Tag Archives: consumer protection
ICO fines Moneysupermarket.com £80,000
ICO has fined Moneysupermarket.com Ltd £80,000 for sending 7.1 million unsolicited direct marketing emails over a period of ten days to update its customers on its Terms and Conditions. Crucially all the recipients of the emails had previously opted out of direct marketing, and Moneysupermarket sent the T&Cs by email which included a section noting the […]
FCA publishes thematic review on customer understanding of retailing banking products
On 17 July FCA published a thematic review on customers’ understanding of retail banking products. The review was undertaken amid growing concerns that some customers fail to understand the key features of many financial products and that this may expose them to harm. The review covered 18 firms, and involved FCA looking at the firms’ data […]
FCA publishes notice of undertaking by London General Insurance Company
London General Insurance Company Limited (LGI) has given an undertaking in respect of a term in respect of a Nationwide FlexPlus Account Extended Warranty Protection Policy. The policy set out a list of items that were covered under the policy. This list was preceded by the words ‘Items such as’, which in FCA’s view meant that […]
meps call for acceleration of eu fintech development
Economic and monetary affairs committee MEPs want the EU to accelerate the development of financial services enabled by new technologies (FinTech). Their key priorities are: Cybersecurity and data protection: the need for end-to-end security across the whole financial services value chain and to create more awareness among the consumers regarding the value of their personal […]
FCA sets out its mission
FCA has started a discussion on its “future mission”. It sets out how it thinks it should prioritise its energies and resources in terms of ensuring the smooth functioning of markets, protection of consumers, market design and its approach to its objectives, supervision and enforcement. It asks for comments by 26 January 2017.
Removal of ineffective disclosure requirements from FCA Handbook
The FCA’s policy statement PS16/23 follows its consultation paper CP15/32 which contained its proposals to remove certain disclosure requirements from the Handbook. The policy statement confirms the removal of ‘ineffective’ requirements as part of the FCA’s focus on promoting smarter customer communications. The FCA has decided to remove the rules and guidance around the following documents: […]
Big Data in retail general insurance: FCA feedback statement
In November 2015, the FCA published a call for input on ‘Big Data’, ie the use of new or expanded data sets, new technologies to generate, collect and store data, and sophisticated analytical techniques. The call for input focused on its use in retail general insurance, and in particular three main topics: whether the use […]
