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 […]
We have written an article on the Government’s statement of intent for the Data Protection Bill.
The BoE’s non-executive directors have published a review of its approach to identifying and managing conflicts of interest within the BoE set up. There will be an update to the Bank’s Code of Conduct to update and clarify requirements. Among changes will be the appointment of a designated Conflicts Officer, together with other organisational and technological […]
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 […]
ASA has found a TV advert for American Express breached the BCAP rules on misleading advertising, qualification and exaggeration. On the ad, a voiceover claimed that “there is a card that could give you 5% cashback on all purchases”. In fact, this amount was available only for the first 3 months, was subject to a […]
The European Commission has published for comment an inception impact assessment on broadening the access of centralised bank account registries under the MLD5 proposals. It asks for comments by 6 September.
Treasury and OFSI have updated their guidance on financial sanctions to bring the general guidance and guidance on the relatively new monetary penalties for breach together.
The Upper Tribunal has upheld FCA’s decision to ban a former CEO of an adviser network. FCA has banned Charles Palmer and fined him over £86,000 for failing to act with due skill, care and diligence. The network had nearly 400 Appointed Representatives and over 500 registered individuals who, between them, provided advice to around […]
The FCA has updated its user guide to provide the following notifications: Ancillary activity exemptions Under MiFID II, firms who trade in commodity derivatives may be able to make use of an exemption from authorisation. Firm will need to notify the FCA if they intend to rely on the exemption by completing a notification form. […]
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 […]