Regulation
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.
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.
Chancellor hails planned repeal of EU financial laws
The current Chancellor of the Exchequer, Nadim Zahawi, has pledged that laws will be changed under the newly-published Financial Services and Markets Bill.
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.
John Glen resigns as Economic Secretary to the Treasury
The Minister handed in his notice to Prime Minister, Boris Johnson, yesterday (6 July) stating that he “can no longer reconcile my commitment to the role and to the financial services sector with the complete lack of confidence I have in your continuing…
Towergate Underwriting hit with £3.3m suit by pub over non-paying Gable policy
Few Inns has launched court proceedings against Towergate over a Gable policy which failed to pay out following a fire at one of its pubs in 2015.
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.
David Howden calls for better self-regulation across insurance
CEO of Howden Group, David Howden, has insisted MGAs, underwriters and brokers must work harder on self-regulation and call out bad behaviour when they see it.
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.
FCA fines JLT Specialty £7.8m for financial crime control failings
The Financial Conduct Authority has fined JLT Specialty £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m to take place.
Biba supports FCA travel insurance review delay as directory enquiries double
The British Insurance Brokers’ Association has backed the Financial Conduct Authority’s decision to delay a review into travel insurance signposting for medically vulnerable customers by a year.
FCA delays travel insurance signposting review
The Financial Conduct Authority has delayed its review into the implementation of travel insurance signposting rules by a year.
FCA hit by second wave of strike action as Unite says regulator in deep crisis
Unite members have gone on strike at the Financial Conduct Authority for the second time in a walkout scheduled to last 48 hours.