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Archive
FCA issues two Insurance Market Priorities 2023-2025 Portfolio Letters
Link(s):Personal and commercial lines insurance portfolio letter: insurance market priorities 2023-2025 (fca.org.uk) Wholesale insurance portfolio letter: insurance market priorities 2023-2025 (fca.org.uk) Context The FCA has set out its priorities for the insurance...
FCA publishes the General Insurance Value Measures Data for 2022
Link(s):FCA calls on insurers to take action as it publishes latest fair value data | FCA General insurance value measures data 2022 | FCA gi-value-measures-data-2022.xlsx (live.com) Context In the FCA’s latest data, and from its ongoing interactions with firms, there...
FOS publishes quarterly complaints data for Q1 2023/2024
Link(s):Quarterly complaints data: Q1 2023/24 (financial-ombudsman.org.uk) Context FOS has published its quarterly complaints data for Q1 2023/2024 (so April to June 2023). Key points to note complaints relating to motor and buildings insurance have reached their...
FCA publishes a blog: “The post-Brexit Handbook: a collective opportunity”
Link(s):The post-Brexit Handbook: a collective opportunity | FCA Repeal and replacement of retained EU law | FCA Context The FCA and other regulators have been given the ability to set out what a UK financial services rulebook outside of the EU is going to look like....
FCA publishes a transcript of a video introducing the new Form A
Link(s):Improving Form A: video transcript (fca.org.uk) Context The FCA has published a transcript of a video talking about the improvements the FCA is making to the Form A. Key points to note The transcript sets out the main changes that are being made, including a...
RegData – Notice Board
Link(s):FCA RegData : Login Context The FCA is aware some users’ period end dates are incorrect. The reports have been incorrectly scheduled with the period end 28/08/2023 instead of 31/08/2023, the FCA are looking to implement a fix as soon as possible. Also Data...
New screening checks required to approve financial adverts
Link(s):New screening checks required to approve financial adverts | FCA PS23:/13: Introducing a gateway for firms who (fca.org.uk) PS23/13: Introducing a gateway for firms who approve financial promotions | FCA Context The FCA is introducing new screening checks for...
Keeping the UK moving – record motor insurance payouts to keep drivers mobile
Link(s):Keeping the UK moving – record motor insurance payouts to keep drivers mobile | ABI Context Motor insurers paid out £2.5 billion in motor claims in the second quarter of this year, up 29% on the £2 billion paid in the same quarter last year according to latest...
FCA publishes findings from its assessments of firms’ sanctions systems and controls
Link(s):Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine | FCA Context The FCA has published a new webpage – Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of...
FCA publishes CP23/19: Future Regulatory Framework – The Insurance Distribution Directive
Link(s):CP23/19: Future Regulatory Framework - The Insurance Distribution Directive | FCACP23/19: Future Regulatory Framework The Insurance Distribution Directive (fca.org.uk) Context The UK fully implemented the Insurance Distribution Directive (IDD) in 2018. Most of...
FCA publishes Quarterly Consultation Paper No. 41 (CP23/18)
Link(s):CP23/18: Quarterly Consultation Paper No. 41 | FCACP23/18: Quarterly Consultation Paper No. 41 (fca.org.uk) Context Once a quarter, the FCA consults on proposed miscellaneous amendments to its Handbook. Key points to note Changes to the employers’ liability...
The FCA’s Sarah Pritchard talks about calibrating controls to build confident markets
Link(s):Calibrating controls to build confident markets | FCA Context Speech by Sarah Pritchard, FCA Executive Director of Markets and International, which focuses on financial crime and why it is a key focus of the FCA. While the speech is primarily focused on...
FCA launches review of treatment of Politically Exposed Persons
Link(s):FCA launches review of treatment of Politically Exposed Persons | FCA Context FCA has set out issues it will consider as part of a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms. Key points to note The FCA’s...
