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Archive
The FCA has proposed new measures to clamp down on illegal, unfair or misleading financial marketing
Link(s):FCA outlines stronger rules to protect consumers from rogue financial promotions | FCA CP22/27: Introducing a gateway for firms who approve financial promotions | FCA Context The FCA has today outlined new checks for those firms which want to approve financial...
FCA warns insurance providers not to undervalue cars or other insured items when settling claims
Link(s):Insurance providers warned not to undervalue cars or other insured items when settling claims | FCADear CEO letter: Our expectations on cost of living and insurance (fca.org.uk) Context Insurance firms have been warned by the FCA not to undervalue cars and...
Treasury Committee publishes correspondence on proposed regulatory ‘call in’ power
Link(s):Treasury Committee publishes correspondence on proposed regulatory ‘call in’ power - Committees - UK Parliamenthttps://committees.parliament.uk/publications/31748/documents/178169/default/ Context The Treasury Committee publishes correspondence confirming that...
FCA sends letter to firms that have provided or arranged PII cover for firms that gave defined benefit pension transfer advice to British Steel Pension Scheme members
Link(s):Dear CEO letter - Professional Indemnity Insurance for firms that advised on the British Steel Pension Scheme (fca.org.uk)FCA confirms plans to deliver redress to over 1,000 former British Steel Pension Scheme members | FCA Context The FCA has published final...
FCA Speech: From Zeroes to Heroes – how culture in financial services can change for everyone’s benefit – Emily Shepperd, FCA COO and Executive Director of Operations
Link(s):From Zeroes to Heroes: How culture in financial services can change for everyone’s benefit | FCA Context A speech was delivered by Emily Shepperd at the City and Financial Global's 8th Annual Culture and Conduct Forum for the Financial Services Industry. Key...
The FCA publishes 2023/24 Fees and Levies policy proposals
Link(s):CP22/23: Regulatory fees and levies: policy proposals for 2023/24 | FCA CP22/23: Regulatory fees and levies: policy proposals for 2023/24-PDF (fca.org.uk) Context The FCA has published its 2023/24 fees and levies proposals in Consultation Paper CP22/23. Key...
The FCA publishes general insurance value measures data for July to December 2021
Link(s):General insurance value measures data - July to December 2021 | FCA GI value measures July to December 2021 (XLSX) Context Following a successful pilot, the FCA has published value measures data for a wide range of general insurance (GI) products for July to...
FSCS publishes its November 2022 Outlook
Link(s):Our November 2022 Outlook | FSCSOutlook November 2022 | FSCS Context FSCS Chief Executive Caroline Rainbird introduces the FSCS’ November 2022 Outlook, sharing updated compensation figures for this financial year, and providing a first look at the overall levy...
ABI to transform sector with Diversity, Equality and Inclusion Blueprint
Link(s):ABI to transform sector with DEI Blueprint | ABI Context The Association of British Insurers (ABI) has published an ambitious new Blueprint, setting out a multi-year strategy and work plan to improve Diversity, Equity and Inclusion (DEI) across the insurance...
Diversity and inclusion: Driving change in our industry – Speech by Sheldon Mills, FCA Executive Director, Consumers and Competition
Link(s):Diversity and inclusion: Driving change in our industry | FCA A strategy for positive change: our ESG priorities | FCA Context Sheldon Mills, Executive Director, Consumers and Competition at the FCA, delivered a speech at the Association of British Insurers...
Raising standards in new firms and financial promotions
Link(s):Raising standards in new firms and financial promotions FCA Early and High Growth Oversight | FCA Context The FCA has provided information regarding its new Early and High Growth Oversight function to help newly authorised firms adapt to supervision as they...
Financial Ombudsman Service publishes its Annual Report and Accounts 2021/22
Link(s):Financial Ombudsman Service publishes its Annual Report and Accounts 2021/22 (financial-ombudsman.org.uk)Financial Ombudsman Service Annual Report and Accounts 2021/22 (financial-ombudsman.org.uk) Context The Financial Ombudsman Service’s Annual Report and...
