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Archive
FCA publishes a web page in relation to the repeal and replacement of retained EU law in its Handbook
Link(s):Repeal and replacement of retained EU law | FCA Context The FCA has published a web page outlining its approach to the repeal and replacement, under the Financial Services and Markets Act 2023, of retained EU law with its rules, including commentary on key...
FCA sets out a Rule Review Framework
Link(s):Our Rule Review Framework | FCA Context Linked to the published details in relation to the repeal and replacement of retained EU law with its rules, the FCA has published a web page a new Rule Review Framework. The Framework includes an Annex. Key points...
FCA publishes Feedback Statement on the competition impact of Big Tech in financial services
Link(s):FS23/4: Potential competition impacts of Big Tech entry and expansion in retail financial services | FCA Context The FCA has published a Feedback Statement FS23/4 in relation to the competition impact of Big Tech entry and expansion in the retail...
FCA issues thematic questionnaire about product governance, oversight, fair value and distribution chains
Context The FCA has commenced a second wave of product oversight and governance thematic review work to understand whether the product reviews, including fair value assessments and product distribution reviews, are being undertaken in line with the FCA’s expectations...
HM Treasury publishes a Policy paper – “Building a Smarter Financial Services Regulatory Framework: Delivery Plan”
Link(s):Building a Smarter Financial Services Regulatory Framework: Delivery Plan - GOV.UK (www.gov.uk) Context HM Treasury has published a Policy paper titled “Building a Smarter Financial Services Regulatory Framework: Delivery Plan” as part of its wider reform and...
HM Treasury creates a web page to list ‘made’ Statutory Instruments in relation to the Smarter Regulatory Framework
Link(s):List of made Smarter Regulatory Framework statutory instruments - GOV.UK (www.gov.uk) Context HM Treasury has created a web page to list ‘made’ Statutory Instruments (“SIs”) in relation to the Smarter Regulatory Framework. Key points to note This page will...
BIBA publishes a ‘member-only’ Industry Guide to the scope of the Consumer Duty
Link(s):Member's Login - BIBA Context BIBA has published a useful ‘member-only’ Guide to the scope of the Consumer Duty. Key points to note With the support of BIBA’s Consumer Duty Working Group and the members of its Regulatory Committee, members now have access to a...
FCA publishes two new web pages in relation to Appointed Representatives (ARs)
Link(s):Regulatory hosting services | FCA How to report Appointed Representatives data – information for principal firms | FCA Context The FCA has published two new web pages in relation to ARs, one of which provides information for Principal firms operating as...
FCA writes to Principal firms about the inclusion of their ARs in their PII cover
Context The FCA has written to Principal firms in relation to their PII cover, setting out its requirements for the inclusion of a Principal firm’s ARs within the PII contract terms. The FCA confirms that it has increased its engagement with Principal firms and...
FCA publishes FSCS Levy Calculation Notes – 2023/24 Final Rates
Link(s):FSCS Levy Calculation Notes 2023/24 Final Rates (fca.org.uk) Context The FCA has published a Calculation Notes document in relation to the 2023/24 FSCS levy rates. Key points to note Following its Policy Statement PS23/10 confirming the regulatory fees &...
FSCS announces the appointment of Alyson Levett to the FSCS Board
Link(s):Alyson Levett joins FSCS Board | FSCS Context The FSCS has confirmed that Alyson Levett has joined the FSCS Board as a non-executive director from July 2023. Key points to note A Chartered Accountant and former Chief Financial Officer, Ms Levett has a strong...
FOS publishes a speech “What does the Consumer Duty mean for resolving financial complaints”
Link(s):Consumer Duty: its impact on resolving financial complaints (financial-ombudsman.org.uk) Context FOS has published a speech, delivered on 20th June 2023, made by FOS Chief Executive and Chief Ombudsman Abby Thomas at the Consumer Duty Implementation Summit...
FCA confirms the impending move to seven-digit Firm Reference Numbers (FRNs)
Link(s):Changes to FCA Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs) | FCA Context The FCA has confirmed to the Association of Professional Compliance Consultants that it is likely to reach the six-digit limit (999999) for FRNs and Product...
FCA publishes regulated fees and levies for 2023/24
Link(s):PS23/10: FCA regulated fees and levies 2023/24: with feedback on CP23/07 and ‘made rules Context The FCA has published its Policy Statement confirming the regulatory fees & levies for 2023/24. Key points to note The FCA’s total Annual Funding...
