Financial Conduct Authority (FCA)
Headline makers: December 2022
The key stories from the past month all in one place.
Reform of senior managers’ regime chance to speed up director approvals – compliance experts
Government plans to reform the Senior Managers and Certification Regime are an opportunity to speed up approval processes which are taking too long, compliance experts say.
Politicians target reform of Senior Managers and Certification Regime in ‘Brexit dividend’
The government has announced plans to begin a review into reforming the Senior Managers and Certification Regime.
Union calls for urgent action amid FCA staff morale “collapse”
The Financial Conduct Authority needs urgent staff reform amid a collapse in morale that means it cannot regulate effectively, union Unite has claimed.
Editor's letter: Broker offshoring - will it reach a full scale ‘Boom’?
Writing about insurance at the beginning of the 21st century, offshoring was very much in vogue.
ICO fines five firms £435,000 for unlawful “white goods insurance” marketing calls
The Information Commissioner’s Office has fined five firms a total of £435,000 for making nearly half a million nuisance calls trying to sell white goods insurance.
FCA outlines rogue financial promotions clamp down
The Financial Conduct Authority has proposed new measures to stamp out illegal, unfair or misleading financial marketing.
Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.
FCA says insurers undervaluing cars and other items at claims stage
The Financial Conduct Authority has warned insurance firms not to undervalue items when settling insurance claims, especially during the cost of living squeeze, saying it has seen evidence the practice is happening.
IFAs who mis-sold pensions to steel workers fear insurers will reject PI claims
Financial advisers who mis-sold pensions to British Steel workers ‘are concerned that their professional indemnity insurance may not respond to claims’, it has emerged in a regulatory update.
FCA launches phase two of enhanced oversight programme for newly authorised firms
The Financial Conduct Authority has confirmed the start of phase two in its Early and High Growth Oversight programme and an expansion to feature 300 firms.
FCA sinking 'into a quicksand’ – brokers react to latest threat on fair value
The Financial Conduct Authority is sinking 'into a quicksand’ as it ups the ante over insurance firms failing to offer customers fair value.
Insurers face fresh broker scrutiny on fair value amid latest FCA data
Brokers have been told the Financial Conduct Authority’s latest release of fair value data raises searching questions over whether their insurer partners are offering fair value.
‘We expect insurers to pay’ – FCA agrees compensation for steel workers to trigger IFA claims
The FCA today agreed compensation for British Steel workers, meaning brokers are now braced for professional indemnity claims from financial advisers who gave them poor pensions advice.
FCA takes aim at gap between industry statements and results of first value measures data
The Financial Conduct Authority has warned it will consider which tools it can use to protect consumers as it unveiled its first personal lines value measures data.
EY: UK motor and home insurers to report largest losses in a decade
According to a report by EY, UK motor and home insurers are expected to make the biggest annual loss in over a decade this year, with further losses forecast for 2023.
Sheldon Mills insists that ‘we must not lose sight’ on diversity and inclusion
The Financial Conduct Authority’s Sheldon Mills has urged the industry to do more on ensuring diverse representation and inclusive cultures.
FCA to release crucial personal lines value data ‘imminently’
The Financial Conduct Authority is set to release value measures data ‘imminently’ that will play a crucial role in helping brokers benchmark whether their products offer value.
Broker Expo 2022: Brokers urged to act now over looming AR rules deadline
As the implementation of the appointed representative requirements edges closer, senior consultant Sue Mallender at Sicsic Advisory has warned Broker Expo delegates that principal firms need to act to make sure they hit the deadline.
Headline makers: November 2022
The key stories from the past month all in one place.
FCA ramps up intervention on rogue financial promotions
The Financial Conduct Authority has revealed that it intervened to amend or withdraw 4,151 financial promotions between July and September.
Biba issues series of commitments after FCA flat insurance report
The British Insurance Brokers’ Association has set out a series of commitments to the Financial Conduct Authority and the government to help achieve better outcomes for leaseholders, especially those living in high rise residential buildings that require…
‘Pull a finger out’ – Average time taken by FCA to approve acquisitions doubles
The Financial Conduct Authority's average time taken to approve acquisitions has more than doubled, leading to calls for the regulator to 'get things moving' to help brokers buy and sell businesses much faster.
‘Ridiculous’ – FCA fair value broker paperwork hours revealed
Calculations by the British Insurance Brokers' Association have shown brokers are working thousands of hours to complete fair value assessments.