FIN.

Andrew Griffith letters on FSMB

The House of Commons has published a letter from Andrew Griffith on the FSM Bill dated 10 October to Tulip Siddiq and Abena Oppong-Asare. The letter followed the second reading of the Bill and addresses: the...

FCA publishes H1 complaints data

FCA has published the complaints data for H1 2022, which shows: a 1% increase in complaints from the previous period (1.88m complaints) the biggest increase was in the decumulation and pensions group (15%) with a 5%...

PRA fines MS Amlin for governance failings

PRA has fined MS Amlin Underwriting Limited nearly £10m for failings in its governance, controls and risk management. The failings lasted for over 5 years and related to the governance and oversight of underwriting...

FSMB Committee stage timetable published

Following the announcement that the Committee stage in the Commons will begin on 19 October, a timetable for the sessions has now been published. Key witnesses scheduled to appear on that day include BoE, PRA, FCA and...

FSMB Committee stage scheduled for 19 October

An update to the Parliament website shows the Committee stage for the Financial Services and Markets Bill will start on 19 October.  After the line by line debate is complete, the Bill will be republished for report...

FCA launches new webpage on Consumer Duty

The FCA has published a new webpage containing information on the Consumer Duty. The webpage, which will be kept up to date, currently contains guidance for firms on: implementation plans and the FCA’s...

FCA speech: Consumer Duty

Sheldon Mills (Executive Director, Consumers and Competition at the FCA) has delivered a speech on what firms and customers can expect from the Consumer Duty. Mr Mills stressed that, whilst the Duty is not yet in force...

Consumer Duty: FCA update and events

The FCA has published a new webpage on Consumer Duty, which outs out the timeline and key milestones for implementation and contains links to register for FCA webinars and email updates. You can also register to attend...

FCA updates on insurance pricing

FCA has updated its website on general insurance pricing practices, to include information on application of PROD to products distributed through distributors based outside the UK and intended for non-UK customers. FCA...

FOS publishes H1 complaints data

FOS has published its regular half-yearly update on complaints data relating to individual businesses. 212 businesses feature, with an average uphold rate of 37% (the same as the previous period). FOS has also reported...

FOS publishes latest complaints data

FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...

Consumer Duty: building an implementation plan

UK Finance has outlined four key elements firms should be focussing on when building their Consumer Duty implementation plans. These are: definition of the target end state as an input to the gap assessment – to define...

FCA to send AR requests in December

FCA has confirmed it will be sending principal firms that have appointed representatives a s165 information request in December. The request (which FCA had previously said it would issue later this year) will seek...

PRA makes new rules

PRA has made changes to its rules, supervisory statements, statements of policy and technical standards following its Occasional consultation 3/22. The changes affect: Solvency II firms: in respect of the Statement of...

Read our article on the new Consumer Duty

Following up on our headline post, we have written an article giving more detail on the Consumer Duty and highlighting some of the key changes since the FCA’s second consultation paper. The implementation deadline...

FCA confirms new AR rules

FCA has confirmed its new rules to make principal firms more responsible for their ARs.  The package of rules, which will take effect from 8 December, will: require principals to notify FCA of future AR appointments 30...

FCA publishes final rules on Consumer Duty

Following two consultations on its proposals, the FCA has confirmed its plans for a new Consumer Duty which will require firms to put their customers’ needs first. The FCA has a parliamentary mandate, via the...

FCA publishes Annual Report

FCA has published its Annual Report and supporting papers. It highlighted: how nearly 600,000 people are paying less in interest and charges on credit card debt following rule changes; how further rule changes have...

FCA board discusses Consumer Duty

The FCA has published the minutes of a board meeting held on 26 May 2022 at which, amongst other items, the board discussed the new Consumer Duty. Highlights include: feedback from external stakeholders on the proposed...

PRA sets fees and levies for 2022/23

Following its consultation in the spring, the PRA has published a policy statement to confirm the final regulated fees and levies rates for 2022/23. The rates meet the PRA’s annual funding requirement for the...

FCA to delay PEMC review

FCA was due to carry out its post-implementation review of its requirements to help customers with serious pre-existing medical conditions to get travel insurance and report by October.  It has decided to delay its...

FCA publishes quarterly consultation

The FCA’s latest quarterly consultation covers: a minor amendment to DEPP to reflect changes to the FCA’s decision-making processes implemented on 26 November 2021; amendments to the Compensation rules relating to...

Solvency II review updates

The PRA has launched the 2022 data collection exercise for the Solvency II review, primarily in support of the matching adjustment (MA) and fundamental spread (FS) calibration reforms. The exercise will cover three main...