Financial Ombudsman Service warns of credit hire risks
Link(s):Financial Ombudsman Service warns of credit hire risks (financial-ombudsman.org.uk) Context The FOS has warned that motorists who do not understand the risks of credit hire could face bills of tens of thousands of pounds. Key points to note As an alternative...
EIOPA increases minimum PI limits for insurance intermediaries
Link(s):EIOPA publishes changes to the minimum amount of professional indemnity insurance cover and financial capacity intermediaries need under IDD (europa.eu) Context The European Insurance and Occupational Pensions Authority (EIOPA) has published its draft...
The FCA releases its whistleblowing quarterly data for 2023 Q1
Link(s):Whistleblowing quarterly data 2023 Q1 | FCA Context The data shows the number of new whistleblowing reports the FCA received between January and March 2023 and how the information was received. Key points to note The FCA received 280 new whistleblowing reports...
The FCA highlights good and poor practice in the general insurance market (cost of living)
Link(s):Cost of Living: good and poor practice in the general insurance market | FCA Context In December 2022, The FCA issued a questionnaire to a selection of the largest general insurance firms to assess whether they were meeting the expectations it set out in its...
FCA publishes PS23/9: Finalised insurance guidance on supporting customers in financial difficulty
Link(s):PS23/9: Finalised insurance guidance on supporting customers in financial difficulty | FCA PS23/9: Finalised insurance guidance on supporting customers in financial difficulty (fca.org.uk) Context The FCA has published a Policy Statement on insurance guidance...
FCA warns insurers about support provided to struggling customers
Link(s):FCA warns insurers about support provided to struggling customers | FCA Context The FCA has conducted a review into the treatment of vulnerable customers by home and motor insurers and how they handle customer claims, warning insurers that they must improve....
CII Insight on Generation Z and the future of work
Link(s):Generation Z and the future of work (cii.co.uk) Context Sophie Ezadkhasty, Senior US Casualty Underwriter at Allied World Assurance Company, offers insight on maintaining equilibrium between office attendance and working from home as we emerge from the...
UK Chancellor signs financial services agreement with EU
Link(s):UK Chancellor to sign financial services agreement with EU - GOV.UK (www.gov.uk) 20210326_EU-UK_MoU_ISC__Final_June_2023_FINAL__002_.pdf (publishing.service.gov.uk) Context Chancellor of the Exchequer Jeremy Hunt (in Brussels to discuss UK/EU cooperation with...
ABI finds access to health insurance through work increasingly important to employees
Link(s):Access to health insurance through work increasingly important to employees | ABI Closing the evidence gap: how insurance supports good health and productivity (abi.org.uk) How to use Day One statements to boost wellbeing | ABI Context The Association of...
FOS warns of increase in ‘hybrid’ scams
Link(s):Financial Ombudsman Service warns of increase in ‘hybrid’ scams (financial-ombudsman.org.uk) Context New data shows that, in the 2022/23 financial year, FOS received almost 22,000 fraud and scam complaints, up by almost a fifth when compared to the 18,450...
FCA publishes a speech: “Cultural evolution: how culture must change to meet expectations”
Link(s):Cultural evolution: how culture must change to meet expectations | FCA Context The FCA has published a speech, delivered online by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, to the Westminster Business Forum. Key...
FCA publishes Spring 2023 Consumer Duty firm survey results
Link(s):Consumer Duty firm survey – Spring 2023 | FCA Consumer Duty: firm preparedness: Wave 1: quantitative research (fca.org.uk) Context The FCA has published a summary of, and the results from, its Spring 2023 anonymous survey about how prepared firms were in...
FCA publishes a suite of Consumer Duty updates
Link(s):One month to go for the Consumer Duty | FCA Consumer Duty | FCA Consumer Duty – information for firms | FCA Countdown to the Consumer Duty | FCA Inside FCA Podcast: Explaining Consumer Duty outcomes monitoring | FCA Consumer Duty firm survey – Spring 2023 |...
Financial Services and Markets Bill completes Lords stages
Link(s):Financial Services and Markets Bill - Parliamentary Bills - UK Parliament Context On 20th June 2023, the House of Lords announced that the Financial Services and Markets Bill has completed the last of its Lords stages. Key points to note The Bill had its third...
