Link(s):Dear CEO letter - Professional Indemnity Insurance for firms that advised on the British Steel Pension Scheme (fca.org.uk)FCA confirms plans to deliver redress to over 1,000 former British Steel Pension Scheme members | FCA Context The FCA has published final...
FCA Speech: From Zeroes to Heroes – how culture in financial services can change for everyone’s benefit – Emily Shepperd, FCA COO and Executive Director of Operations
Link(s):From Zeroes to Heroes: How culture in financial services can change for everyone’s benefit | FCA Context A speech was delivered by Emily Shepperd at the City and Financial Global's 8th Annual Culture and Conduct Forum for the Financial Services Industry. Key...
The FCA publishes 2023/24 Fees and Levies policy proposals
Link(s):CP22/23: Regulatory fees and levies: policy proposals for 2023/24 | FCA CP22/23: Regulatory fees and levies: policy proposals for 2023/24-PDF (fca.org.uk) Context The FCA has published its 2023/24 fees and levies proposals in Consultation Paper CP22/23. Key...
The FCA publishes general insurance value measures data for July to December 2021
Link(s):General insurance value measures data - July to December 2021 | FCA GI value measures July to December 2021 (XLSX) Context Following a successful pilot, the FCA has published value measures data for a wide range of general insurance (GI) products for July to...
FSCS publishes its November 2022 Outlook
Link(s):Our November 2022 Outlook | FSCSOutlook November 2022 | FSCS Context FSCS Chief Executive Caroline Rainbird introduces the FSCS’ November 2022 Outlook, sharing updated compensation figures for this financial year, and providing a first look at the overall levy...
ABI to transform sector with Diversity, Equality and Inclusion Blueprint
Link(s):ABI to transform sector with DEI Blueprint | ABI Context The Association of British Insurers (ABI) has published an ambitious new Blueprint, setting out a multi-year strategy and work plan to improve Diversity, Equity and Inclusion (DEI) across the insurance...
Diversity and inclusion: Driving change in our industry – Speech by Sheldon Mills, FCA Executive Director, Consumers and Competition
Link(s):Diversity and inclusion: Driving change in our industry | FCA A strategy for positive change: our ESG priorities | FCA Context Sheldon Mills, Executive Director, Consumers and Competition at the FCA, delivered a speech at the Association of British Insurers...
Raising standards in new firms and financial promotions
Link(s):Raising standards in new firms and financial promotions FCA Early and High Growth Oversight | FCA Context The FCA has provided information regarding its new Early and High Growth Oversight function to help newly authorised firms adapt to supervision as they...
Financial Ombudsman Service publishes its Annual Report and Accounts 2021/22
Link(s):Financial Ombudsman Service publishes its Annual Report and Accounts 2021/22 (financial-ombudsman.org.uk)Financial Ombudsman Service Annual Report and Accounts 2021/22 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service’s Annual Report and...
The UK Government publishes its response document to the Protect Duty public consultation
Link(s):Government response document - GOV.UK (www.gov.uk) Context The UK Government are due to announce the implementation of the Protect Duty in early 2023. They have released their Government response document, which provides information about the Protect Duty and...
OFSI provides Russian oil price cap update
Link(s):Oil Price Cap Update - OFSI (blog.gov.uk)UK_Maritime_Services_Prohibition_and_Oil_Price_Cap_Guidance__November_2022_.pdf (publishing.service.gov.uk) Context The UK and Price Cap Coalition (G7 + Australia) partners have agreed tough and comprehensive sanctions...
LMA releases Operations Quarterly Update
Link(s):Operations Quarterly Update (lmalloyds.com) Context An update has been released from LMA's Operations Director, Rob Myers, for Lloyd’s market Chief Operating Officers. Key points to note The update covers the following topics: GovernanceFuture at Lloyd’s –...
The ABI’s reasons for urging the Chancellor to freeze Insurance Premium Tax in his Autumn Statement
Link(s):Don’t penalise the prudent – freeze Insurance Premium Tax | ABI Context The Association of British Insurers (ABI) had urged the Chancellor to freeze the rate of Insurance Premium Tax (IPT) in the Autumn Statement on 17th November, setting out its reasons for...
FCA publishes responses to unanswered questions from its Annual Public Meeting 2022
Link(s):Annual Public Meeting 2022: Responses to unanswered questions (fca.org.uk)Annual Public Meeting 2022 | FCA Context The FCA has published responses to 100 unanswered questions from its Annual Public Meeting 2022, which took place on 12th October 2022. Key...
Rolling regulation forwards – Speech by Nikhil Rathi, FCA Chief Executive
Link(s):Rolling regulation forwards | FCA Context This speech, delivered by Nikhil Rathi at the UK Finance annual dinner, covers implementation of the Consumer Duty and the FCA’s monitoring of its impact; the FCA’s approach to regulation where there is increasing use...
Financial Ombudsman Service publishes Feedback Statement on Future Funding Discussion Paper
Link(s):Financial Ombudsman Service publishes Feedback Statement on Future Funding Discussion Paper (financial-ombudsman.org.uk) Financial Ombudsman Service - Funding Feedback Statement 2022 (financial-ombudsman.org.uk) Financial Ombudsman Service - Funding...