BIBA highlights over 1 million age related enquiries received to its Find Insurance Service
Link(s):Signposting service reaches 1,000,000 enquiries - BIBA Context The Agreement on Age and Insurance between Government, BIBA and the ABI renewed today. This ‘Signposting Agreement’ continues to help older people find the essential travel or car cover they need....
ICO publishes new guidance on sending bulk communications by email
Link(s):ICO publishes new guidance on sending bulk communications by email | ICO Context The Information Commissioner’s Office (ICO) has issued a warning to organisations to use alternatives to the blind carbon copy (BCC) email function when sending emails containing...
FCA publishes updates to its Wider Implications Framework issues log up to March 2023
Link(s):Wider Implications Framework issues log – March 2023 (fca.org.uk)Terms of Reference for the Wider Implications Framework (fca.org.uk) Context The FCA has published its updated Wider Implication Framework and Issues as of March 2023. The FCA, through the...
Direct Line to carry out a past business review relating to the FCA’s pricing rules
Link(s):Direct Line to carry out a past business review relating to the FCA's pricing rules | FCA Context Direct Line Group has agreed a voluntary requirement having charged some existing home and motor customers more for their renewal than they would have...
FCA publishes its latest Inside FCA Podcast ‘Fighting fraud and financial crime’
Link(s):Inside FCA Podcast: Fighting fraud and financial crime | FCA Inside FCA Podcast transcript: Interview with Emad Aladhal on fighting fraud and financial crime Context The FCA has published a podcast interview and a transcript with Ozge Ibrahim and Emad Aladhal....
ICO consultation on the draft biometric data guidance
Link(s):ICO consultation on the draft biometric data guidance | ICOGuidance on biometric data | ICO Context The Information Commissioner’s Office (ICO) is producing guidance on biometric data and biometric technologies. The draft biometric data guidance explains how...
Verex Insurance Services Limited enters administration
Link(s):Verex Insurance Services Limited enters administration | FCA Context Verex Insurance Services Limited (Verex) is an insurance broker that sold motor insurance products from a range of insurers. The Directors of the company applied to place the firm in...
ABI highlights crackdown on insurance cheats
Link(s):Conning big - crackdown on insurance cheats delivering results, but average scam up to nearly £15,000 | ABI Context The Association of British Insurers (ABI) is warning that there can be no let-up in cracking down on insurance fraud. Key findings from the...
A picture says a thousand words. Avoiding misleading imagery in ads
Link(s):A picture says a thousand words. Avoiding misleading imagery in ads - ASA | CAP Context CAP has published a webpage about how the ASA will assess whether an ad is likely to mislead. Key points to note The ASA will consider the entire ad, and the overall...
Affiliate yourself with the CAP Code this month
Link(s):Affiliate yourself with the CAP Code this month - ASA | CAP Context CAP has published a webpage referring to Rule 2.1 of the CAP Code. This rule requires that marketing communications are obviously identifiable as such. The Code also states that marketing...
FCA invites Politically Exposed Persons to share their experiences
Link(s):We invite Politically Exposed Persons to share their experiences | FCALetter to MPs, peers and other interested parties (fca.org.uk) Context The FCA is currently reviewing how financial services firms have applied the PEPs regime and whether changes to its...
ABI reports that sustained cost pressures on insurers push the average price of motor insurance to a record high
Link(s):Sustained cost pressures on insurers push the average price of motor insurance to a record high | ABI Context The Association of British Insurers has gathered data which analysed 28 million motor insurance policies. This produced the most accurate picture of...
The ICO and CMA say it’s time to end damaging website design practices that may harm your users
Link(s):It’s time to end damaging website design practices that may harm your users | ICO Context The ICO and CMA have published a joint position paper which is targeted to firms that deploy design practices in digital markets (such as on websites or other online...
FOS publishes Ombudsman News 183
Link(s):Ombudsman News 183 (financial-ombudsman.org.uk) Context The FOS has published the latest edition of Ombudsman News. Key points to note This edition highlights: Its recent blog on Section 75 and chargeback complaintsUpdated guidance for financial businesses on...
