Angie BamboulisOn 14th May 2019, the FCA published a podcast interview with Andrew Bailey on the FCA’s Business Plan and future of regulation. Key topics can be summarised as follows:- Brexit – Brexit has affected the...
Category - Insurance
Caroline Stevenson
ICO fines for spam PPI claim texts
The ICO has fined a claims management company £120,000 for sending spam texts. It found Hall and Hanley Ltd, using a third party, had sent over 3.5m direct marketing texts about PPI claims without having valid consents...
Emma Radmore
Jonathan DrakeFSCS sets next year’s levy
FSCS has set its 2019/2020 levy. It will be £532m, which is slightly more than its forecast, but still less than the 9 month levy for last year (had it been a 12 month levy). FSCS puts the increase down to an uplift in...
EIOPA issues stress test Recommendations to NCAs
Following analysis of the 2018 Insurance Stress Test results, EIOPA has issued recommendations to National Competent Authorities to address identified vulnerabilities. Analysis was done at individual group level. ...
Roseyna JahangirEIOPA reports on 2018 supervisory activity and 2019 priorities
EIOPA has published a report on its 2018 supervisory activities. EIOPA reported that in 2018 it achieved key milestones including: issuing a cross-border insurance technical opinion, developing a common framework to...
With-profits firms should review consumer harm risks
FCA has published its thematic review of firms’ practices in key areas of the with-profits market that FCA had identified as presenting the highest potential for customer harm. The review focused on: investment...
FCA publishes research agenda
One of the documents that accompanied FCA’s Business Plan is its Research Agenda. This sets out its intentions in respect of the themes that underpin the Business Plan. The document explains how FCA welcomes...
FCA prioritises culture, customers and crime prevention
FCA’s Business Plan for 2019/2020 holds few surprises. It highlights 4 ongoing cross-sector priorities and three additional longer-term priorities. FCA will focus on: culture and governance, not least in SMCR...
Complaint levels fall
FCA’s data for complaints against regulated firms for H2 2018 show that complaints decreased by 5%, with PPI complaints falling by 8% – although PPI still accounted for 40% of all complaints. In part this...
Policy and Supervisory Statements on climate change financial risks published
The PRA has published PS11/19 and SS3/19 on ‘Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change’. These statements are intended to steer firms towards...
UK insurance stress test feedback request
As the PRA prepares to conduct a stress test exercise, it has written to firms and industry participants to ask for feedback. The exercise will involve the largest life and general insurers, and run from Monday 1 July...
FCA publish thematic review on GI distribution chain
The FCA has published its thematic review on the general insurance distribution chain. This includes a call to action on firms to ensure that they address the issues identified and bring the recommendations to front...
Memorandum of Understanding between the FCA and the ASA published
The FCA has published a Memorandum of Understanding between the FCA and the ASA. The MoU sets out the areas of responsibility for the FCA and ASA in relation to advertising in the financial services industry. It also...
Lloyd’s warns on sanctions evasion tactics
Lloyd’s has issued a new market bulletin on how to counter North Korean and other sanctions evasion tactics. The bulletin points out the constant evolution of tactics to evade sanctions, including using otherwise...
FCA updates on Access to Insurance
FCA has issued an update on its work following its call for input on access to insurance in respect of travel insurance for those who have or have had cancer, and its subsequent feedback statement. Since the 2018...
Commercial BankingConductConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA publishes final no-deal Brexit rules
Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...
EIOPA reviews InsurTech authorisation in the EU
EIOPA has published a report on current authorising and licensing approaches to financial innovation, including InsurTech startups and peer-to-peer insurance. The report identified that while the EU market for InsurTech...
EIOPA to prepare guidelines on outsourcing to cloud service providers
As part of its response to the European Commission’s FinTech Action Plan, EIOPA has published a report setting out: a summary of the current NSA work on cloud computing, an analysis of the current EU (re)insurance...
FCA extends temporary permissions window
In light of the current short extension to Brexit, FCA has decided to extend the notification window for EEA firms to apply for temporary permissions. The window was due to close on 28 March, but will now close on 11...
