Tag Archives: FCA

FCA begins debt management sector review

In line with its 2017/18 Business Plan, FCA has begun its thematic review of the debt management sector. FCA has taken a particular interest in this sector, owing to the increased risks faced by (particularly vulnerable) consumers where firms fail to meet their needs. In 2014, FCA declared that debt management firms needed to “raise their game” if they […]

Insurance firms “falling short of renewal expectations”

In its latest multi-firm review, FCA has reviewed the manner in which general insurance firms have implemented transparency rules in insurance renewals.  The rules apply when a firm sends a general insurance renewal notice to a consumer, and came into effect in April 2017. FCA noted ‘a range of concerns’ and identified four key areas […]

FCA’s first Financial Lives Survey: 50% of UK adults potentially vulnerable

After collecting responses from over 13,000 UK consumers, FCA has revealed the results of its largest tracking survey of consumer behaviour and use of retail financial products and services. Aiming to tell the financial story for six age demographics (and key themes of each life stage), the survey found that 50% of the adult population shows one […]

FCA agrees to scrutiny of RBS report

Following the controversy of FCA’s refusal to publish the skilled persons’ report into the treatment of customers in the RBS Global Restructuring Group and its correspondence with the Treasury Committee on the issue, Andrew Bailey has now agreed to the Treasury Committee’s proposal to scrutinise the report. Under the proposal, the Treasury Committee will appoint a […]

FCA speaks on the ageing population

Linda Woodall has spoken at an event to launch FCA’s Occasional Paper on the ageing population. FCA has for some years been aware that the financial services needs of older consumers are generally not being met. Not all older consumers are disadvantaged and not all have the same needs. But, while there is no “one-size-fits-all” […]

FCA launches Asset Management Authorisation Hub

As promised, in an attempt to aid new entrants to the market and allow those entrants to better understand FCA as an organisation, FCA has launched its asset management authorisation hub. The hub provides information on how to become authorised as an asset manager, with useful links to further details on each stage of the application […]

Up next from FCA

FCA’s latest Policy Developments Update lists several key publications due before the end of the year: policy proposals for next year’s fees and levies policy statement on FSCS funding policy statement on the second part of FAMR implementation policy statement on the second IDD implementation consultation (in December, with the policy statement on the third […]

FCA speaks on challenges of ageing population

Andrew Bailey, speaking at Mansion house, looked at some of the challenges FCA faces as financial conduct regulator. He focussed particularly on: consumer credit – particularly on its rapid growth and the role of high-cost credit. He explained what FCA is doing to help those with persistent credit card debt and how it is trying […]

FCA publishes card change undertaking

FCA has published an undertaking from PPRO Financial Limited to make changes to its prepaid card terms and conditions. The Dutch AFM had referred the matter to FCA after it received complaints from customers under the “Consumer Protection Cooperation Directive). As a result, FCA carried out an investigation and found several problems, as a result […]