Context
The FCA has published a Q&A document outlining answers to unanswered questions arising at its 2021 Annual Public Meeting. There are 54 questions in all, a number of which may be of interest to all firms including those in the insurance sector.
Key points to note
- 54 different questions are included in the document, covering a diverse range of topics including:
- operational resilience post-Covid
- the large shift to flexible working since March 2020 and the first UK lockdown
- scams and fraud
- the FCA’s approach to tackling fraudulent wrongdoing revealed by and arising out of the pandemic, and the FCA’s treatment of firms
- whistleblowing
- revenue obtained from fines
- making the Financial Services Register ‘fit-for-purpose’
- delays in applications
- the speed of the FCA’s decision-making processes
- the new Consumer Duty and the crossover with the vulnerability guidance published by the FCA in February 2021
- the FCA’s position in relation to Open Finance
- the FCA’s expected use of the powers provided under SM&CR and COCON
- the extent of the FCA’s “regulatory cooperation” with the EU
- the fairness of building insurance for buildings affected by the fire safety issues
- A good number of the questions appeared hard-hitting and critical of the FCA
Next actions
None – for information and awareness