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Archive

100 days left to use paper £20 and £50 banknotes

Link(s):Paper £20 and £50 note withdrawal | Bank of England Context The Bank of England has published a reminder that it will be withdrawing legal tender status of paper £20 and £50 banknotes after 30th September 2022. This means that there are 100 days left to use...

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Data Reform Bill

Link(s):New data laws to boost British business, protect consumers and seize the benefits of Brexit - GOV.UK (www.gov.uk) Context Following the Government’s consultation (published September 2021) on reforms to the UK’s data protection regime it has now published it’s...

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Shaping the rules for a data-driven future – FCA speech

Link(s):https://www.fca.org.uk/news/speeches/shaping-rules-data-driven-future Context Nikhil Rathi, the FCA’s Chief Executive, delivered his speech at the Dutch Authority for the Financial Markets (AFM) 20th anniversary seminar. Key points to note Highlights include:...

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Amendments to the FCA financial resilience survey

Link(s):https://content.govdelivery.com/accounts/UKFCA/bulletins/31c6c91 Context Last week we confirmed that the FCA had included incorrect dates in Question 2 in the earliest cohort of the current financial resilience surveys. The FCA has now published the...

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Our future funding model – Discussion Paper

Link(s):https://www.financial-ombudsman.org.uk/files/323975/Financial-Ombudsman-Service-Future-Funding-Discussion-Paper.pdf Context The FOS has published a Discussion Paper which seeks feedback on it’s proposals to change the funding model for 2023/24. Key points to...

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Financial resilience surveys- clarification on Question 2

Context UKGI has received a communication from the APCC who had contacted the FCA (following feedback from members) requesting clarification on Question 2 in the latest round of financial resilience surveys. Key points to note The question asks “2. What are your...

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Worshipful Company of Insurers INED Forum

Context A representative of the UKGI Group attended the Worshipful Company of Insurers INED Forum in the Old Library at Lloyd’s for its Regulatory Update from the FCA and PRA. We thought it would be beneficial to provide some of the notes arising out of the...

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Ombudsman News 171

Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-171 Context The FOS has published its latest edition of Ombudsman News 171. Key points to note This edition is split into three sections: Reporting on strategic measures 2021/22Results from the...

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FCA appoints Interim Chair

Link(s):Richard Lloyd becomes Interim Chair of the FCA | FCA Context As previously announced on 4th February 2022, Richard Lloyd OBE has become Interim Chair of the FCA. Key points to note Richard takes over from Charles Randell CBE who stood down on 31st May 2022...

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LIIBA launches ‘Belonging@LIIBA’ initiative and webpages

Link(s):Belonging @ LIIBA - LIIBA Context The LIIBA has initiated a fresh campaign to increase awareness of diversity and inclusion initiatives in the London insurance market. The stated mission is to increase diversity and inclusion within the London insurance market...

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FSCS May 2022 Outlook

Link(s):Our May 2022 Outlook | FSCS Context The FSCS has published its May 2022 Outlook update. This includes the latest compensation and overall levy forecast for 2022/23. Key points to note The FSCS has slashed its annual levy to £625m due to a reduction in expected...

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FCA publishes an updated Regulatory Initiatives Grid

Link(s):https://www.fca.org.uk/publications/corporate-documents/regulatory-initiatives-grid Context The FCA has published the latest Regulatory Initiatives Grid which sets out the planned regulatory initiatives for the next 24 months. Published alongside this is their...

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ASA Insights – substantiation and evidence

Link(s):https://www.asa.org.uk/news/substantiation-101.html Context In its work on reviewing financial promotions many of the ASA’s comments surround the need to have the appropriate substantiation for any claims made. Around 70% of the complaints received by the ASA...

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Average cost of motor insurance fallen by 5% in Q1 2022

Link(s):Relief for many households as the average cost of motor insurance has fallen by 5% so far this year | ABI Context The average price paid for motor insurance in the first quarter of 2022 fell by 5% to its lowest level in nearly 7 years, according to ABI data....

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FCA recruits to its senior leadership team

Link(s):https://www.fca.org.uk/news/press-releases/fca-makes-senior-hires Context The FCA has recruited three individuals to its Senior Leadership Team. Key points to note Mel Gunewardena will take up a Senior Advisor role at the FCA. Mel is currently Chief Market...

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FCA publishes complaints data

Link(s):https://www.fca.org.uk/data/complaints-data Context The FCA publish their complaints data every 6 months, usually around April and September. Within these data sets, the FCA provide firm-specific data for individual firms and aggregate, or total data at...

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FCA publishes Q1 2022 Financial Promotions data

Link(s):Financial promotions quarterly data 2022 Q1 | FCA Context The FCA has published the latest Financial Promotions data, from 1st January 2022 to 31st March 2022, outlining its action taken against authorised firms breaching financial promotion rules and...

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CP22/7 Proposed increase to annual AR & IAR fees

Link(s):https://www.fca.org.uk/publication/consultation/cp22-7.pdf Context This item is an update to the item we included within our 15th April update. As part of its fees and levies Consultation Paper the FCA is proposing to increase annual fees for Appointed...

