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Archive
FCA updates its Trading Names guidance web page
Link(s):Trading names | FCA Context The FCA has updates its trading names guidance web page, explaining what a firm should and should not do and reminding firms that they can register a trading name that is different to its Company name. One of the links on the...
FCA reminds Principal firms that it will be issuing an information request in November
Link(s):PS22/11: Improving the Appointed Representatives regime | FCA Context The FCA, in its latest regulatory Round Up e-mail, has reminded firms that its new rules for Appointed Representatives (ARs) come into force on 8th December 2022. As part of the improved...
Judgements reached in three Covid-19 Business Interruption claims cases
Link(s):Various Eateries Trading v Allianz (nationalarchives.gov.uk) Greggs plc v Zurich (nationalarchives.gov.uk)Stonegate Pub Company v MS Amlin; Liberty Mutual; Zurich (nationalarchives.gov.uk) Context Three High Court cases regarding Covid-19 Business Interruption...
ICO releases Employment practices: Monitoring at work draft guidance
Link(s):ICO consultation on the draft employment practices: monitoring at work guidance and draft impact assessment | ICO draft-monitoring-at-work-20221011.pdf (ico.org.uk) Context The ICO is producing topic-specific guidance on employment practices and data...
FCA places restrictions on twice as many consumer investment firms this year
Link(s):FCA places restrictions on twice as many consumer investment firms this year | FCA Consumer Investments Strategy – 1 year update | FCA Context The FCA has stopped 17 firms and 7 individuals from obtaining FCA authorisation in the investment market, where...
FCA publishes complaints data for H1 2022
Link(s):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 Financial services firms received 1.88m complaints during the H1 2022 period, an increase...
CAP release advice for firms’ using claims based on surveys or awards in promotional material
Link(s):Voted the ‘best’? Comparisons based on surveys or awards | CAP Context CAP offer advice for firms wishing to promote awards they have received and/or favourable results of surveys. Key points to note The advice covers the use of objective claims, such as where...
The FCA releases a Discussion Paper on the use of Artificial Intelligence in Financial Services (DP22/4)
Link(s):DP22/4: Artificial Intelligence | FCA DP5/22 - Artificial Intelligence and Machine Learning | Bank of England Context The FCA, PRA and Bank of England are sharing their thoughts and asking for feedback on how artificial intelligence may affect their...
The FCA releases whistleblowing quarterly data for 2022 Q2
Link(s):Whistleblowing quarterly data 2022 Q2 | FCA Context The FCA has released the data for whistleblowing reports they have received during April to June 2022. Key points to note Data includes: Volumes of whistleblowing reports; How the reports were received; and...
The FCA releases an authorisations update
Link(s):FCA authorisations update | FCAFCA Authorisations UpdateFCA Authorisations Update - Annex 1 Context The FCA has published an update on their operating service metrics for authorisations. Key points to note An update document has been published, which provides...
EU proposals for a Directive on adapting non-contractual civil liability rules to artificial intelligence
Link(s):1_1_197605_prop_dir_ai_en.pdf (europa.eu) AI liability addressed in fresh EU proposals (pinsentmasons.com) Context The European Parliament is proposing a civil liability regime to address risks associated with the use of artificial intelligence (the AI Act),...
The ICO publishes new guidance on how businesses can make live marketing calls in a legitimate, lawful way
Link(s):Guidance on direct marketing using live calls | ICO Context The ICO has published detailed new guidance which covers live direct marketing calls, which are covered by the Privacy and Electronic Communications Regulations 2003 (PECR) Key points to note The...
FCA publishes Handbook Notice 102
Link(s):Handbook Notice 102 (fca.org.uk) Context The FCA has published Handbook Notice 102, confirming updates that have been made to their Handbook. Key points to note The Notice sets out the high-level details of the updates to the Handbook and identifies the...
FCA sets out its findings from the assessment of how firms handled business interruption (BI) insurance claims
Link(s):FCA publishes review of business interruption insurance claims handling | FCAClaims handling lessons learned from business interruption insurance | FCA Business interruption insurance test case – Insurer claims data | FCA Context The FCA has published the key...
FCA releases a Consumer Duty information webpage for firms
Link(s):https://www.fca.org.uk/firms/consumer-duty-information-firms Context The FCA has created a Consumer Duty information page, to provide firms with more information on areas of the Duty it has received queries from firms. Key points to note The main clarification...
