Last week, the Financial Conduct Authority launched a new market study. The study will investigate how general insurance (GI) firms charge their customers for home and motor insurance.
The study makes good on a promise the FCA made in its 2018-19 Business Plan, when it said it would conclude a piece of supervisory work on insurance pricing practices.... By Steve Coleman
Last week, FCA Chief Executive Andrew Bailey gave a speech exploring trust and ethics from a regulator’s perspective.
With financial services firms always eager to understand the regulator’s perspective and priorities, we look at what he said and what it might mean in terms of future regulation.... By Steve Coleman
This week, the FCA published two consultation papers, setting out its proposed approach on the UK’s exit from the EU in the event of a ‘hard’ Brexit.
It wants to ensure there is a ‘functioning regulatory framework in place’ if we leave the EU without an implementation period.... By Steve Coleman
This week, the Financial Conduct Authority published new rules aimed at improving the advice people receive when considering transferring their pension.By Steve Coleman
The Financial Conduct Authority today released a statement on the Citizens Advice ‘super-complaint’ submitted to the Competition and Markets Authority.... By Steve Coleman
There are often misconceptions regarding what the Compliance function is and what the role of a Compliance Officer entails – not least from a firm's executive management and Board. I certainly remember Compliance Officers being historically referred to as Business Prevention Officers ('BPOs') or tick-box personnel.... By Rod Martenstyn - Guest Blogger
This week, the Association of Investment Companies called for PRIIPs Key Information Documents to be suspended, saying that they are ‘systematically flawed due to their reliance on past performance as a basis for future projections’.
The AIC supports its call with a substantial 38-page report, titled Burn before reading, understanding and addressing the dangers of Key Information Documents.... By Steve Coleman
The Network is being built in collaboration with 11 financial regulators and related organisations. It aims to provide a more efficient way for innovative firms to interact with regulators, intending to build on the Regulatory Sandbox set up by the FCA in 2014 by creating a ‘global sandbox’.... By Steve Coleman
The Insurance Distribution Directive comes into force on 1 October. Less than a month from its implementation date, we thought it was a good time to revisit what the Directive requires, and look at the steps firms need to take to be compliant.... By Steve Coleman
Here we look at the reputational risks posed by today’s social media-focused world, and the steps Compliance teams can take to mitigate them.... By Steve Coleman
This week, new rules came into force governing the information current account providers need to publish.
The changes, announced on the FCA website, follow action from the financial regulator and the Competition and Markets Authority (CMA). They have been implemented as a result of the CMA’s in-depth investigation into the banking sector, the results of which were published in August 2016 and can be read here.... By Steve Coleman
The Financial Conduct Authority is consulting on new rules and guidance for e-money and payment services conduct and communications.
We explore what the new rules propose and how they impact compliance for firms in the e-money and payment services sectors.... By Steve Coleman