The UK Government publishes its response document to the Protect Duty public consultation
Link(s):Government response document - GOV.UK (www.gov.uk) Context The UK Government are due to announce the implementation of the Protect Duty in early 2023. They have released their Government response document, which provides information about the Protect Duty and...
OFSI provides Russian oil price cap update
Link(s):Oil Price Cap Update - OFSI (blog.gov.uk)UK_Maritime_Services_Prohibition_and_Oil_Price_Cap_Guidance__November_2022_.pdf (publishing.service.gov.uk) Context The UK and Price Cap Coalition (G7 + Australia) partners have agreed tough and comprehensive sanctions...
LMA releases Operations Quarterly Update
Link(s):Operations Quarterly Update (lmalloyds.com) Context An update has been released from LMA's Operations Director, Rob Myers, for Lloyd’s market Chief Operating Officers. Key points to note The update covers the following topics: GovernanceFuture at Lloyd’s –...
The ABI’s reasons for urging the Chancellor to freeze Insurance Premium Tax in his Autumn Statement
Link(s):Don’t penalise the prudent – freeze Insurance Premium Tax | ABI Context The Association of British Insurers (ABI) had urged the Chancellor to freeze the rate of Insurance Premium Tax (IPT) in the Autumn Statement on 17th November, setting out its reasons for...
FCA publishes responses to unanswered questions from its Annual Public Meeting 2022
Link(s):Annual Public Meeting 2022: Responses to unanswered questions (fca.org.uk)Annual Public Meeting 2022 | FCA Context The FCA has published responses to 100 unanswered questions from its Annual Public Meeting 2022, which took place on 12th October 2022. Key...
Rolling regulation forwards – Speech by Nikhil Rathi, FCA Chief Executive
Link(s):Rolling regulation forwards | FCA Context This speech, delivered by Nikhil Rathi at the UK Finance annual dinner, covers implementation of the Consumer Duty and the FCA’s monitoring of its impact; the FCA’s approach to regulation where there is increasing use...
Financial Ombudsman Service publishes Feedback Statement on Future Funding Discussion Paper
Link(s):Financial Ombudsman Service publishes Feedback Statement on Future Funding Discussion Paper (financial-ombudsman.org.uk) Financial Ombudsman Service - Funding Feedback Statement 2022 (financial-ombudsman.org.uk) Financial Ombudsman Service - Funding...
CII publishes Consumer Duty good practice guide for Insurers
Link(s):CII publishes Consumer Duty good practice guide for Insurersgood-practice-guide-consumer-duty-insurance.pdf (cii.co.uk) Context In support of the Financial Conduct Authority’s (FCA) flagship regulatory reform, the Consumer Duty, the Chartered Insurance...
OFSI publishes its 2021-22 Annual Review
Link(s):OFSI_Annual_Review_2021-22_10.11.22.pdf (publishing.service.gov.uk) Context OFSI has published its Annual Review for 2021-22. In light of the role OFSI has played in the UK's response to the Russian invasion of Ukraine, it has included additional reporting on...
BIBA makes commitments to Michael Gove, Secretary of State (DLUHC) and the FCA regarding insurance for multi-occupancy buildings
Context UKGI has been provided with a copy of BIBA’s letter to Michael Gove, Secretary of State, Department for Levelling Up, Housing and Communities (DLUHC), dated 1st November 2022. The letter relates to the FCA’s report on insurance for multi-occupancy...
Speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer – AI: Moving from fear to trust
Link(s):AI: Moving from fear to trust | FCA DP22/4: Artificial Intelligence | FCA Context This is a speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, at the City and Financial Global summit on the topic of regulation and risk management of...