Committee of Advertising Practice publishes guidance on using reference pricing in ads
Link(s):Make sure the price is right: using reference pricing in ads - ASA | CAP Context The Committee of Advertising Practice has published guidance following research into consumer understanding of reference pricing (e.g., ‘strikethrough’ prices, ‘was-now’ prices...
ABI reminds firms and the public about its insurance pricing FAQs
Link(s):Insurance pricing - frequently asked questions | ABI Context There are many factors that have combined to make things difficult for people right now, along with recent changes to regulation brought in within this last year. The ABI has listened to questions...
FCA warns consumers about Promethean Finance Limited
Link(s):Consumer warning on Promethean Finance Limited | FCA Context The FCA has removed several trading names relating to Promethean Finance Limited (Promethean) from the Financial Services Register. Key points to note Between March 2022 and March 2023, Promethean...
FCA publishes a warning about the use of MOVEit software
Link(s):MOVEit vulnerability | FCA Latest cyber issues | ICO Context The FCA has published a web page in relation to a vulnerability to the file transfer application MOVEit that has been impacting organisations and exposing personal data. Key points to...
Prime Minister’s Office announces a proposed new UK-US ‘data bridge’ as part of the ‘Atlantic Declaration’
Link(s):UK and US launch first-of-its kind economic partnership - GOV.UK (www.gov.uk) Context The Prime Minister, Rishi Sunak, and President Biden have agreed an economic partnership which will see the UK and the US work together more closely across the full spectrum...
LIIBA publishes “Our face-to-face future” paper
Link(s):LIIBA-our-face-to-face-future-press-release-FINAL.pdf Context The LIIBA has published a paper considering the future trading model in the London insurance market. Acknowledging that relationships are at the core of the London Market’s approach to...
ICO calls for businesses to address the privacy risks that generative AI can bring
Link(s):Don’t be blind to AI risks in rush to see opportunity – ICO reviewing key businesses’ use of generative AI | ICO Context The ICO is calling for businesses to address the privacy risks generative AI can bring before rushing to adopt the technology – with...
FOS publishes details of how it is preparing for the Consumer Duty
Link(s):Consumer Duty countdown: how are we preparing? (financial-ombudsman.org.uk) Context Acknowledging interest from businesses and consumer groups about how it is preparing for the introduction of the Consumer Duty, FOS has set out its approach. Key points to note...
FOS reveals top five most complained about products
Link(s):Financial Ombudsman Service reveals top five most complained about products. Context FOS has published its annual complaints data from April 2022 / March 2023 along with insight into the common problems raised by consumers. These new figures show that...
FCA updates its Transforming Data Collection web page
Link(s):Transforming data collection | FCA Context The FCA published a web page in January 2022 about how it is working with the Bank of England and industry to transform how it collects data from the UK financial sector. In March 2023, the FCA along with the PRA and...
FCA publishes ‘Exploring Synthetic Data Validation – privacy, utility and fidelity’ paper
Link(s):Exploring Synthetic Data Validation – privacy, utility and fidelity | FCA Context This paper explores the insights from a roundtable event hosted by the Financial Conduct Authority, the Information Commissioner’s Office, and the Alan Turing Institute. In...
Lloyd’s publishes its Q2 Markets Message
Link(s):Q2 Market Message - Lloyd's (lloyds.com) Context Lloyd’s has published a recording of and the slides for its Q2 Markets Message presentation. Key points to note Patrick Tiernan, Chief of Markets, talks about the importance of focusing on sustainable...
ABI update – motor insurers pay out 14% more in Q1 this year than the same period last year
Link(s):Keeping motorists mobile - motor insurers claims payments up 14% over the last year | ABI Context Motor insurers paid out £2.4 billion in motor claims in the first quarter of this year, up 14% on the same quarter last year according to our latest data. This...
ABI publishes Mental Health and Insurance Standards implementation report
Link(s):https://www.abi.org.uk/news/news-articles/2023/6/mental-health-and-insurance-standards-implementation-report/ Context Following the launch of the industry’s Mental Health and Insurance Standards in 2020 the ABI has surveyed members across health, protection...
