Monthly Archives: June 2017

FCA’s follow up work general insurance on appointed representatives

Following its 2016 thematic review, FCA has undertaken follow up work and  visited 20 principal firms, focusing on London market insurance intermediaries that had diversified and developed networks of appointed representatives (ARs). The FCA found that issues in the thematic review existed in a wider sample of firms including: Widespread failings in principals’ oversight of their […]

EIOPA publishes first Solvency 2 statistics

EIOPA has published the first set of quarterly statistics on quantitative Solvency II reporting from insurance undertakings and groups in the EU and EEA. The statistics contain aggregated country level information about the balance sheet, own funds, capital requirements, premiums, claims and expenses and  refer to the latest information available at the extraction date.

Commission launches pan-European pensions label

The European Commission is to launch a pan-European pension product (PEPP) that will have the same standard features wherever in the EU it is sold. The PEPP can be offered by a broad range of providers and will complement existing state-based, occupational and national personal pensions but not replace or harmonise any national personal pension […]

FCA disappointed on CFD TCF

FCA has published its review of appropriateness assessments firms make when selling CFD products. The review followed last year’s dear CEO letter which asked firms to consider whether their client take on processes complied with the Principles and COBS requirements. FCA found that, despite this, firms were not meeting its expectations, especially: they were not […]

FCA speaks on retail banking regulation

Andrew Bailey has spoken at BBA’s retail banking conference on FCA’s perspective on retail banking. He highlighted 3 points: the importance of understanding business models, in the light of Northern Rock. FCA needs to understand where banks earn their returns and how stable they are. He noted that, before the financial crisis, the pressure was […]

PRA and FCA consult on leverage ratio changes

PRA and FCA are consulting on changes to the leverage framework following the FPC’s recommendation to exclude claims from central banks from the leverage exposure measure, and compensate for doing so by increasing the minimum leverage ratio requirement to 3.25%. A second consultation addresses how PRA would implement the FPC recommendation if it is adopted. Consultation […]

ILS regulations expected to come into force in the autumn

In a letter dated 26 June 2017, HM Treasury has written to the London Market Group (LMG) regarding the Group’s response to the Government’s Insurance Linked Securities (ILS) Project. The Treasury confirmed its intention to complete the ILS project  and it has been working closely with the PRA, FCA and the LMG’s Market Group’s ILS Taskforce. The […]

Financial Guidance and Claims Bill in Parliament

The Financial Guidance and Claims Bill has been introduced into Parliament and has had its first reading in the House of Lords.  The Bill delivers on the promises in the Queen’s Speech to set up a new financial guidance body and to transfer regulation of claims management companies to FCA.

FCA speech on improving access to insurance

On 20 June 2017, Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered a speech at the FCA Insurance Access event on improving access to insurance. Following the FCA’s engagement with various stakeholders, it  found that those who have, or have had cancer experience difficulty in both travel insurance and other protection […]

FCA looks at competition and investment consultancy

FCA had made a provisional decision to make a market investigation reference of investment consultancy services. In February, three major providers of these services offered undertakings in lieu (UIL) for FCA to consider, saying they would amend their practices without the need for FCA to make new rules. FCA has decided to reject it, but […]