FCA publishes financial promotions quarterly data for Q3 2022
Link(s):Financial promotions quarterly data 2022 Q3 | FCA Context The FCA has published data and analysis from its action against authorised firms breaching financial promotion rules, and referrals and investigations into unregulated activity, between 1st July 2022...
FCA warns government that Treasury intervention in regulatory rulemaking will undermine its independence and impact markets
Link(s):Government confirms regulatory ‘call in’ power amendment to be delayed - Committees - UK ParliamentDon't bring in 'political rulemaking', markets watchdog warns UK government | Reuters Treasury Committee: Work of the Financial Conduct Authority, HC 142 Context...
FCA places directions and requirements on Samweb for providing misleading information to consumers
Link(s):Directions and requirements placed on Samweb for providing misleading information to consumers | FCAFirst Supervisory Notice 2022: Samweb (UK) Ltd (fca.org.uk) Second Supervisory Notice: Samweb (UK) Ltd (fca.org.uk) Context Although this firm does not operate...
Cost of living and energy bills drive insurance credit surge
Link(s):Cost of living and energy bills drive insurance credit surge (premiumcredit.com Context The cost of living squeeze and energy bill increases are driving a surge in people borrowing more to fund insurance policies, new research from the UK’s leading premium...
Ofcom – Farewell to the fax machine?
Link(s):Farewell to the fax machine? - OfcomConsultation: Removing fax from the universal service obligations on BT and KCOM - Ofcom Context As digital technology and broadband services have developed, the fax machine has been overtaken by email and document sharing...
Financial Ombudsman Service publishes its latest quarterly complaints data
Link(s):Financial Ombudsman Service publishes its latest quarterly complaints data (financial-ombudsman.org.uk) Context The FOS has published its complaints data on financial products for July – September 2022 (Q2). Key points to note The FOS received 38,470 new...
Inside FCA Podcast: Emily Shepperd on agile regulation
Link(s):Inside FCA Podcast: Emily Shepperd on agile regulation | FCA Context This is a podcast of the speech from 6th October 2022 by Emily Shepperd, COO and Executive Director, Authorisations at CISI/The Financial Planning Conference 2022. Key points to note The...
The FCA asks a number of consumer credit firms to provide data on their credit activities
Link(s):Cost of living consumer credit data collection | FCAConsumer credit data collection FAQs (fca.org.uk) Context The FCA is asking a number of consumer credit firms it regulates to provide data on their credit activities so it can monitor and assess the impact of...
Association of Professional Compliance Consultants (APCC) update on HSBC Bank and client accounts
Context At a meeting this week of the APCC’s General Insurance Working Group, on which we are represented, an issue was raised in relation to HSBC Bank and letters that have been sent to insurance brokers in relation to their client money accounts. Key points to note...
Chartered Insurance Institute (CII) responds to the FCA’s Discussion Paper on Big Tech in the financial services industry
Link(s):CII response to FCA discussion on competition impacts of Big Tech on financial services industry Context In response to the FCA’s launch of its discussion on the impacts of Big Tech on financial services, the CII has said that it is aware that some Big tech...
FCA launches discussion on competition impacts of Big Tech on financial services industry
Link(s):FCA launches discussion on competition impacts of Big Tech on financial services industry | FCA Context The FCA has issued a Discussion Paper which is seeking views on the potential competition benefits and harms from Big Tech firms’ entry into a range of...
ICO consults on draft guidance on managing health data in an employment setting
Link(s):ICO consultation on draft employment practices guidance – information about workers’ health | ICO Context Health data can form a key part of the employer-worker relationship, so employers need to know how to process it and to keep it safe. The ICA...
Biggest cyber risk is complacency, not hackers’ – UK Information Commissioner issues warning as construction company fined £4.4 million
Link(s):https://ico.org.uk/about-the-ico/media-centre/news-and-blogs/2022/10/biggest-cyber-risk-is-complacency-not-hackers/ Context Following a recent fine of £4,400,000 issued to Interserve Group Ltd, The Information Commissioner has warned that companies are leaving...
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...