Tag Archives: FCA Handbook

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 […]

FCA consults on FAMR: implementation Part II and insistent clients

The FCA has today published its consultation paper (CP17/28) on implementing two of the recommendations made in the final report of the Financial Advice Market Review (FAMR), which was published in March 2016. FAMR was launched in 2015 by the FCA and HM Treasury (HMT) as a result of concerns that the market for financial advice in the […]

FCA publishes second Consultation Paper on IDD implementation

Following on from Consultation Paper (CP) 17/7, FCA has published CP 17/23 detailing further proposals on the implementation of the IDD in the UK. The CP is relevant to firms, including insurance and reinsurance companies, insurance intermediaries and firms categorised under the IDD as ancillary insurance intermediaries, as well as other stakeholders. In order to […]

FCA consults on IDD implementation

Following the publication of the Treasury’s consultation on 27 February 2017, the FCA has published the first of its two-part consultation on the transposition of the Insurance Distribution Directive (IDD) which must take place by 23 February 2018. The IDD will replace the Insurance Mediation Directive (IMD). The FCA’s first consultation paper covers its proposals […]

The good, the bad and the ugly: FCA reviews insurance intermediaries’ professional indemnity insurance

In December 2016, the FCA published findings from its thematic review (TR16/9) of general insurance intermediaries’ (“GI intermediaries”) professional indemnity insurance (“PII”). The FCA has reviewed the PII of nearly 200 firms from the population of over 6,000 authorised GI intermediaries. The purpose of the review was to see whether the firms complied with the […]

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: […]

General insurance: new disclosure rules from 1 April 2017

On 10 August FCA published Policy Statement PS16/21: ‘Increasing transparency and engagement at renewal in general insurance markets – feedback on CP15/41 and final rules and guidance’.  The policy statement contains new rules that will be added to the ICOBS from 1 April 2017.  Our article provides an overview of, and our comments on, these changes. Contact […]