Helping firms provide more support to customers making investment decisions
Link(s):Helping firms provide more support to customers making investment decisions | FCA Context The Government announced in 2022, plans to fundamentally review how the boundary between advice and guidance on investments is operating. This review will be carried out...
FCA publishes its authorisations operating service metrics for April to June 2023
Link(s):FCA Authorisations operating service metrics 2023/24 Q1 | FCAAuthorisations operating service metrics 2023/24 Q1 (fca.org.uk) Context The FCA has published its authorisations metrics covering the period from April to June 2023. Key points to note The data...
FCA publishes its financial promotions quarterly data for April to June 2023
Link(s):Financial promotions quarterly data 2023 Q2 | FCA Context The FCA has published a summary of data generated between 1 April 2023 and 30 June 2023 from its actions against firms breaching financial promotion rules, and referrals and investigations into...
NCSC reveals most common cyber vulnerabilities exploited in 2022
Link(s):NCSC and allies reveal most common cyber vulnerabilities... - NCSC.GOV.UK2022 Top Routinely Exploited Vulnerabilities | CISA Context In a new joint advisory, the National Cyber Security Centre – a part of GCHQ – and agencies in the US, Australia, Canada and...
HM treasury issues an open Consultation on banning cold calling for financial services and products
Link(s):Ban on cold calling for consumer financial services and products - GOV.UK (www.gov.uk) Context As announced in the Fraud Strategy in May 2023, the government will extend the pensions cold calling ban to cover cold calling for all consumer financial services...
ASA provides information on its remit: what we cover and what we don’t
Link(s):Our remit: what we cover and what we don't - ASA | CAP Context The ASA is the first port of call whenever you see an ad that you think might break the rules. It only takes one complaint for the ASA to investigate, and it will always carefully assess complaints...
FCA publishes retail intermediary market data 2022
Link(s):The retail intermediary market data 2022 | FCARetail intermediary market interactive analysis 2022 | FCAretail-intermediary-market-2022-underlying-data.xlsx Context Each year (since 2016) the FCA publishes the information firms have provided about their...
Employment Relations (Flexible Working) Act 2023 given Royal Assent
Link(s):Employment Relations (Flexible Working) Act 2023 - Parliamentary Bills - UK Parliament Context The Flexible Working Bill has been granted Royal Assent, and has been set in Statute as the Employment Relations (Flexible Working) Act 2023. The Act makes...
FCA reminds firms about ICO guidance in relation to direct marketing and regulatory communications
Link(s):Consumer Duty – information for firms | FCA Context The FCA has updated its ‘Consumer Duty – information for firms’ page to remind firms about data protection law and customer communications. Under the Consumer Understanding outcome, the FCA expects...
FCA publishes a customer-facing Consumer Duty page
Link(s):Consumer Duty sets higher standards for financial services customers | FCA Context The FCA has published a brief web page, apparently customer-focussed, announcing the new Consumer Duty. Key points to note Alongside the new Consumer Duty page, the FCA has also...
FCA publishes Handbook Notice 111
Link(s):Handbook Notice 111 (fca.org.uk) Context Handbook Notice 111 has been published, confirming a number of updates to the Handbook. Key points to note SUP 16.30, and SUP 16 Annex 54G, have been updated to come into force on 1st January, introducing the new FIN073...
Information Commissioner issues a reprimand to My Media World Ltd t/a Brand New Tube
Link(s):My Media World Limited t/a Brand New Tube | ICO7c Reprimand NOI template (ico.org.uk) Context A reprimand has been issued to My Media World Ltd t/a Brand New Tube (BNT) in respect of Article 32 (1) and Article 32 (1) (d) of the GDPR. BNT failed to implement...
ESG: The Brokers’ Perspective
Link(s):ESG: The Brokers’ Perspective (cii.co.uk) esg-report-final.pdf (cii.co.uk) Only 32% of SME brokers understand ESG aims – CII research - Insurance Age Context The CII has published a guide which comes from research carried out by the CII Broking Community New...