BIBA outlines the implications of the ‘Protect Duty’ – Martyn’s Law
Link(s):Protect Duty, Martyn’s Law & Events (biba.org.uk) Context Martyn’s Law, currently at Bill stage, will create a duty to make owners/operators of public spaces more prepared to keep their visitors better protected against any potential act of terrorism – the...
ICO delivers keynote speech at the Data and the Future of Financial Regulation Summit
Link(s):John Edwards, Information Commissioner, delivers a keynote speech at the Data and the Future of Financial Services Summit | ICO Context John Edwards, the Information Commissioner, delivered a keynote speech at the Data and the Future of Financial Services...
Caroline Rainbird, FSCS CEO, departs FSCS
Link(s):Caroline Rainbird departs FSCS | FSCS Context FSCS announces that its Chief Executive Officer Caroline Rainbird has left FSCS. Key points to note In the meantime, Fiona Kidy will be Chief Executive Officer until a permanent replacement joins FSCS. Next actions...
FCA publishes Board Minutes from 27th April 2023 – interim update on the FCA’s approach to regulatory interventions under the Consumer Duty
Link(s):FCA Board Minutes: 27 April 2023 Context At its 27th April meeting the FCA Board discussed the proposed approach to supervising and enforcing the new Consumer Duty from 31st July 2023 and how this would be communicated externally. During the course of...
ICO statement on Capita incident
Link(s):ICO statement on Capita incident | ICO Context The ICO has issued a statement regarding a recent cyber attack on Capita in March 2023. Key points to note “We are aware of two incidents concerning Capita, regarding a cyber-attack in March and the use of...
ASA creates resource especially tailored for small businesses
Link(s):ASA creates resource especially tailored for small businesses - ASA | CAP Advice for small businesses - ASA | CAP Context The ASA has brought together a collection of resources tailored to helping small businesses better understand and follow the advertising...
FCA publishes speech: Do the right thing
Link(s):Do the right thing | FCA Context The FCA has published a speech by Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA. The speech gives examples of doing the right thing and also explains the FCA’s expectation of...
Government plans to limit non-compete clauses to three months
Link(s):Smarter regulation to grow the economy - GOV.UK (www.gov.uk) Context The government has suggested a variety of changes to employment law in its policy paper Smarter Regulation to Grow the Economy, which it claims “will cut red tape for businesses and save...
Treasury Committee calls for public to submit questions to insurance industry ahead of evidence session with sector bosses
Link(s):Treasury Committee calls for public to submit questions to insurance industry ahead of evidence session with sector bosses - Committees - UK Parliament Context The Treasury Committee has asked consumers to submit their views and experiences of the insurance...
ICO: “It’s important not to get caught out.” New SARs guidance for employers issued
Link(s):“It’s important not to get caught out.” - New SARs guidance for employers issued | ICO Context The Information Commissioner’s Office (ICO) has published new guidance for businesses and employers on responding to Subject Access Requests (SARs). The right of...
FCA Practitioner Panel responds to HM Treasury Call for Evidence and DP23/3: Review of the Senior Managers & Certification Regime (SM&CR)
Link(s):practitioner_panel_response_to_smcr_fca.pdf (fca-pp.org.uk) practitioner_panel_response_to_smcr_hmt.pdf (fca-pp.org.uk) Context The FCA Practitioner Panel has provided responses to the call for evidence from HM Treasury and the subsequent FCA Discussion Paper,...
FCA publishes authorisations operating service metrics for 2022/23 Q4
Link(s):FCA Authorisations operating service metrics 2022/23 Q4 | FCA Context The FCA has published its authorisations service metrics data covering January to March 2023. In the interests of transparency, and so the FCA can be held to account on its performance, it...
The latest FSCS forecast reduces GI Distribution levy to zero for 2023/24
Link(s):FSCS confirms latest 2023/24 levy forecast of £270m FSCS Our May 2023 Outlook FSCS FSCS Outlook May 2023 Context The FSCS has published its latest Outlook update, with revised compensation and levy forecasts for 2023/24. In November’s Outlook, FSCS...
ABI highlights a below inflation rise in the cost of home insurance despite turbulent weather and rising building material costs
Link(s):Below inflation rise in the cost of home insurance despite a year of turbulent weather and rising building material costs | ABI Context Despite surges in weather related claims and more expensive building materials, the average price of combined home buildings...