CP22/19: Creation of a baseline financial resilience regulatory return
Link(s):CP22/19: Creation of a baseline financial resilience regulatory return | FCA Context Over the past couple of years, the FCA has improved its understanding of the financial resilience of a large number of firms with the collection of data through its Financial...
FCA assesses liquidity for orderly wind-down: good and poor practices from general insurance brokers
Link(s):FG20/1: Assessing adequate financial resources | FCA Assessing liquidity for orderly wind-down: good and poor practices from general insurance brokers | FCARestructuring and Insolvency of FCA regulated firms – FCA Webinars Context The FCA has published some...
Financial Services and Markets Bill: update
Link(s):Financial Services and Markets Bill - Hansard - UK Parliament Context The Financial Services and Markets Bill 2022-23 has had its second reading in the House of Commons. Key points to note It was confirmed that the government has no plans to merge the FCA and...
Financial sanctions update: OFSI updates Russia guidance
Link(s):Microsoft Word - Russia guidance September 2022 (publishing.service.gov.uk) Context OFSI has updated its Russia guidance adding 3 new questions. Key points to note Questions 24 to 26 further clarify how to use the food security licensing provision in the...
Subject Access Requests – getting the basics right
Link(s):Subject Access Requests: Getting the basics right | ICO Context A blog by Andrew Laing, ICO Head of Data Protection complaints highlights that access to personal data is a fundamental data protection right. Everyone has the right to ask an organisation whether...
Ombudsman News 174 September 2022 published
Link(s):Ombudsman News 174 (financial-ombudsman.org.uk) Context The September 2022 edition of Ombudsman News highlights recently published complaints data and shares online guidance for consumers and businesses about unregulated collective investment schemes (UCIS)....
FCA warns insurers to protect customers’ wellbeing during cost of living squeeze
Links: Financial watchdog warns insurers to protect customers’ wellbeing during cost of living squeeze | FCA Context The FCA is concerned that as pressure on household budgets increases some customers may cut-back on the insurance they need, leaving them without...
FCA updates PS21/11 webpage: the second Pricing Practices remedies Policy Statement
Link(s):PS21/11: General insurance pricing practices - amendments | FCA Context The FCA has updated its web page about PS21/11 – the second Pricing Practices remedies Policy Statement. Key points to note The updated page now includes a section where the updates are...
FCA speech ‘What firms and customers can expect from the Consumer Duty and other Regulatory reforms’
Links: What firms and customers can expect from the consumer duty and other regulatory reforms | FCA Context Sheldon Mills, FCA Executive Director, Consumers and Competition, delivered a speech at the Consumer Protection in Financial Services Summit covering Consumer...
FCA publishes a new Consumer Duty webpage, highlights key milestones and offers a series of sector-based webinars
Links:Consumer Duty | FCA;Consumer Duty detailed timeline (fca.org.ukConsumer Duty events | FCA; Context The FCA has published a new web page in relation to the Consumer Duty which sets higher and clearer standards of consumer protection across financial services and...
Online platforms face likely Digital Services Act disclosure deadline of February 2023
Link(s):https://digital-strategy.ec.europa.eu/en/policies/digital-services-act-package; Online platforms face likely Digital Services Act disclosure deadline of February 2023 (pinsentmasons.com);CO_TA (europa.eu) Context The Digital Services Act and Digital Markets...
IUA Chairman addresses Annual meeting and IUA Annual review published
Link(s):IUA Chairman addresses 2022 annual meeting; IUA Annual Review 2021 22 Context Rob Kuchinski, Chairman of the International Underwriting Association (IUA) stated at the body’s annual general meeting that 2022 has seen the London company market ‘return to...
CII CEO says insurers could win greater freedom
Link(s):CII CEO says insurers could win greater freedom Context Alan Vallance, the Chartered Insurance Institute’s new chief executive, has urged insurance professionals to make the most of the FCA’s Consumer Duty “to take greater control of our destiny.” Key...
ABI response to FCA report on multi-occupancy buildings insurance
Link(s):ABI response to FCA report on multi-occupancy buildings insurance | ABI Context The FCA has published its report on multi-occupancy building insurance Key points to note The ABI Director of General Insurance Policy, James Dalton has commented: “We remain...