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PS22/3 Diversity & Inclusion on Company Boards

Link(s):https://www.fca.org.uk/publication/policy/ps22-3.pdf Context The FCA has published its Policy Statement on diversity on company’s boards and executive committees which introduces new Listing Rules to require issuers to include a statement in their annual...

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FCA Business Plan 2022/23

Link(s):https://www.fca.org.uk/publications/business-plans/2022-23 Context The FCA has published its Business Plan 2022/23, which has been issued mainly as a web page (although a .pdf version of the text has been produced – see the links above). Key points to note...

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Ombudsman News 170

Link(s):Ombudsman News 170 (financial-ombudsman.org.uk) Context The FOS has published its latest edition of Ombudsman News. Key points to note This edition is split into four sections: Our plans and budget for 2022/23Increase to our award limitsStorm damage complaints...

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FCA bolsters authorisation team

Link: FCA makes three senior hires | FCA Context The FCA has added two senior directors, a finance director and filled a further 95 authorisation roles. Key points to note Laura Dawes will take up one of the new Director of Authorisations roles. Laura is currently...

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FOS complaint form and privacy notice

Link(s):We’re updating our complaint form and privacy notice (financial-ombudsman.org.uk) Context The FOS have confirmed that it will be making a number of changes to its complaint form. Key points to note This change will come into effect from 1st April 2022, and the...

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FCA publishes Handbook Notice 97

Link(s):Handbook Notice 97 (fca.org.uk) Context The FCA has published Handbook Notice 97 which lists a series of changes that the regulator’s Board has made to its rules and other materials at its March meeting. For those firms subject to paying only minimum fees the...

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Increase to award limits

Link(s):https://www.financial-ombudsman.org.uk/news-events/increase-award-limits Context Following on publication of the FCA’s PS19/8, the rules to increase the Ombudsman Service’s award limit will increase from 1st April 2022. The rules were set to go live in April...

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Enforcement Proceedings – Atrium Underwriters Limited

Link(s):Market bulletin (lloyds.com) Context Background: In Market Bulletin Y5252, Lloyd’s set out its policy in relation to conduct involving harassment, bullying, discrimination, alcohol or drugs. The proceedings against Atrium were brought as a result of serious...

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FCA sets out new employment offer

Link(s):https://www.fca.org.uk/news/press-releases/fca-sets-out-new-employment-offer Context As part of the ongoing situation between the FCA, it’s employees and the Unite union the FCA has set out a new offer to its employees. Key points to note The full employment...

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Imposition of Monetary Penalty – Clear Junction Limited

Link(s):https://assets.publishing.service.gov.uk/ Clear_Junction_Penalty_Report_21.02.22.pdf Context OFSI has imposed a monetary penalty against Clear Junction Limited, a Fintech company, for contravention of regulation 4 of the Ukraine (European Union Financial...

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Change of Control – updated FCA webpage

Link(s):https://www.fca.org.uk/firms/change-control/submit-change-control-notification Context The FCA updated its webpage on 'Submit a change in control notification’. Key points to note The FCA has seen a significant increase in section 178 notifications. Due to...

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Product Governance Thematic Work

Context The FCA has begun a piece of market engagement work focusing on the product governance elements of its general insurance pricing practices rules introduced by policy statement PS21/5, which came into effect on 1st October 2021. Key points to note A sample of...

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Senior Manager Attestation – a reminder

Link(s):PS21/11: General insurance pricing practices - amendments | FCA Context In PS21/5 the FCA confirmed Senior Managers must attest annually that their firm has complied with General Insurance (GI) Pricing Practices rules found in ICOBS 6B. The nature of the...

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Tempcover Ltd fined for unsolicited insurance marketing

Link(s):https://ico.org.uk/action-weve-taken/enforcement/tempcover-ltd/ Context Tempcover Ltd, a short-term motor insurance company, has been fined £85,000 by the ICO for sending almost 30 million unsolicited marketing email and text messages to customers without...

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Updates to OFSI’s Consolidated List

Link(s):https://www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets Context The new version of OFSI’s Consolidated List has been published. Key points to note Ahead of the formal changeover there will be a 3-week period where firms are...

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Ombudsman News 168

Link(s):https://www.financial-ombudsman.org.uk/news-events/ombudsman-news-168 Context The FOS has published its latest Ombudsman News 168. Key points to note This edition is split into five sections: FOS plans and budget for 2022/23: consultation closing soonWider...

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FCA Financial Lives 2022 survey

Link(s):https://www.fca.org.uk/financial-lives/2022-survey Context The FCA will be engaging with the general public by issuing another financial lives survey. Over 250,000 households from across the UK have been randomly selected to receive a letter that explains how...

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ASA publishes a new series of Insights blogs to guide firms

Link(s):News - ASA | CAP Context The Advertising Standards Authority has updated its Insights blogs page on its website with new articles, two of which may be of interest to authorised firms. Key points to note A 'Four key tips on using personal data for marketing'...

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