CII publishes Consumer Duty good practice guide for Insurers
Link(s):CII publishes Consumer Duty good practice guide for Insurersgood-practice-guide-consumer-duty-insurance.pdf (cii.co.uk) Context In support of the Financial Conduct Authority’s (FCA) flagship regulatory reform, the Consumer Duty, the Chartered Insurance...
OFSI publishes its 2021-22 Annual Review
Link(s):OFSI_Annual_Review_2021-22_10.11.22.pdf (publishing.service.gov.uk) Context OFSI has published its Annual Review for 2021-22. In light of the role OFSI has played in the UK's response to the Russian invasion of Ukraine, it has included additional reporting on...
BIBA makes commitments to Michael Gove, Secretary of State (DLUHC) and the FCA regarding insurance for multi-occupancy buildings
Context UKGI has been provided with a copy of BIBA’s letter to Michael Gove, Secretary of State, Department for Levelling Up, Housing and Communities (DLUHC), dated 1st November 2022. The letter relates to the FCA’s report on insurance for multi-occupancy...
Speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer – AI: Moving from fear to trust
Link(s):AI: Moving from fear to trust | FCA DP22/4: Artificial Intelligence | FCA Context This is a speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, at the City and Financial Global summit on the topic of regulation and risk management of...
FCA publishes financial promotions quarterly data for Q3 2022
Link(s):Financial promotions quarterly data 2022 Q3 | FCA Context The FCA has published data and analysis from its action against authorised firms breaching financial promotion rules, and referrals and investigations into unregulated activity, between 1st July 2022...
FCA warns government that Treasury intervention in regulatory rulemaking will undermine its independence and impact markets
Link(s):Government confirms regulatory ‘call in’ power amendment to be delayed - Committees - UK ParliamentDon't bring in 'political rulemaking', markets watchdog warns UK government | Reuters Treasury Committee: Work of the Financial Conduct Authority, HC 142 Context...
FCA places directions and requirements on Samweb for providing misleading information to consumers
Link(s):Directions and requirements placed on Samweb for providing misleading information to consumers | FCAFirst Supervisory Notice 2022: Samweb (UK) Ltd (fca.org.uk) Second Supervisory Notice: Samweb (UK) Ltd (fca.org.uk) Context Although this firm does not operate...
Cost of living and energy bills drive insurance credit surge
Link(s):Cost of living and energy bills drive insurance credit surge (premiumcredit.com Context The cost of living squeeze and energy bill increases are driving a surge in people borrowing more to fund insurance policies, new research from the UK’s leading premium...
Ofcom – Farewell to the fax machine?
Link(s):Farewell to the fax machine? - OfcomConsultation: Removing fax from the universal service obligations on BT and KCOM - Ofcom Context As digital technology and broadband services have developed, the fax machine has been overtaken by email and document sharing...
Financial Ombudsman Service publishes its latest quarterly complaints data
Link(s):Financial Ombudsman Service publishes its latest quarterly complaints data (financial-ombudsman.org.uk) Context The FOS has published its complaints data on financial products for July – September 2022 (Q2). Key points to note The FOS received 38,470 new...
Inside FCA Podcast: Emily Shepperd on agile regulation
Link(s):Inside FCA Podcast: Emily Shepperd on agile regulation | FCA Context This is a podcast of the speech from 6th October 2022 by Emily Shepperd, COO and Executive Director, Authorisations at CISI/The Financial Planning Conference 2022. Key points to note The...
The FCA asks a number of consumer credit firms to provide data on their credit activities
Link(s):Cost of living consumer credit data collection | FCAConsumer credit data collection FAQs (fca.org.uk) Context The FCA is asking a number of consumer credit firms it regulates to provide data on their credit activities so it can monitor and assess the impact of...
Association of Professional Compliance Consultants (APCC) update on HSBC Bank and client accounts
Context At a meeting this week of the APCC’s General Insurance Working Group, on which we are represented, an issue was raised in relation to HSBC Bank and letters that have been sent to insurance brokers in relation to their client money accounts. Key points to note...
Chartered Insurance Institute (CII) responds to the FCA’s Discussion Paper on Big Tech in the financial services industry
Link(s):CII response to FCA discussion on competition impacts of Big Tech on financial services industry Context In response to the FCA’s launch of its discussion on the impacts of Big Tech on financial services, the CII has said that it is aware that some Big tech...
FCA launches discussion on competition impacts of Big Tech on financial services industry
Link(s):FCA launches discussion on competition impacts of Big Tech on financial services industry | FCA Context The FCA has issued a Discussion Paper which is seeking views on the potential competition benefits and harms from Big Tech firms’ entry into a range of...
ICO consults on draft guidance on managing health data in an employment setting
Link(s):ICO consultation on draft employment practices guidance – information about workers’ health | ICO Context Health data can form a key part of the employer-worker relationship, so employers need to know how to process it and to keep it safe. The ICA...
Biggest cyber risk is complacency, not hackers’ – UK Information Commissioner issues warning as construction company fined £4.4 million
Link(s):https://ico.org.uk/about-the-ico/media-centre/news-and-blogs/2022/10/biggest-cyber-risk-is-complacency-not-hackers/ Context Following a recent fine of £4,400,000 issued to Interserve Group Ltd, The Information Commissioner has warned that companies are leaving...