ABI and ITN business partner to produce ‘Securing futures’
Link(s):ABI and ITN Business partner to produce ‘Securing Futures’ | ABI Context The ABI and ITN Business are producing a news-style programme ‘Securing Futures’, highlighting the important work the UK insurance and long-term-savings sector is doing to protect...
BIBA and QuestGates publish a guide to valuations for insurance brokers use with customers
Link(s):Valuation guide to help brokers help customers (biba.org.uk) Context The British Insurance Brokers’ Association (BIBA) and loss adjuster QuestGates have published a guide to valuations for insurance brokers to use with their customers. Key points to note This...
Financial Ombudsman Service publishes annual complaints data 2021/22
Link(s):Financial Ombudsman Service publishes annual complaints data 2021/22 Context FOS has published data showing the number of complaints received about individual businesses between 1st January and 30th June 2022 Key points to note Almost 73,000 complaints have...
The FCA sets out potential interventions to reform multi-occupancy buildings insurance
Link(s):FCA sets out potential interventions to reform multi-occupancy buildings insurance market | FCA Context The FCA has set out a range of recommendations designed to provide leaseholders with greater protection from high prices and to ensure the multi-occupancy...
The Treasury Committee published Government and Regulators’ responses to the ‘Future of Financial Services Regulation report
Link(s):Treasury Committee publishes Government and regulator responses to ‘Future of Financial Services Regulation’ report - Committees - UK Parliament Context The Treasury Committee has published responses from the Government, the Prudential Regulation Authority...
IUA publishes new Fire Safety Clause for high-rise repairs
Link(s):IUA publishes new fire safety clause for high rise repairs Context A new model insurance clause covering fire safety risks has been published. Key points to note The wording has been developed by the International Underwriting Association (IUA) and the...
Lloyd’s posts overall losses of £1.8bn for H1 2022 but an underlying £1.2bn underwriting profit
Link(s):Lloyd’s reports strong underwriting result in 2022 Half Year results - Lloyd's (lloyds.com) Context Lloyd's has posted a loss of £1.8bn for the first half of 2022 compared to a profit of £1.4bn in the same period last year, but has achieved an underwriting...
FOS publishes Q1 2022/23 complaints data
Link(s):Quarterly complaints data: Q1 2022/23 (financial-ombudsman.org.uk) Context FOS has published its Q1 2022/23 complaints data (so April to June 2022) and has highlighted again an increase in investment scams. FOS publishes complaints data on financial products...
Fighting financial crime – the force multiplier effect – FCA speech
Link(s):Fighting financial crime – the force multiplier effect | FCA Context Sarah Pritchard, Executive Director, Markets, gave her speech at the Financial Crime Summit in London. Key points to note The speech is split into seven sections: First responders in the...
Fake FCA e-mails, websites, letters and phone calls – update to FCA webpage
Link(s):Fake FCA e-mails, websites, letters and phone calls | FCA Context The FCA has updated its webpage which provides information on the common ways in which scammers may contact firms purporting to be the FCA. The added information relates to fake letters. Key...
ICO acting against eight individuals over alleged theft of road traffic accident data from garages
Link(s):ICO acting against eight individuals over alleged theft of road traffic accident data from garages | ICO Context The ICO has commenced criminal proceedings against eight individuals over the alleged unlawful accessing and obtaining of people’s personal...
ABI reports on the fall in insurance fraud
Link(s):Own goals, cruise con, DIY vandalism - fall in insurance fraud good news for honest customers, but no room to go easy on the cheats says the ABI Context According to ABI data there was a fall in both the number and cost of dishonest claims uncovered last year...
FCA publishes details of the number of skilled persons reports commissioned in Q1 2022/23
Link(s):Number of skilled person reports commissioned in Q1 2022/23 (April to June 2022) (fca.org.uk) Context The FCA has published details in a brief document about the number of skilled persons reports it commissioned in the first quarter of its current financial...
ASA guidance on testimonials and endorsements
Link(s):Avoiding ‘Fake Views’: A guide to testimonials and endorsements - ASA | CAP Context As part of its latest CAP Codes insights round-up e-mail, the ASA has provided guidance on the use of testimonials and endorsements in advertising. The guidance can also be...
