Regulation
Opinion: Remote working – what the FCA expects
PKF Littlejohn’s Richard Willshire explores how Financial Conduct Authority rules could impact on home and hybrid working
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
Kroll reverses “reckless” MCE MTA decision
The administrator will now allow the provider to process mid-term adjustments.
FCA launches AR consultation to “address harm”
Regulator warns that there are “real risks of consumers being misled and mis-sold with little scope for recourse” as it proposes changes to the current model.
HMRC flags potential code of conduct for brokers in IPT consultation update
Government outlines the next steps and details responses from industry stakeholders, including brokers, insurers and trade bodies.
FCA reforms decision-making to tackle consumer harm
The “sensible streamlining” changes are designed to improve the speed and allow FCA senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
Gibraltar regulator denies accusations from MCE
MCE criticised the regulator earlier this week after its Gibraltar-based insurance arm went into run-off.
MCE cites Solvency II as reason for run-off of Gibraltar-based insurance arm
MCE boss Julian Edwards says Solvency II favours larger insurers as he discusses the broker's capacity deal with Sabre.
FSCS postpones retail pool contribution in levy update
Biba welcomes the move as brokers were previously expected to contribute £60.9m to the retail pool for the financial year 2021/22.
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
Opinion: Fair value – fair play
The FCA’s rules on fair value have come at the right time, and those not ready to follow them may soon fall by the wayside, writes Partners& chairman Stuart Reid
Experts slam "badly worded" and "intrusive" FCA D&I survey
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
COP 26: Sunak will force UK firms to publish net zero plans
Financial institutions and companies listed in the UK will have to produce plans highlighting how they will transition to net zero.
John Lewis pulls controversial home insurance ad
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
IPT untouched in latest Budget
While the tax cut on flights ahead of COP26 grabbed headlines, brokers breathed a sigh of relief as hated insurance premium tax remained at 12%.
FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell stands down as FCA chair
Randell will exit in Spring 2022 and the government is now seeking a successor.
Ghost broker who targeted Polish community jailed
Police are now using the Proceeds of Crime Act to recover funds which were illegally obtained.
FCA focus on fair value causes confusion for brokers
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
FCA signals litigation threat as it highlights priorities
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
Research reveals cybersecurity skill gap in insurance
New research from European provider of cloud infrastructure and cloud services, Ionos Cloud, has found that 38% of insurance IT decision makers (IT DMs) admit to their business having a cyber security skills gap, with a third saying this is putting their…
Brokers urged to take action after FCA calls for clarity on remuneration
Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
Peril in product governance – who you gonna call?
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
FCA issues warning over broker Professional Construction Risks
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.