Monthly Archives: April 2017
FCA has finalised its guidance on the treatment of customers with mortgage payment shortfalls. The guidance addresses how firms should remediate for customer who may have suffered because of the way some firms calculate monthly payments. FCA made few changes following its consultation on the guidance, which effectively stops firms from using “automatic capitalisation” of […]
The Government has published a White Paper looking at what legislative changes the UK will need to make to preserve and continue the sanctions regime after Brexit. Currently, the UK implements most sanctions-related powers through the European Communities Act, and most sanctions apply directly to UK persons through EU Regulations. The paper explains that the Great […]
The Lloyd’s Market Association has published an update to its jointly prepared guidance on consumer wordings for managing agents. The guidance has been updated in the following areas: Claims handling – clarification added regarding insured’s duty to mitigate the loss; Data Protection (GDPR) – placeholder added; Rights of Third Parties – further clarified Third Parties (Rights […]
The Lloyd’s Market Association has published a model clause as guidance for its Members. The clause is designed to enhance contract certainty on the occurrence of an event associated with membership of the European Union or economic or monetary union in the European Union, such as Brexit.
The ICO has fined Monevo Limited, a finance brokerage firm, £40,000 for sending unsolicited marketing texts without proper consent. Between April 2016 and June 2016, the company sent 44,172 texts encouraging people to apply for loans and 130 complaints were made, prompting the ICO investigation. Under the Privacy and Electronic Communications (EC Directive) Regulations 2003, […]
The UK Government has launched a Call for Views on the derogations (exemptions) from the EU General Data Protection Regulation (GDPR), which comes into force on 25 May 2018. Although there is limited scope for flexibility, the GDPR does allow member states to exercise their discretion over how certain provisions of the GDPR will apply […]
We have prepared a commercial insurance timeline which highlights key legislation, regulation, cases and other developments that impact on the industry. This timeline covers developments from March 2017 onwards.
FCA’s latest Mission and Business Plan contain few surprises, but indicate a lot of work in diverse areas. The Mission, which takes into account stakeholder views, seeks to explain to firms how and why FCA prioritises its focus to meet its statutory objectives. It stresses that it regulates to promote the public interest and with […]
The RTS on the presentation, content, review and revision of the PRIIPs KID have been published in the OJEU and will take effect from 2 May.