Commercial BankingConductConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA looks at life beyond Brexit
In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019. Firms that...
Commercial BankingConductEnforcement & LitigationFinancial Crime PreventionFundsInsuranceInvestmentsPensionsRegulated MortgagesRetail Banking
Europe reaches political agreement on reforms to EU supervision
The European Parliament and Member States have reached agreement on core elements of the reform of European supervision of financial markets, including strengthening the supervisory framework in the area of anti-money...
Insurance firms to be required to provide Civil Liability Act reforms costs information
HM Treasury is consulting on draft regulations to require certain firms that sell third party personal injury insurance policies to provide certain information to the FCA. The information will be used by the Government...
CMA’s Loyalty Penalty Working Group terms of reference published
Following work by both the FCA and the CMA, and the ‘loyalty penalty’ super-complaint, the CMA has published the terms of reference of its recently convened Loyalty Penalty Working Group (LPWG). The LPWG...
FCA Update on Digital Regulatory Reporting
The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
What the Spring Statement brings for regulation
In the Chancellor’s Spring Statement, the Chancellor referred to the need to ensure financial regulation can adapt to a no-deal Brexit and then, longer term, to the UK’s new constitutional position.
No-deal for the insurance sector – a look across Europe
We have written a short article on the pan-European view, and the views in certain key jurisdictions in the EU, on the effects of no-deal Brexit on the insurance regulation.
FCA fines Carphone Warehouse for insurance misselling
FCA has fined the Carphone Warehouse over £29 million for misselling its “Geek Squad” mobile phone insurance and technical support product, and acting in breach of its Principles 3,6 and 9. Following...
FCA finalises guidance on SoRs and responsibilities maps
FCA has published its finalised guidance to help firms prepare their statements of responsibility and responsibilities maps under the SMCR. The guidance addresses the rules as they apply to each category of SMCR firm...
FCA confirms FOS increase
FCA has issued a policy statement confirming the increase in the FOS award limit. From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about...
FCA makes Directory rules
FCA has made its final rules on its “Directory“. The new public register will enable searches on all directors and senior managers, certification staff and other individuals who require qualifications to...
Insurance MoUs agreed between BoE, FCA, EIOPA and EU supervisors
The UK supervisory authorities have agreed memoranda of understanding with European counterparts, to facilitate the coordinated supervision of insurance entities in the event of a no-deal Brexit. The MoUs cover...
Consumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
EU agrees draft directive to enhance consumer protection
The EU has agreed the terms of a draft directive that, if passed, will amend a number of consumer protection directives, including the consumer rights directive (2011/83/EU), to introduce measures such as: harmonised...
FCA updates rules
FCA has made a number of amendments to various parts of its rulebook, including: amendments to COBS on information relating to pensions savings, taking effect from November 2019 and April 2020; introducing a Devolved...
Up next from FCA
FCA is running behind schedule on some expected publications. Its latest Policy Development Update highlights the following: consultation and discussion on the Investment Platforms Market Study remedies due in March...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
BoE and FCA update on Brexit approach
BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...
Paper published on supervision of insurers’ corporate guidance
The International Association of Insurance Supervisors has published an Application Paper on Proactive Supervision of Corporate Governance. The paper sets out principles and practices to support supervisors in their...
Commercial BankingFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA renews call for firms to prepare for Brexit
The FCA has published sector-specific information to help regulated firms ensure they are prepared for the consequences of Brexit, including a no-deal Brexit. The guidance covers banking and payments, life insurance...
Final report on wholesale insurance broker market study published by FCA
Following the initiation of its market study into the wholesale insurance brokers market in November 2017, the FCA has now published its final report. The focus of the market study was on the following five areas: the...
Commercial BankingConsumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Court rules that Brexit is not frustrating event for a lease
The High Court has ruled that a European agency cannot terminate the lease of their premises at Canary Wharf on the basis of Brexit being a ‘frustrating event’. Our article provides more detail on this case...
FIN. TeamEIOPA set out conduct risk framework for product lifecycle
EIOPA has published a framework that sets out what drives conduct risk and how to assess it throughout a product life cycle. It looks at: business model and management risks manufacturing risks delivery risks and...
