Category Insurance

MoJ publishes Plevin guidance for CMCs

The Ministry of Justice has published guidance for claims management companies when they handle cases relating to Plevin. The guidance mainly explains what FCA’s expectations are and stresses that CMCs must not mislead clients about likely levels of redress. It also cautions against referring complaints to FOS without properly engaging with the relevant financial business […]

ESAs publish further Q&As on the Key Information Document for PRIIPs

Further guidance on the Key Information Document (KID) under PRIIPs was published by ESAs today in the form of questions and answers (Q&A). The Q&A includes additional questions and answers to those published on 4 July 2017 as well as diagrams to explain the risk and rewards calculations required to prepare the KID. The updated […]

FCA Regulation round – up for August

This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the authorisations of 207 firms; FCA’s agenda and priorities for consumer credit; contingency planning for firms that do not have their MIFID II permissions in place by 3 January […]

FCA sets out its supervisory approach to PPI

The FCA has today announced that it will soon be launching a campaign to inform people of the 29 August 2019 deadline for making a complaint about PPI.  The campaign will contribute to the regulatory and supervisory work the FCA has already done around PPI and will continue to do. The campaign, which will be […]

Minor amendment to PRIIPS RTS published in the Official Journal

Background A corrigendum to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards (RTS) with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling […]

Rise in complaints for PPI

This week FOS published its regular newsletter in which it discussed: a rise in consumer credit complaints; statistics on complaints received in the first quarter of 2017/2018; and an update on PPI and the FCA’s new rules and guidance FOS’ Annual Review The annual review published earlier in the summer by FOS identified that complaints about […]

European Commission publishes rules for insurance product information document under IDD

The European Commission has published a regulation laying down a standardised presentation format for the insurance product information document (IPID) to comply with IDD. The IDD must be transposed into national  law by 28 February 2018 and the IPID must be provided to customers with the necessary information about non-life insurance products in order to […]

HM Treasury reports on the progress of Insurance Fraud Taskforce’s recommendations

HM Treasury has published a report on the progress made during 2016 on the original 26 recommendations put forwards by the Insurance Fraud Taskforce. The Taskforce was set up to investigate the causes of fraudulent behaviour and recommend solutions to reduce the level of insurance fraud in order to ultimately lower costs and protect the […]

Treasury Committee and PRA exchange Brexit letters

Nicky Morgan, new Chair of the Treasury Committee, and Sam Woods of PRA have exchanged letters on Brexit planning. The PRA response explained PRA’s work in assessing the scenarios that might have the biggest impact on its objectives – such as a hard Brexit with no ongoing cross-border market access. PRA has received over 400 […]

PRA consults on fees and levies for insurers and designated investment firms

PRA has published a consultation paper on model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms. The consultation paper is relevant to  insurers and designated investment firms, as well as firms which have, or intend to apply in the future for, Solvency 2 or CRR models. The consultation paper sets […]