ICO fines two businesses £180,000 for making unlawful marketing calls
Link(s):ICO fines two businesses £180,000 for making unlawful marketing calls | ICO Context The Information Commissioners’ Office (ICO) has issued fines totalling £180,000 for two companies that made more than 480,000 unlawful marketing calls to businesses signed up...
FOS publish Ombudsman News 181
Link(s):Ombudsman News 181 (financial-ombudsman.org.uk) Context The Financial Ombudsman has published its latest edition of Ombudsman News. Key points to note Articles in the latest edition include: Extending the trial of our ‘proactively settled’ complaints...
FCA publish selected findings from its most recent Financial Lives survey, highlighting the consumer experience of the rising cost of living
Link(s):Financial Lives January 2023: Consumer experience of the rising cost of living – the burden of bills and ways to get support | FCA Context Prior to the publication of its full Financial Lives 2022 survey report, the FCA has provided selected statistics from...
The FCA says help is available for those who need it
Link(s):Help is available for those who need it, says FCA | FCA Context The Financial Conduct Authority has found the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 (10.9m, compared to 7.8m in May 2022) and has...
FCA announces dates for the next Financial Resilience Survey (formerly “Covid-19 Impact Survey”)
Context The FCA are replacing the FCA Financial Resilience Survey with a new financial resilience regulatory return, which will be referred to as ‘FIN073 – Baseline Financial Resilience Report’, which will start to appear in firms’ RegData reporting schedules in the...
FCA publishes speech on how to change in response to changing threats
Link(s):How to change in response to changing threats | FCA Context Speech by Sarah Pritchard, FCA Executive Director of Markets, and Executive Director of International, focusing on financial crime controls. Key points to note Ms Pritchard discusses some topics about...
BIBA encourages members on their Environmental Social and Governance (ESG) journeys with new guidance
Link(s):New BIBA Guide on ESG BIBA - BIBA Mini Guide to ESG Context The British Insurance Brokers’ Association (BIBA) today revealed new publications on Environmental Social and Governance (ESG) for its members, including a mini-guide which is currently publicly...
BIBA launches a guide to help brokers give practical advice to customers to help them manage the cost-of-living crisis
Link(s):BIBA Cost of Living guideBIBA - Managing the cost-of-living crisis - May 2023 Context The British Insurance Brokers’ Association (BIBA) has launched a new guide for members, which is currently publicly available, to assist with explaining to their customers...
ABI highlights above inflation costs for insurers continue to put pressure on motor insurance premiums
Link(s):Above inflation costs for insurers continue to put pressure on motor insurance premiums | ABI Context According to the ABI’s latest Motor Insurance Premium Tracker, published today, the average price paid for motor insurance rose by 2% in the first quarter of...
FCA warns of impending Consumer Duty deadline
Link(s):FCA warns of impending Consumer Duty deadline | FCA Countdown to the Consumer Duty | FCA Consumer Duty: Findings from our review of fair value frameworks | FCA Context With fewer than 90 days to go until the Consumer Duty comes into effect, the Financial...
CAP publishes guidance for firms making comparisons with identifiable competitors
Link(s):Shall I compare thee…? Making comparisons with identifiable competitors - ASA | CAP Context CAP has published guidance to help firms ensure they are complying with the Advertising Codes when comparing their products or services with those of one or more...
FCA publishes financial promotions quarterly data for Q1 2023
Link(s):Financial promotions quarterly data 2023 Q1 | FCA Context The FCA has published a summary of data generated between 1st January 2023 and 31st March 2023, including its actions against firms breaching financial promotion rules, and referrals and investigations...
FCA sets out steps to improve whistleblower confidence
Link(s):FCA sets out steps to improve whistleblower confidence | FCAWhistleblowing qualitative assessment survey 2022 | FCAWhistleblowing quarterly data 2022 Q4 | FCA Context Following a qualitative survey of whistleblowers, the FCA has set out actions to improve the...
FCA publishes PS23/3 – Creation of a baseline financial resilience regulatory return (‘FIN073’)
Link(s):PS23/3 – Creation of a baseline financial resilience regulatory return: Feedback to CP22/19 and final rules | FCA CP23/9 – Changing the scope of the baseline financial resilience regulatory return | FCA Context High quality baseline financial resilience data...