Regulators finalise clearer, more transparent Complaints Scheme
Link(s):Regulators finalise clearer, more transparent Complaints Scheme | FCAPS23/12: Complaints against the Regulators | FCAComplain about us, the PRA or the Bank of England (the regulators) | FCA Context The FCA, the Prudential Regulation Authority (PRA) and the...
FCA publishes key findings from its Financial Lives survey
Link(s):Financial Lives 2022 survey - Key findings from the May 2022 survey: Executive summary | FCA Financial Lives survey highlights importance of the FCA’s Consumer Duty | FCA Context Approximately every 2 years, the FCA conduct a survey which is designed to...
FCA makes changes to application forms accessed via Connect
Link(s):Changes to application forms accessed via Connect | FCA Context The FCA has published a webpage that describes the changes being made to the Form A in more detail. The FCA intend to make changes to other application forms once their work on Form A is...
FCA publishes its 2022/23 Annual Report and Accounts and multiple associated documents and reports
Link(s):Our Annual Report and Accounts 2022/23 | FCA Context The FCA has announced the publication of its 2022/23 Annual Report and Accounts, alongside a raft of associated documents and reports. The Annual Report and Accounts sets out the FCA’s progress in the...
FCA publishes its latest Perimeter Report
Link(s):Our Perimeter Report | FCA Context The FCA’s perimeter sets out what it does and doesn’t regulate. This latest Perimeter Report describes specific issues the FCA sees around the perimeter and action it is taking in response. The report is detailed in...
Confused.com car insurance price index in association with WTW shows UK car insurance premiums breaking records
Link(s):Car insurance statistics: 2023 - Confused.com Context Car insurance premiums in the UK are at their highest recorded levels, according to WTW and Confused.com. Key points to note Launched in 2006, the Confused.com Car Insurance Price Index in...
Insurance industry group launches campaign to show the ‘power of the premium’
Link(s):Insurance industry group launches campaign to show the ‘power of the premium’ | ABI Context A campaign is being launched today by the ABI to help consumers understand what their insurance premium pays for and to demonstrate the core principles of insurance....
Ministry of Justice consults on revisions to the Medical Reporting Process for Road Traffic Accident Claims
Link(s):Revisions to the Medical Reporting Process for Road Traffic Accident Claims - GOV.UK (www.gov.uk) Revisions to the Medical Reporting Process for Road Traffic Accident Claims - Ministry of Justice - Citizen Space Context This consultation is seeking views on...
FSCS publishes its 2022/23 Annual Report and Class Statements
Link(s):FSCS publishes its 2022/23 Annual Report and Class Statements | FSCS Annual Report 2022/23 | FSCS Context In its Annual Report and Accounts and Class Statements, FSCS outlines the vital work it carried out during the past financial year. ...
FCA News: MCE Insurance enters administration
Link(s):MCE Insurance Limited enters administration | FCA MCE Insurance - Sabre Insurance Company Ltd Context It has been confirmed that Motorbike broking specialist, MCE Insurance Limited were placed into administration on 17th July 2023. Key points to note MCE...
FCA provides update to Principal firms about the inclusion of their ARs in their PII cover
Link(s):Professional indemnity insurance | FCA Context The FCA has published a reminder to Principal firms in relation to including their ARs under their PII policies. Professional indemnity insurance is liability insurance that covers firms when a third-party...
FCA publishes plans to take another significant step in its work to combat illegal and non-compliant financial promotions
Link(s):Social media guidance set for revamp | FCA Context The FCA’s press release introduces proposals for new social media guidance (Guidance Consultation GC 23/2) to modernise the information firms should use when promoting financial products and services...
FCA publishes an update in relation to the Regulatory Initiatives Grid
Link(s):Regulatory Initiatives Grid – Update from the co-chairs July 2023 (fca.org.uk) Context The FCA has updated its web page in relation to the Regulatory Initiatives Grid, and has published a brief update from the co-Chairs Nikhil Rathi (FCA CEO) and Sam Woods...
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...