Commission prepares to review Solvency II
Under the Solvency II Directive, the Commission is required to review certain areas covered by the Directive by 2020. Accordingly, the Commission has sent EIOPA a formal request for technical advice on the review of the...
Keep UCITS KIID for MOPs for longer, says industry
Insurance Europe and EFAMA are calling for an extension to the date on which PRIIPs KIDS must be produced for multi-option products. Currently, where a UCITS KIID has been produced for underlying funds, insurers and...
PRA updates fees position
PRA has issued its feedback statement, new rules and a new supervisory statement on certain aspects of its periodic and transaction fees. Its update covers: a revised approach to periodic fees for Designated Investment...
Financial Stability Board 2019 work programme published
The Financial Stability Board has published its work programme for the forthcoming year. The areas upon which it intends to focus are: addressing emerging vulnerabilities in the financial system; working with standard...
Commercial BankingConductInsurancePayment Services & Electronic MoneyRetail BankingSMCR & Governance
ESMA briefs on non-EU branches
ESMA has published a supervisory briefing aimed at helping supervisors dealing with non-EU branches of EU firms. It highlights how the supervisors should ensure that the non-EU branch can comply with the requirements of...
ConductConsumer FinanceEnforcement & LitigationFintech & InnovationFundsInsurancePayment Services & Electronic MoneyPensionsRetail Banking
ESMA creates Brexit page
ESMA has created a new web-page on Brexit, setting out how it is preparing for it. Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository. It aims to recognise all UK CCPs...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury lays Brexit FS SI before Parliament
Treasury has laid before Parliament the Financial Services (Miscellaneous)(Amendment)(EU Exit) Regulations 2019. The wide-ranging instrument amends several pieces of UK and retained EU law relating to financial...
FCA publishes call to action for firms to prepare for no-deal Brexit
Under draft legislation published by the Treasury, the FCA and the PRA are to be given temporary powers to make transitional provisions, in order to ensure that most firms and other regulated entities’ day to day...
Commercial BankingConsumer CreditEnforcement & LitigationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA agrees Brexit MoUs with European securities regulators
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating...
ESMA publishes 2019 Regulatory Work Programme
ESMA has published its Regulatory Work Programme for 2019, setting out ESMA’s Single Rulebook work. The matters it is working on for the forthcoming year include: Post-trading RTS under EMIR; RTS relating to...
Regulators consult on FSCS MELL
FCA and PRA are consulting on the management expenses levy limit (MELL) for FSCS for the 2019/2020 year. They propose an increase of 2.4% over the current year with a levy for FSCS management expenses of £74.6m and an...
FCA feeds back on RND and Plevin issues
FCA has published a detailed policy statement to back up the new rules on regular premium PPI complaints and recurring non-disclosure of commission. FCA stresses that one of the main purposes of its consultation and now...
FCA and FRC focus on encouraging effective stewardship
The FCA is working with the the FRC to set out proposals and a discussion paper encouraging asset managers and others managing investments to take a closer interest in the operation of the businesses in which they...
FCA consults on reporting requirements for General Insurance firms
The FCA is inviting views on proposals to require firms to report certain value measures data on a wide range of GI products. This consultation follows the identification of issues of poor value in the GI market, and a...
UK / Switzerland deal reached on insurance
At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU...
Amy Rose-McMullenEIOPA calls for improvements to the assessment of the propriety of AMSB members
On 25 January 2019 EIOPA published findings of its peer review, which examined how national competent authorities (NCAs) assess the propriety of administrative, management or supervisory body (AMSB) members and...
FMLC writes to Treasury on Brexit regulations
FMLC has written to Treasury with its key observations on the FSMA (EU Exit) Regulations. The Committee is concerned at some wording proposed in relation to the financial promotion rules. Specifically, FCA has power to...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury Committee launches post-Brexit FS inquiry
The Treasury Committee has started a new inquiry looking at financial services in the UK after Brexit. Its focus is to look at: what the UK’s financial services priorities should be when negotiating the UK’s...