Fall in the price of home insurance gives some relief to many households battling with cost-of-living rises
Link(s):https://www.abi.org.uk/news/news-articles/2022/08/fall-in-the-price-of-home-insurance-gives-some-relief-to-many-households-battling-with-cost-of-living-rises/ Context According to the ABI’s latest Household Premium Tracker figures the average price paid for...
FCA looks for external experts to help shape its work on ESG issues
Link(s):https://www.fca.org.uk/news/news-stories/fca-looks-external-experts-help-shape-work-esg-issues Context The FCA is establishing a new advisory committee to the FCA’s Board to work on Environmental, Social and Governance (ESG) issues, and is looking for...
FCA to issue Appointed Representatives information gathering questionnaire in December
Link(s):https://www.regulationtomorrow.com/eu/fca-updates-webpage-on-ps22-11-improving-the-appointed-representatives-regime/ Context The FCA has updated its Policy Statement 22/11: ‘Improving the Appointed Representatives regime’ webpage Key points to note New text...
EIOPA issues a consultation paper on governance arrangements in third countries
Link(s):EIOPA consults on governance arrangements in third countries | Eiopa (europa.eu) Context This public consultation, relating to a draft supervisory statement on the use of governance arrangements in third countries, is aimed at (although not exclusively) UK...
OFSI amends a General Licence in relation to insurances
Link(s):OFSI General Licences - GOV.UK (www.gov.uk) Context OFSI has published an amendment to General Licence INT/2022/2009156. This licence allows UK designated persons to make certain permitted payments to UK insurers from a frozen bank account, and allows UK...
The FCA updates the Temporary Permissions Regine (TPR) webpages
Link(s):Considerations for firms leaving the TPR | FCA; TPR firms that do not meet our expectations | FCA Context The FCA has updated its Temporary Permissions Regime (TPR) webpages Key points to note On 12th August 2022, the FCA updated the following webpages on the...
Higher costs for insurers put the squeeze on the price of motor insurance
Link(s):https://www.abi.org.uk/news/news-articles/2022/08/higher-costs-for-insurers-put-the-squeeze-on-the-price-of-motor-insurance/ Context According to the ABI’s latest Motor Insurance Premium Tracker the average price paid by motorists for their motor insurance in...
ASA guidance – pictures in advertising
Link(s):Ensure your ads are picture perfect on World Photography Day - ASA | CAP Context As part of its latest CAP Codes insights round-up e-mail, the ASA is reminding firms that imagery in advertising shouldn’t create a misleading impression, and that it must present...
Competition Appeal Tribunal overturns CMA Most Favoured Nation clauses ruling and £17.9m fine
Link(s):Price comparison website: use of most favoured nation clauses - GOV.UK (www.gov.uk) Judgment | Competition Appeal Tribunal (catribunal.org.uk) CAT Judgment (catribunal.org.uk) Context The Competition Appeal Tribunal has published a summary and a full judgement...
FOS outlines its approach under the new Consumer Duty
Link(s):A new Consumer Duty – setting a higher standard of care for consumers (financial-ombudsman.org.uk) Context Published as a FOS Insights blog, Simon Rawle, Ombudsman Leader, outlines the new Duty from FOS’ perspective and explains how FOS is working with the FCA...
Scale of FCA investigation into leaseholder insurance revealed by Insurance Age Freedom of Information Act enquiry
Link(s):FOI reveals scale of FCA investigation into leaseholder insurance - Insurance Age Context Following contact from the then Secretary of State for Levelling Up, Housing and Communities, Michael Gove, about the pressure leaseholders face from rapidly escalating...
FCA publishes the latest version of the Short Form A
Link(s):https://www.fca.org.uk/publication/forms/short-form-a-solo-regulated.docx Context In what appears to be the latest in the FCA’s current updates to its website and forms, the FCA has published the latest Short Form A. The version published is, however, dated...
FCA publishes Q1 2022 Whistleblowing data
Link(s):Whistleblowing quarterly data 2022 Q1 | FCA Context The FCA has published details of its Q1 2022 whistleblowing data, which shows the number of new whistleblowing reports it received between January and March 2022 and how the information was received. The FCA...
FCA to open Leeds office in September with 100 new jobs
Link(s):FCA to open Leeds office in September with 100 new jobs | FCA Context The opening of the Leeds office was announced in the FCA’s Business Plan in July 2021 and follows the establishment of a small presence in Cardiff and Belfast. Key points to note The Leeds...