Ofcom proposes to refer UK cloud market for investigation
Link(s):General Privacy Statement – How we handle your personal data - Ofcom Cloud customers should consider options following Ofcom report (pinsentmasons.com) Context Industry press has been reporting on a market study recently completed by Ofcom into Cloud computing...
ASA creates resource especially tailored for small businesses
Link(s):ASA creates resource especially tailored for small businesses - ASA | CAP Context The ASA has brought together a collection of resources tailored to helping small businesses better understand and follow the advertising rules. It is providing the tools small...
FCA publishes speech focused on the credit market and on the Consumer Duty
Link(s):A credit market that delivers for consumers | FCA Context Roma Pearson, FCA Director of Consumer Finance, delivered a speech at the Credit Summit 2023, which covers the rising cost of living, offering appropriate support to customers and also discusses the...
FCA publishes complaints data for H2 2022
Link(s):Complaints data | FCAAggregate complaints data: 2022 H2 | FCA Firm specific complaints data | FCA Context The FCA has released firm-specific complaints data for individual firms and aggregate, or total, data at market-level. Key points to note In 2022 H2,...
Financial services regulatory family publishes its Wider Implications Framework annual report for 2022
Link(s):Wider Implications Framework - Annual Report 2022 (financial-ombudsman.org.uk) Context Most of the topics discussed by the regulators in this group are in the pensions and investment space. However, one issue identified in the report relates to motor finance...
FCA publishes speech on Innovation, AI & the future of financial regulation
Link(s):Innovation, AI & the future of financial regulation | FCA Context Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, talks about how the FCA’s new Digital Sandbox will support innovative businesses and start-ups, how it is making it easier...
FCA sets out multi-occupancy leasehold insurance reforms
Link(s):FCA sets out multi-occupancy leasehold insurance reforms | FCACP23/8: Multi-occupancy building insurance | FCAMulti-occupancy buildings insurance – broker remuneration | FCA Context In the FCA's report on multi-occupancy buildings insurance, published in...
FCA receives undertakings from Nova Direct
Link(s):Notice of Undertaking: Policy Excess Insure Limited T/A Nova Direct (fca.org.uk) Context The FCA has sought and received undertakings from Policy Excess Insure Limited (trading as Nova Direct) due to unfair terms and a term deemed to not be transparent. Key...
FCA releases survey to critical third-parties
Link(s):DP22/3: Operational resilience: critical third parties to the UK financial sector | FCA DP3/22 – Operational resilience: Critical third parties to the UK financial sector | Bank of England Context Although the consultation period has now closed, the FCA is now...
FCA updates its Consumer Duty information webpage
Link(s):Consumer Duty – information for firms | FCA Context To help firms implement the Duty, it provides additional information on areas it has been receiving firm queries on, which are relevant for the wider market. Key points to note The FCA has noted the...
‘Failure to prevent’ fraud offence to apply in UK to large organisations
Link(s):Factsheet: failure to prevent fraud offence - GOV.UK (www.gov.uk) Context A new criminal offence of failing to prevent fraud is to be added to UK law and applied to large businesses and other large organisations. Key points to note A new offence of failing to...
FOS publishes Ombudsman News 180
Link(s):Ombudsman News 180 (financial-ombudsman.org.uk) Context In this edition of Ombudsman News, the FOS shares its Feedback Statement following the recent outcome reporting consultation and shares its Plans and Budget for 2023/24. It also highlights the changes to...
Financial Ombudsman Service publishes its Plans and Budget for 2023/24
Link(s):Financial Ombudsman Service publishes its Plans and Budget for 2023/24 (financial-ombudsman.org.uk) Context The FOS has published its final plans and budget following the consultation it published in December 2022. The plan includes a summary of the feedback...
FCA publishes Handbook Notice 108
Link(s):Handbook Notice 108 (fca.org.uk) Context The FCA has published a Handbook Notice to inform of changes made to its Handbook in relation to: CP23/3 (Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24;CP22/26 (Quarterly Consultation...
FCA publishes business interruption insurance test case insurer claims data
Link(s):Business interruption insurance test case – Insurer claims data | FCA Context The FCA sent a Dear CEO letter to insurers affected by the business interruption insurance Test Case, which explained its intention to gather information on all non-damage BI...