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Treasury writes to Treasury Committee on no-deal planning law
The Treasury has written to the Treasury Committee enclosing a draft of secondary legislation that would give temporary transitional powers to the UK financial regulators in the event of a no-deal Brexit that would...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
FCA to look at product governance and research unbundling
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Financial Services head at Womble Bond Dickinson
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK.
More information on Jonny and his appointment can be found here.
New FCA portal for mutual societies
The FCA has launched a new portal to enable mutual societies complete tasks and submit information to the FCA that was previously done online or by post, such as the submission of annual rules and accounts and...
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes sector views
FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...
FCA ‘Dear CEO’ letter on misleading financial promotions
The FCA has published a ‘Dear CEO’ letter in which it provides clarity about the communication and approval of financial promotions by regulated and unregulated businesses. The FCA has published the letter...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA consults on Brexit contractual continuity provision
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this...
FCA opens temporary permissions notification window
FCA has opened the notification window for passporting-in firms. Firms will need to have notified FCA of their intention to seek full UK authorisation to carry on services in the UK before exit day in the event of a...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Up next from FCA
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers;...
FCA opens window for CMCs to register for temporary permission
In December 2018, the FCA confirmed that as part of its take over of the regulation of CMCs from April 2019, it would require CMCs to register for temporary permission in order to continue to operate from April, and...
EIOPA publishes Opinion on supervision of cross-border non-life insurance
EIOPA has published an Opinion on the supervision of cross-border non-life insurance where the risk is of a long term nature. In the Opinion, EIOPA notes that this type of insurance is often more uncertain than the...
UK and US sign Bilateral Agreement on insurance and reinsurance matters
The UK and the US signed the Bilateral Agreement between the United States and the United Kingdom on Prudential Measures regarding Insurance and Reinsurance on 18 December, although the announcement was made today by...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
PRA consults on Brexit measures
As part of its preparation for onshoring EU legislation, the PRA has published CP32/18. This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...
Consumer FinanceConsumer InsuranceFintech & InnovationInvestmentsPayment Services & Electronic MoneyRetail Banking
FCA publishes finalised guidance on fairness of variation terms in FS contracts
The FCA has today published finalised guidance (FG18/7) setting out what it believes firms should consider under the Consumer Rights Act 2015 when varying a term in their consumer contracts. The guidance includes a list...
CMA announces reforms to loyalty penalty
After investigating a “super-complaint” raised by Citizens Advice that companies were penalising existing customers by charging them higher prices than new customers, the CMA has today published its 8...
FCA final rules and guidance for CMCs
Following a consultation earlier this year, the FCA has published a policy statement setting out the new rules and fees that will apply to claims management companies (CMCs) from April 2019. From 1 April 2019, the FCA...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes final rules on expansion of FOS jurisdiction to SMEs
The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers. The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints...
Consumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FOS consults on plans for 2019/20
The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...
Commercial BankingConductConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Corporate Governance Principles published
The Financial Reporting Council has published the final version of new Corporate Governance Principles for large private companies.
We have published an article that summarises and discusses these Principles.
Suzanne GadoPRA updates on skilled persons reports
PRA has published the Q3 2018 figures for skilled persons reports commissioned. There have been 3 on controls and risk management frameworks and one in the prudential insurance lot.
EIOPA reports on insurance intermediary markets
EIOPA has published its report on its evaluation of the structure of insurance intermediaries markets in Europe in accordance with IDD requirements. The report notes a very wide diversity of local distribution channels...
FCA updates on PPI campaign
FCA has published the latest figures on engagement of consumers with its PPI helpline.
UK and US reach insurance regulation agreement
The US Department of the Treasury and Office of the US Trade Representative have confirmed their intention to sign a bilateral agreement on prudential measures on insurance and reinsurance which is consistent with the...
FCA updates SMCR forms
FCA has updated its website to show the forms that now apply to insurers, who have become subject to the SMCR from 10 December.
FCA publishes quarterly consultation
FCA’s latest quarterly consultation proposes rules that: amend SUP 16 to address FCA’s concern that it does not always hold accurate “firm details” by requiring an annual accuracy check and...