Companies House publishes details about how to add an overseas entity and its registrable beneficial owners or managing officers to the Register of Overseas entities
Link(s):Register an overseas entity and tell us about its beneficial owners - GOV.UK (www.gov.uk) Agent assurance codes for registering an overseas entity - GOV.UK (www.gov.uk) Context Companies House has published details about how to add an overseas entity and its...
FCA publishes its 23rd June 2022 Board Meeting minutes
Link(s):FCA Board Minutes: 23 June 2022 Context The FCA has published 23rd June 2022 Bard Meeting minutes. The minutes contain a section in relation to The Consumer Duty, which gives a snapshot insight into the FCA’s approach to the implementation and monitoring of...
FCA updates webpage on how to apply for authorisation and variations of permissions
Link(s):How to Apply to our Authorisation for Firms | FCA Context On 29th July 2022, the FCA updated its webpage on how to apply for authorisation. Key points to note The webpage now contains a new paragraph outlining the Consumer Duty which makes it clear that, the...
FCA writes to insurance product manufacturers and distributors about the deadline for compliance with the insurance pricing product governance remedy
Link(s):PS21/11: General insurance pricing practices - amendments | FCA Context The FCA has updated its web page in relation to its pricing practices rules to confirm that it has conducted a multi-firm review to assess whether manufacturers of general insurance and...
FCA publishes Policy Statement PS 22/11: Improving the Appointed Representatives regime
Link(s):FCA confirms new rules to improve oversight of Appointed Representatives | FCA Context Appointed Representatives (ARs) are not regulated by the FCA, so it is Principal Firms’ responsibility to ensure that their ARs comply with the rules. The FCA has said that,...
FRC publishes its fourth Annual Enforcement review
Link(s):News I Financial Reporting Council (frc.org.uk); FRC Annual Enforcement Review July 2022 Context The FRC has published its fourth Annual Enforcement review, revealing a record number of cases and financial sanctions of £46.5 million being imposed. Key points...
OFSI issues updated Financial sanctions guidance
Link(s):General_Guidance_-_UK_Financial_Sanctions__Jul_2022_.pdf (publishing.service.gov.uk) Context OFSI Financial sanctions guidance on the approach OFSI takes including sector and regime specific guidance, as well as information on monetary penalties for breaches...
OFSI issues another general licence – Payment to UK Insurance Companies for Building and Engineering Insurance
Link(s):https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1093218/General_Licence_INT-2022-2009156.pdf Context OFSI has announced that it has issued another general licence in relation to payments to UK insurance companies...
HM Treasury publishes the Governments response to the Consultation about the Future Regulatory Framework Review
Link(s):Future Regulatory Framework (FRF) Review: Proposals for Reform - GOV.UK (www.gov.uk) Context HM Treasury has published the Governments response to the Consultation “Financial Services Future Regulatory Framework Review: Proposals for Reform”. Key points to...
HM Treasury publishes a ‘State of the sector: Annual review of UK financial services 2022’ report
Link(s):State of the sector: Annual review of UK financial services 2022 - GOV.UK (www.gov.uk) Context HM Treasury has published a first annual ‘state of the sector’ review report in conjunction with the City of London Corporation, which reports on the attractiveness...
HM Treasury – Financial Services and Markets Bill introduced into Parliament
Link(s):Financial Services Bill to unlock growth and investment across the UK - GOV.UK (www.gov.uk) Context HM Treasury has published details of legislation to enhance the competitiveness of UK financial services and unlock growth and investment across the UK,...
Lord Kennedy of Southwark introduces a Private Members Bill: “Leasehold Reform (Disclosure and Insurance Commissions) Bill
Link(s):Leasehold Reform (Disclosure and Insurance Commissions) Bill [HL] - Parliamentary Bills - UK Parliament Context Lord Kennedy of Southwark has introduced a Private Members Bill into the House of Lords, titled The Leasehold Reform (Disclosure and Insurance...
HM Treasury – Speech by the Chancellor at Mansion House – delivering the future of financial services in the UK
Link(s):Mansion House 2022 - GOV.UK (www.gov.uk) Context On 19th July , In his first official speech as Chancellor, Nadhim Zahawi set out ambitious plans to transform the UK financial services sector. At Mansion House, Zahawi confirmed that the government will...