FCA consults on its proposals for its regulatory fees and levies for 2023/24
Link(s):CP23/7: Regulatory fees and levies: policy proposals for 2023/24 | FCA CP23/7: FCA regulated fees and levies: rates proposals for 2023/24 Context The FCA is consulting on the rates for the regulatory fees and levies for the next financial year (1st April to...
FCA sets clear plan for next 12 months
Link(s):FCA sets clear plan for next 12 months | FCA Context Within the FCA’s Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets, in line with its 3-year strategy. In the...
A best practice guide for insurers: Supporting customers with mental health problems
Link(s):Best practice guide for insurers - Money and Mental HealthA-best-practice-guide-for-insurers.pdf (moneyandmentalhealth.org) Context The Money and Mental Health Policy Institute, which has been established by Martin Lewis, has published a best practice guide...
DP23/3: Review of the Senior Managers and Certification Regime (SM&CR)
Link(s):DP23/3: Review of the Senior Managers and Certification Regime (SM&CR) | FCA DP1/23 – Review of the Senior Managers and Certification Regime (SM&CR) | Bank of England Context In this joint Discussion Paper (DP) with the PRA, the FCA is seeking input on...
Inside FCA Podcast: Consumer Duty information sharing and the April milestone
Link(s):Inside FCA Podcast: Consumer Duty information sharing and the April milestone | FCAInside FCA Podcast: Transcript of interview with Ed Smith on the Consumer Duty April milestone Context In the latest episode in a series of podcast interviews dedicated to the...
FOS publishes latest complaints data about individual businesses
Link(s):Financial Ombudsman Service publishes latest complaints data about individual businesses (financial-ombudsman.org.uk) Context FOS has published data on the number of complaints it received about individual businesses between 1st July and 31st December 2022 (H2...
Financial Ombudsman Service award limit increases
Link(s):Award limits increase (financial-ombudsman.org.uk) Context The FOS award limit is the maximum amount it can require a financial business to pay when it upholds complaints. This limit is adjusted each year in line with inflation, as measured by the Consumer...
ABI reports on “Sinking UK” – last summer’s record-breaking heatwave leads to surge in insurance pay-outs for subsidence
Link(s):Sinking UK – last summer’s record-breaking heatwave leads to surge in insurance pay-outs for subsidence | ABI Context Last summer’s record-breaking heatwave led to a surge in subsidence claim pay-outs, according to figures out today from the ABI. Key points to...
FCA launches a new consumer support section on its website
Link(s):Transforming how we support consumers online | FCA Context The FCA has introduced a new consumer section to its website, which is the result of extensive research into how and why consumers engage with the FCA, what it can offer consumers, and how it can...
FCA publishes an Inside FCA podcast transcript about the work of the FCA’s research department
Link(s):Inside FCA Podcast transcript: Research interview with Dr Karen Croxson Context The FCA has published a podcast transcript of an interview with Dr Karen Croxson, who is Deputy Chief Economist and Head of Research, Economic Data and Behavioural Science at the...
FCA launches a Call for Input in relation to SME access to FOS
Link(s):Call for Input: SME access to the Financial Ombudsman Service | FCA Context The FCA has published a call for input on whether the thresholds for SMEs to be able to refer complaints to FOS remain appropriate. Key points to note In 2018, the FCA made new rules...
FCA publishes update on its authorisations operating service metrics
Link(s):Update on FCA Authorisations operating service metrics | FCA FCA Authorisations Operating Service Metrics - March 2023 Context The FCA has published an update on its operating service metrics for authorisations. Key points to note An update document has been...
Financial Ombudsman attends the Treasury Select Committee meeting
Link(s):Financial Ombudsman at Treasury Select Committee meeting (financial-ombudsman.org.uk) Context The FOS attended sessions with the Treasury Select Committee to answer questions about its work. Key points to note The FOS was asked about its timescales, complaints...
ABI responds to Spring Budget 2023
Link(s):ABI response to Spring Budget 2023 | ABI Context Following the Chancellor's Budget Statement on Wednesday 15th March 2023, the ABI comments on measures related to the insurance and long-term savings industry. Key points to note Mervyn Skeet, ABI Interim...
FCA launches Consumer Duty firm survey
Context The FCA has launched a Consumer Duty firm survey, which is being sent to a sample of small and medium-sized firms to understand the progress they are making in implementing the Duty. Key points to note The survey is being carried out on the FCA’s behalf...