Commercial BankingConsumer FinanceConsumer InsuranceFintech & InnovationFundsInvestmentsLloyds MarketPayment Services & Electronic MoneyPensionsRetail Banking
EC Review of the Distance Marketing Directive
The European Commission has launched a review of the Distance Marketing Directive (DMD) to assess whether it is relevant, effective, efficient, and in line with other EU legislation. The review follows an announcement...
CMA Consults on Annual Plan 2019/2020
The Competition and Markets Authority (CMA) is consulting on its proposed Annual Plan, which sets out its plans and priorities for 2019 to 2020. Subject to the outcome of the Brexit negotiations, the CMA plans to give...
FCA publishes new IDD webpage
The FCA has today published a new webpage on requirements in its Handbook that apply to firms distributing insurance. The FCA says that although it expects firms will have already adapted their processes to take account...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury Committee publishes Withdrawal Agreement analyses
The Treasury Committee has published the Bank of England’s analysis of the Withdrawal Agreement and Political Declaration. The lengthy document explains how the reduction in openness with reduce the UK...
EIOPA consults on draft technical advice on Solvency II and IDD
EIOPA has published draft technical advice to the Commission on the integration of sustainability risks and factors in delegated acts under Solvency II and IDD. The proposed amendments include the addition (in the...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes approach to authorisation and feedback statement
Following a consultation last year, the FCA has published the ‘FCA Mission: Approach to Authorisation’ and feedback statement. This document includes reference to the introduction of a new range of tools to...
FCA publishes DISP modification for PPI claims
FCA has published a new modification by consent to allow firms to exclude from their complaints return form those PPI complaints in relation to which the complainant had not in fact bought PPI from the firm. Any firm...
FCA delays Credit Information Market Study
FCA announced today that it will be delaying the launch of its Credit Information Market Study Terms of Reference until June 2019. The delay is a result of the FCA having to prioritise the market study on general...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
DExEU publishes draft political declaration
On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...
Commercial BankingConductFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury announces more details on its approach to onshoring financial services legislation
On 22 November 2018, Treasury announced it was developing a draft SI for MAR. It proposes that the SI will address: the scope of the regulation; transaction reporting; notification requirements; transfer of functions;...
FSB announces appointment of new FSB Chair and Vice Chair
The Plenary of the Financial Stability Board (FSB) has announced the appointment of Randal K. Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of...
Germany amends its FS legislation to enable UK firms to continue BAU
On 20 November 2018, Germany’s Federal Ministry of Finance announced that it had prepared draft legislation to provide continuity of business for UK insurers and banks. The draft legislation referred to as...
FCA consults further on Brexit approach
FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on: more changes to the Temporary Permissions regime; reflecting the new Credit Rating Agency and Trade Repository...
Treasury publishes draft Brexit Insurance Distribution and Distance Marketing laws
In readiness for the UK’s departure from the European Union, Treasury has published further draft statutory instruments including: Financial Services (Distance Marketing) (Amendment) (EU Exit) Regulations 2019:...
EIOPA’s chairman opens their 8th Annual Conference
EIOPA Chairman, Gabriel Bernardino, opened their 8th Annual Conference today in Frankfurt with his speech on insurance and pensions: securing the future, which is also the theme of this year’s conference. His...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA consults on fees and levies
FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...
FCA makes new rules on RND and PPI complaints
At its latest Board meeting, FCA has made changes to DISP and its guidance, effective from 8 November, to confirm that firms must not reject relevant regular premium PPI complaints without considering whether recurring...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
DexEU announces Brexit progress
The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...
CMA proposes changes to the Payment Protection Insurance Market Investigation Order 2011
In the light of the implementation of IDD, the CMA is proposing to amend the Payment Protection Insurance Market Investigation Order 2011 (Order). Currently, the Order requires PPI providers to send policyholders and...
ESMA briefs on suitability
ESMA has updated its supervisory briefing for regulators on the suitability requirements under MiFID 2. The briefing covers: when a suitability assessment is needed; information to clients on the assessment; getting...