Department for Digital, Culture, Media and Sport puts the proposed new Data Protection and Digital Information Bill before Parliament
Link(s):Data Protection and Digital Information Bill - Parliamentary Bills - UK Parliament Context The Department for Digital, Culture, Media and Sport has published details in relation to the introduction of a draft Data Protection and Digital Information Bill into...
Don’t Chance Fraud! – IFB launches Insurance Fraud Register (IFR) awareness campaign
Link(s):https://insurancefraudbureau.org/media-centre/news/2022/dont-chance-fraud-ifb-launches-insurance-fraud-register-ifr-awareness-campaign/ Context The Insurance Fraud Bureau (IFB) is warning of a rise in people added to the Insurance Fraud Register (IFR) as...
Ombudsman News 173
Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-173 Context The FOS has published its latest Ombudsman News 173. Key points to note The document is split into three sections: Financial Ombudsman Service appoints Deputy Chief Ombudsman and...
REP008 – A reminder
Context Firms should be getting ready to complete their REP008 - reporting to the FCA Conduct Rules breaches that resulted in disciplinary action. This will be firms second report but the first covering a whole year. The previous one was only for the period 1st April...
PS 22/9 A New Consumer Duty
Link(s):https://www.fca.org.uk/publication/policy/ps22-9.pdf Context As anticipated the FCA has issued a press release and published its Policy Statement 22/9 A New Consumer Duty and FG 22/5. Key points to note The Consumer Duty sets higher and more defined standards...
FCA publishes the latest quarterly financial promotions data
Link(s):Financial promotions quarterly data 2022 Q2 | FCA Context The FCA has published its latest quarterly financial promotions data, which analyses the latest information (from 1st April 2022 to 30th June 2022) from the FCA’s action against authorised firms...
Companies House updates its Guidance: ‘Being a Company Director’
Link(s):Being a company director - GOV.UK (www.gov.uk) Context Companies House has updated the guidance on its web page in relation to understanding the role of a company director and a director’s responsibilities to Companies House. Key points to note The web page is...
Financial Ombudsman Service helps customers with insurance pricing complaints
Link(s):https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-helps-customers-insurance-pricing-complaints Context Whilst complaints about insurance pricing have fallen during the last year the Financial Ombudsman Service (FOS) is still...
The Information Commissioners Office publishes its Annual Report 2021/22
Link(s):https://www.financial-ombudsman.org.uk/news-events/financial-ombudsman-service-appoints-deputy-chief-ombudsman-chief-operating-officer Context The ICO has published its Annual Report 2021/22. The document reflects a year of action and progress in supporting...
FCA publishes FSCS levy calculation notes (2022/23 final rates)
Link(s):FSCS Levy Calculation Notes 2022/23 Final Rates.doc (fca.org.uk) Context The FCA has published a document, with no accompanying news item, setting out a series of notes about how the FSCS levy is calculated. The FCA has also previously issued a Guidance Sheet...
The latest FCA Perimeter Report
Link(s):https://www.fca.org.uk/publications/annual-reports/perimeter-report Context Now to be updated once a quarter (previously annually) the FCA’s Perimeter Report sets out what the FCA does and does not regulate, describing specific issues and the action that is...
FCA Annual Report and Accounts 2021/22
Link(s):https://www.fca.org.uk/publication/annual-reports/2021-22.pdf Context The FCA has set out in its Annual Report how it has worked over the past 12 months to meet its objectives of protecting consumers, enhancing market integrity and promoting competition. Key...
European Insurance and Occupational Pensions Authority (EIOPA)
Link(s):EIOPA seeks input on supervisory statement on differential pricing practices | Eiopa (europa.eu) Context The European Insurance and Occupational Pensions Authority (EIOPA) has launched a three-month-long public consultation relating to a draft supervisory...
ASA guidance – VAT in stated prices
Link(s):To include or not to include – VAT in stated prices - ASA | CAP Context As part of its latest CAP Codes insights round-up e-mail, the ASA is reminding firms that the Committee for Advertising Practice CAP Code requires that prices in ads include non-optional...
Information Commissioner sets out three-year vision, ‘ICO25’
Link(s):UK Information Commissioner sets out focus on empowering people through information | ICO Context As part of a speech delivered on 14th July 2022 at an event at Woburn House in London, to launch a three-year plan (‘ICO25’), the Information Commissioner John...
