FIN.

Author - Emma Radmore

ASA rules against Cryptocurrency Ad

ASA has ruled against Luno Money’s poster ad for its cryptocurrency exchange service for failing to contain any risk warning that the value of Bitcoin could go down as well as up, in breach of CAP Code 3.1, 3.3...

ASA rules on more debt advice service ads

On 7 April, ASA published 2 more rulings on the advertising of debt advice services, this time by Flexible Digital Solutions Ltd (FDS) and TFLI Ltd t/a Wise Old Mary (TFLI). As with their previous rulings, both resulted...

EFMLG and FMLC Joint Letter: LIBOR transition

Together with the European Financial Markets Lawyers Group, on 19 March 2021 FMLC sent a letter to regulatory authorities in key jurisdictions urging cooperation in relation to the discontinuance of LIBOR. Given the...

FCA announcements on the end of LIBOR

FCA has confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and...

CAP guidance on delayed payment services

In December the Committee of Advertising Practice (CAP) published new guidance on marketing communications for delayed payment services. This specifically relates to those services not regulated by the FCA. The guidance...

What next in BI appeal?

The hearing of the business interruption insurance test case appeal in the Supreme Court is now over. FCA has published the draft transcripts up to day 3, and the judges are aware of the importance of an early judgment...

FCA updates on Supreme Court BI appeal

FCA has updated its website to reflect the running order for the Supreme Court hearing in its test case on business interruption insurance. The hearing started on 16 November and is expected to close on Thursday. The...

FCA writes to CEOs of LLMI firms

FCA has written a portfolio strategy letter to Lloyd’s and London Market Intermediaries and Managing General agents. It sees the key risks these firms present in: financial resilience and orderly wind-down...

FCA confirms BI appeal date

FCA has confirmed the Supreme Court’s permission to appeal in the test case on business interruption insurance. The appeal will be heard from 16 November, probably for 4 days. RSA has confirmed it will not be...

FCA publishes BI High Court declarations

FCA has published the High Court declarations made in the test case, which are the culmination of the test case judgment. The declarations set out how and to what extent the policies in the representative sample used in...

BI consequentials hearing set for 2 October

FCA says the Court has confirmed the consequentials hearing following judgment in the BI insurance test case will take place on 2 October, probably in the morning. FCA will live stream the hearing, at which the parties...

FCA writes to CEOs on BI judgment

FCA has written to the CEOs of insurers following publication of the High Court judgment on the BI test case. It expresses its gratitude to the insurers that were parties to the case and to all those who have co...

Court approves insurance transfer

The High Court has approved a Part VII transfer of an insurance portfolio from Legal and General to Reassure. The portfolio includes around 900,000 insurance-based savings, pensions, life and with-profits business and...

Rothesay/Prudential transfer to go to appeal

In the week that the Court published its agreement to one Part VII transfer involving it, Rothesay Life has announced the Court of Appeal hearing against the court decision to decline to sanction the Part VII transfer...

FCA updates on BI test case

The test case FCA brought to get court clarity on the application of certain clauses in a number of business interruption insurance policies is now complete. FCA has now published the draft transcripts for days 1-7 of...

FCA publishes Day 2 BI test case transcript

FCA has published the draft transcript from Day 2 of the Business Interruption Test Case hearing.  Counsel developed the arguments from the details discussed on the first day, with reference to specific policies, and to...

Lloyd’s updates on Part VII and Brexit

Lloyd’s has confirmed that, as of the end of the Transition Period on 31 December, Members’ policies will be transferred to Lloyd’s Insurance Company SA. The affected policies will be those where all...

Day 1 BI test case transcript published

FCA has published the draft transcript of Day 1 of the business interruption insurance test case.  Much of the first day focused on how the pandemic developed, the actions of UK government and the effects on business...

FCA updates BI papers ahead of trial

FCA has updated its list of documents relating to the business interruption insurance test case in preparation for the trial starting on 20 July. The documents now published are: the agreed list of issues and common...

FCA updates on BI test case

FCA has published its and the Intervenors’ skeleton arguments for the trial, which will commence on 20 July.  Over the weekend, it published: its skeleton argument: this runs to over 300 pages and explains, among...

FCA serves BI insurance Reply

FCA has published its Reply and defence to Counterclaims to the Defences of the insurers in its Business Interruption Insurance test case, as well as its amended Particulars of Claim, the judgment from the first Case...

EIOPA updates on stress testing

EIOPA has published a further discussion paper on the methodological principles of insurance stress testing.  Following its first paper, last year, it is now planning to add some new elements to its stress test toolbox...

FCA publishes defences in BI test case

FCA’s latest update on its business interruption insurance test case: published the sealed Court Order from the Case Management Conference on 16 June; published the Defences of the defendants to the test case...

PRA writes to insurers on 2019 stress test

PRA has written a Dear CEO letter to firms participating in the 2019 Insurance Stress Test. The letter covers: Covid-19 resilience: tests showed the sector was robust to downside stresses, with the highest uncertainty...

FCA updates on BI case management conference

Following the first case management conference in FCA’s test case on business interruption insurance, it has now published details of the order made by Mr Justice Butcher. The order: agrees to an expedited case in...

FCA finalises BI insurance guidance to firms

Following its consultation on 1 June, FCA has now finalised its guidance to insurers and intermediaries, setting out its expectations on how they should handle complaints and claims under business interruption policies...

FCA updates on BI insurance test case

FCA has published a new set of documents relating to the test case it is bringing to get clarity on the coverage of business interruption insurance during the Covid-19 crisis. It has on 10 June (today) announced that it...

Full details on BI case progress

We have now written a detailed article on the progress in FCA’s Business Interruption insurance test case, including summaries of FCA’s draft guidance, and its selection of polices, wordings and assumed...

LIBOR transition – tough legacy issues

The Working Group on Sterling Risk-Free Rates has published a paper on the identification of “tough legacy” issues. Tough legacy contracts are those that do not have robust fallbacks and prove unable to be...

FCA updates on BI test case

FCA has updated on its progress towards its test court case on business interruption insurance policies.  It has now reviewed around 500 policies from 40 insurers, and has identified 17 policy wordings that capture most...

PRA updates on “prudent person” principle

PRA has updated its policy documents following its consultation on the Prudent Person principle under Solvency 2.  PRA received only 7 responses to its consultation, but have made some clarificatory changes following...

PRA updates on ISPV supervision

PRA has updated on authorisation and supervision of insurance SPVs following consultation, and has published updated rules, an updated supervisory statement and an updated multi-arrangement insurance SPV new risk...

EIOPA takes Covid-19 action

EIOPA has set out its expectations on insurers as they try to manage the risks Covid-19 presents. Its key messages are: the importance of business continuity. It says regulators can help by being flexible on supervisory...

FCA writes to CEOs on end of LIBOR

FCA has written a Dear CEO letter to asset management firms on preparing for the end of LIBOR. It expects firms to take all reasonable steps to ensure the end of LIBOR does not lead to markets being disrupted or...

FCA guidance to GI distribution chain

We have written an article about FCA’s findings on potential harm caused by the general insurance distribution chain and its guidance to firms in the sector setting out its expectations of them.

FCA makes travel insurance PEMC rules

FCA has published its policy statement and final rules to help consumers with serious pre-existing medical conditions to understand the travel insurance market better.  The new requirements will: require firms that sell...

EMIR updating Regulation published in OJ

Regulation (EU) 2019/2099 amending EMIR (commonly known as EMIR 2.2) has been published in the OJ. The objective of amendments introduced by this regulation includes the establishment of a CCP supervisory committee to...