Financial Conduct Authority (FCA)
Consumer Duty implementation extension a “Trojan horse”
An expert has warned that despite the recent extension of the Consumer Duty implementation period firms must agree their own plans within three months.
Consumer Duty timeline ambitious but achievable, says FCA
The Financial Conduct Authority has explained its decision to switch from a proposed implementation period ending April 2023 to one ending July 2023 as it revealed the timetable for its new Consumer Duty regulations.
FCA confirms 12-month implementation for Consumer Duty
The Financial Conduct Authority has confirmed a 12-month implementation period for its new Consumer Duty which will come into force on 31 July 2023.
Bill to mandate landlord insurance commission disclosure before Lords
The House of Lords is reviewing an amendment to the Leasehold Reform (Disclosure and Insurance Commissions) Bill which states that landlords should disclose any insurance commission they make to tenants.
Concern raised over low rate of conduct reporting for GI staff
GI businesses in the UK reported just 662 staff, including three senior managers, to the regulator for conduct breaches in 2021 according to a Freedom of Information request by Sicsic Advisory.
Software houses face regulatory oversight
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out plans to oversee “critical third parties” in the financial services sector.
FCA reveals D&I progress and strengthened targets
The Financial Conduct Authority has revealed progress towards its diversity and inclusion goals in its Annual Report & Accounts for 2021/22.
FCA warns of Borland Insurance clone
The Financial Conduct Authority has warned of a clone which is fraudulently using the logo of Assured Partners broker, Borland Insurance.
FCA fails to hit target for over half of AR applications
The Financial Conduct Authority only met its processing speed target for 44.7% of appointed representative notifications in 2021/22, the watchdog has revealed.
Drop in insurance pricing complaints at FOS
The Financial Ombudsman Service has highlighted a 33.4% fall in complaints about insurance pricing in 2021/22.
Compliance experts disagree with FCA's potential phased implementation period for Consumer Duty
Compliance professionals have come out against any delay in the Financial Conduct Authority implementing Consumer Duty rules as the watchdog ponders switching to a phased implementation period.
Opinion: Unpicking the regulator’s ‘Dear CEO’ letters
Sicsic Advisory’s Hugh Savill says the FCA’s latest letters reveal a sceptical regulator and outlines what it means for brokers
FCA says all options on table ahead of possible phased implementation period for Consumer Duty
Brokers have been urged to prepare for the April deadline as the Financial Conduct Authority ponders changes to the implementation period for Consumer Duty regulations.
Car premiums up 7.8% since start of 2022
The cost of car insurance has risen 7.8% since the start of the year after new rules came in to tackle the practice of “price walking”, research by Consumer Intelligence has revealed.
FCA names Ashley Alder as chair
HM Treasury has appointed Ashley Alder as the new chair of the Financial Conduct Authority succeeding Charles Randell.
People Moves: 4-8 July 2022
Stay informed of the top personnel changes in insurance.
FCA strikes suspended
Strikes at the Financial Conduct Authority due to take place today and tomorrow (5 and 6 July) have been paused after negotiations between disgruntled staff and the regulator re-opened.
Blog: FCA data update – a glimpse into the future
Michael Sicsic addresses the key points in the regulator’s latest data missive flagging “there really are going to be very few places for bad operators left to hide”.
Insurtech and ESG suggested to be FCA’s next regulatory focus
Compliance experts at the Managing General Agents' Association conference, on 29 June, have suggested insurtech and ESG as the next areas for regulatory focus by the Financial Conduct Authority.
Football clubs step up BI court case against insurers
A group of professional football clubs has set out its demand for multiple business interruption payments having kicked off a High Court multi-million pound Covid-19 related legal case last month.
Action group vows to pursue broker Pound Gates after BI policies fail to pay out
A group of nurseries is banding together to sue broker Pound Gates for an estimated £10m after it recommended business interruption insurance policies that failed to pay out during the Covid-19 pandemic.
Rishi Sunak flags speedy reform for Solvency II rules
The Chancellor of the Exchequer Rishi Sunak told insurance executives at a meeting on Monday that Britain wants to reform its insurer solvency rules quickly.
New Treasury sub-committee to scrutinise regulators
The Treasury Select Committee has revealed a new sub-committee to scrutinise regulatory proposals for financial services in the post-Brexit landscape.
FCA warned on nearly 2000 potential scams in 2021/22
The Financial Conduct Authority added 1966 possible scams to its consumer warning list between May 2021 and April 2022 the watchdog has confirmed as it updated on the progress of its data strategy.