Court looks at meaning of “insurance”

A court has considered whether a law firm that offered an indemnity against adverse court orders when acting for claimants on a conditional fee basis was in fact carrying on insurance business. The defendant firm of...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

FCA consults on expanding dormant assets scheme

On 13 May 2022, the FCA published a consultation paper on expanding the dormant assets scheme (the Scheme). The Scheme allows banks and building societies to pay dormant monies to an authorised reclaim fund which then...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

PRA launches biennial insurance stress test

PRA has launched its biennial stress test for life and general insurers.  It has sent the test to the largest firms and has asked for submissions by 28 September, and is hosting a seminar on 11 May with a Q&A...

Treasury consults on reforms to Solvency II

HM Treasury has published its consultation on post-Brexit reforms to the Solvency II regime which it hopes will unlock investment, increase market access for new insurers and offer greater consumer choice. The reforms...

Funeral plans update: RAO amendments made

The FSMA (Regulated Activities) (Amendment) Order 2022 has been published, together with an explanatory memorandum. It makes several amendments to FSMA and secondary legislation, primarily the RAO, in preparation for...

PRA consults on fees and levies for 2022/23

PRA has issued a consultation paper setting out proposals for its fees for 2022/23. The proposals include: the fee rates to meet the PRA’s 2022/23 AFR; fees applicable to firms in the temporary regimes; changes to the...

PRA publishes Business Plan 2022/23

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2022/23. The PRA’s strategy will be delivered through the following strategic goals: Retain and build on the strength of the banking and...

Ombudsman News looks at storm damage

The latest edition of Ombudsman News from FOS covers not only its plan and budget for 2022/23 (which FIN has covered separately) but also guidance for consumers about storm damage complaints. The guidance contains...

Lloyd’s responds to market misconduct

Lloyd’s has issued a notice of censure to Atrium, a managing agent in the Lloyd’s market. The firm admitted three charges of misconduct, and Lloyd’s Enforcement Board levied its largest ever fine of...

PRA Occasional Consultation on minor changes

The PRA has issued a Consultation Paper setting out proposals to make minor amendments to UK Technical Standards (UKTS), PRA rules, supervisory statements, Legacy Supervisory Statements, and a Statement of Policy...

Insurance business transfer scheme permitted

An application under Part VII of FSMA 2000 was made for sanctioning an insurance business transfer scheme which involved the transfer of insurance policyholders from Assured Guaranty (Europe) PLC (in the UK) to Assured...

FCA makes new rules

The FCA’s latest Handbook Notice confirms changes to: apply the rules set out in the Funeral Planning Conduct of Business (FPCOB) sourcebook to funeral plan providers selling their own plans directly to customers...

Dormant Assets Act gets Royal Assent

The Dormant Assets Act got Royal Assent on 24 February,  The Act expands the scope of “dormant assets” that has encompassed cash in bank and building society accounts since 2008 to include a greater range of...

FCA updates on funeral plans

The FCA has published a statement on assessing authorisation applications from funeral plan providers. The assessment process is to ensure that: firms sell products which offer fair value, meet consumer needs and are...

FCA updates on GI value measures

FCA has updated its webpage on general insurance value reporting to clarify what firms are expected to report in respect of legal expenses and vehicle breakdown products. For these products, firms are not required to...

FOS looks at current initiatives

The latest edition of Ombudsman News reminds firms there is still time to respond to its consultation on its plan and budget, and at its wider work, including the wider implications framework and how it is working on...

PRA sets out supervisory priorities for 2022

The PRA has sent Dear CEO letters to PRA-regulated international banks, insurance firms and UK deposit-takers setting out its supervisory priorities for 2022. For banks, the PRA’s priorities relate to: Financial...

PRA updates insurance business transfer SoP

PRA has published its feedback on responses to its consultation in CP 16/21 on insurance business transfers, and has published an updated Statement of Policy. There were not many respondents, and those who responded...

FCA updates on GI value reporting

FCA has updated its webpage on reporting of general insurance value measures to clarify which firm is responsible for reporting in various scenarios. The requirements are all set out in SUP 16.27.8 but FCA has set out a...

FCA outlines new authorisation fee structure

The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...

EIOPA reports on IDD sanctions

EIOPA has published its second annual report on administrative sanctions and other measures imposed by national competent authorities during 2020 under the Insurance Distribution Directive (IDD). The authorities...

FCA updates on rule changes

FCA’s latest Handbook Notice confirms, among other things: changes to SUP to clarify what FCA expects to see reported on form FIN-A changes to LIBOR rules (previously reported in FIN) and changes to the value...

PRA updates on Solvency II reporting review

The PRA has published a policy statement (PS29/21) on phase 1 of its review of reporting requirements under Solvency II. In light of the feedback received on its proposals, the PRA has made a number of changes (set out...