Eunisure Limited enters liquidation
Link(s):Eunisure Limited enters liquidation | FCA Context Eunisure Limited is an authorised retail insurance broker which entered liquidation on 7thJuly 2022, with Roderick Graham Butcher of Butcher Woods appointed as liquidator. Key points to note The firm placed...
Ashley Alder appointed FCA chair
Link(s):Ashley Alder appointed FCA chair | FCA Context HM Treasury and the FCA have announced the appointment of Ashley Alder as the new Chair of the FCA. Key points to note Ashley is currently Chief Executive Officer of the Securities and Futures Commission (SFC) in...
The Union confirms that it has suspended strike action at the FCA
Link(s):Moving our campaign forward - Unite. The union for staff at the FCA (unitethefca.org) Context Unite the Union has confirmed that the strike action at the FCA had been suspended after the watchdog agreed to talk to staff about better recognition for their work....
FSCS Annual Report 2021/22
Link(s):FSCS publishes its 2021/22 Annual Report and Class Statements | FSCS Context The FSCS has published its Annual Report and Accounts 2021/22 and Class Statements 2021/22 which contains details of work the FSCS has completed during the year. Key points to note...
Insurance Brokers call for Qualification requirements
Link(s):Insurance brokers call for qualification requirements (cii.co.uk) Context In a press release, the CII has confirmed that a group of ‘rising stars of the insurance broking profession’ have called for the FCA to introduce mandatory qualifications to advise...
FCA updated webpage: Fake FCA e-mails, websites, letters and phone calls
Link(s):Fake FCA emails, websites, letters and phone calls | FCA Context The FCA has updated its fake FCA emails, websites, letters and phone calls web page. Key points to note The update is to the Fake FCA e-mails section of the page, and appears to be adding...
FCA updated webpage: Change in Control
Link(s):Change of Control | FCA Context The FCA has updated its ‘change in control’ webpage. Key points to note The update states that, given recent delays in allocating notifications, the FCA has recruited additional case officers. Currently, there is a delay of...
FCA REP021 in RegData – a reminder
Link(s):SUP 16 Annex 49A Pricing information report form (REP 021) - FCA Handbook Context The REP021 return on RegData is due by 30/09/2022 for the Reporting Period 01/01/2022 to 30/06/2022. The full REP021 report can be found here. Key points to note For insurance...
FCA Board Minutes – The Consumer Duty and the Regulatory Diversity and Inclusion (D&I) Framework
Link(s): FCA Board Minutes: 26 May 2022 Context The FCA has published its 26th May 2022 Board meeting minutes, which cover a number of issues including the Consumer Duty, the Regulatory D&I Framework, and the FCA’s Freedom of Information Act (FOI) and Subject...
Building Safety Act 2022 – implications for insurance
Building Safety Act 2022 (legislation.gov.uk) Context The detail of this article has been sourced from Pinsent Masons useful and informative Out-Law online resource. On 28th June 2022 the implementation of the 2022 Building Safety Act (BSA) reached a key milestone,...
Future of financial services regulation – House of Commons Treasury Committee latest report
Future of Financial Services (parliament.uk) Context Following the United Kingdom’s exit from the European Union, the House of Commons Treasury Committee (HCTC) has released its latest report on the future of financial services regulation as it considers how to review...
Taking action against nuisance calls – proposed new ICO powers
ICO in the media | ICO Context In last week’s update we included details of the Department for Digital, Culture, Media & Sport publishing details of the Data Reform Bill. This week, the ICO has commented on press reporting in relation to nuisance calls and how...
FSCS Chief Executive talks of the front line of financial harm
The front line of financial harm | FSCS Context FSCS Chief Executive Caroline Rainbird has written an article on the frontline of financial harm: the balance needed to support the varied stakeholders and the importance of reducing consumer harm. Key points to note The...
Financial Ombudsman Service publishes Ombudsman News 172
Ombudsman News 172 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service (FOS) has published Ombudsman News 172. Key points to note This edition includes news of the new FOS Chief Executive and Chief Ombudsman, Abby Thomas, who joins in the Autumn.It...
Financial Ombudsman Service publishes annual complaints data 2021/2022
Financial Ombudsman Service publishes annual complaints data 2021/22 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service has published its annual complaints data for the April 2021 to March 2022 financial year, with insight into common problems raised...