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Tenet firms enter administration

The Tenet Group Limited is winding down its operations, which has now resulted in two of its hosting firms entering administration. The firms closed to new business at the end of March, and most of their advisers either...

PRA updates on insurance branch supervision

The PRA has provided feedback on the responses received to its consultation on the PRA’s approach to the authorisation and supervision of insurance branches. 10 responses were received, which generally supported...

FCA speaks on key role of insurance brokers

Emily Shepperd has spoken on the key role insurance brokers have to play in the financial ecosystem. She focussed on the recent significant growth in brokered markets, and how future regulation might affect the industry...

FOS publishes half-yearly complaints data

FOS’ latest half-yearly complaints data shows a rise of 20% in complaints during H2 2023, with the rise driven mainly by banking and credit complaints. Within that sector, current accounts and credit cards...

PRA updates on insurance regulatory returns

The PRA has updated its guidance on regulatory returns it requires from insurers.  The page confirms that all reports should be submitted electronically, and provides links to the insurance taxonomy and a filing manual.

FCA updates complaints data

The FCA has published updated complaints data based on returns from then nearly 300 firms reporting at least 500 complaints within 6 months or 1000 within a year. Key findings from the 2023 H2 data include: Complaints...

ABI acts on motor premium finance

The ABI has announced a new set of Premium Finance Principles, designed to try better to manage the charges on consumers who pay monthly for motor insurance. The ABI says it considered, and discussed with the FCA, a...

FCA updates perimeter report

The FCA has updated its Perimeter Report on its website.  It was last updated in March 2023. Among the issues discussed are: FCA’s general approach to the perimeter; when it will take action against unauthorised...

FCA updates on PEMC review

The FCA has announced that it has largely completed its post-implementation review of its requirements to help customers with serious pre-existing medical conditions to get travel insurance. It intends to publish the...

FCA updates on skilled persons reports

The latest statistics for skilled persons reports FCA commissioned in Q3 2023/24 show: 24 reports in total 7 related to the retail banking and payments sector, 6 to retail investments, 5 to wholesale markets and 4 to...

ABI publishes guide on using AI responsibly

The ABI has published a guide on the responsible use of AI which sets out how firms in the insurance sector can put the Government’s five principles of AI into practice. As a reminder, these are accountability...

Firms pause sales of GAP insurance

At FCA’s request, multiple insurance firms have agreed to pause sales of GAP insurance. These firms account for 80% of the GAP market. FCA is concerned that GAP insurance is failing to provide fair value to...

ABI says motor premiums still rising

ABI’s Motor Insurance Tracker shows the average price paid for motor insurance has continued to rise. The cost to insurers to pay claims is main cause of these rises. The Tracker shows that between 1 October and...

BoE responds on PRC remit

BoE Governor Andrew Bailey has written  to the Chancellor, updating last year’s response to the letter setting out the Chancellor’s recommendations to the Prudential Regulation Committee (PRC). The letter...

FCA reflects on 2023

Nikhil Rathi has reflected on some of FCA’s key achievements and milestones from 2023. He highlighted: the implementation of the Consumer Duty and changes firms have already made as a result; FCA telling GAP...

FCA updates on retained EU laws

FCA has updated its website with details of the current state of play in relation to the repeal and replacement of retained EU laws in the financial services sector. Coming up in 2024 will be many changes and papers...

FCA makes new rules

FCA has published new rules including amendments to: introduce the requirements on Sustainability Labelling and Disclosure (from 28 November 2023) update SYSC from 8 December in respect of changes to the proportionality...

FCA finalises new rules to replace IDD

FCA has published its policy statement and final rules which will replace the IDD Delegated Regulations with rules and guidance in the FCA Handbook. The Regulations included: the standardised IPID format; product...

IAIS updates on AI work

IAIS has issued an update on its work on the adoption of AI and machine learning in the insurance sector. It has reviewed guidance from 12 international supervisors and organisations. Among its conclusions are that the...

FCA publishes regulatory initiatives grid

The FCA has published the Financial Services and Regulatory Initiatives Forum’s latest biannual Regulatory Initiatives Grid. This will allow the financial services industry and other stakeholders to understand and...

PRA consults on funded reinsurance

PRA is consulting on its proposed expectations when life insurers enter into or hold funded reinsurance arrangements as cedants. It feels it needs to set out these expectations to advance its primary objectives by...

PRA makes statement on recalculation of TMTP

The Solvency II Regulations 2015 allow firms to apply to the PRA for permission to undertake a recalculation of the deduction applied pursuant to the transitional measure on technical provisions (TMTP) every 24 months...

PRA consults on FSCS general insurance limit

PRA is consulting on whether there should be an increase in the FSCS limit for general insurance. Currently, eligible policyholders will get either 90% or 100% of a valid claim on a failed insurer paid by the FSCS, with...

FCA speech: next steps for Consumer Duty

Nisha Arora (Director of Cross Cutting Policy and Strategy at the FCA) has delivered a speech on the Consumer Duty and the next steps for firms. The speech highlighted the following examples of good practice identified...

FCA updates complaints data

FCA has published updated complaints data based on returns from firms. Snapshots from the 2023 H1 data include: a slight increase in complaints from the previous 6 months (5%); most significant increases in the...

FCA updates on skilled persons reports

FCA has published the numbers of skilled persons reports commissioned in the first two quarters of 2023: From April to June it commissioned 11 reports, of which 4 related to retail investments and 3 to wholesale...

Supreme Court rules on limitation in PPI case

In the case of Smith and another (Appellants) v Royal Bank of Scotland (Respondent) [2023] UKSC 34, the Supreme Court has ruled that the claims made by claimants seeking orders under the Consumer Credit Act 1974 were...

PRA consults on insurance branch supervision

PRA has published a consultation paper, setting out its proposals to consolidate and formalise existing PRA policy on overseas insurers that write business in the UK through the establishment of a third-country branch...

UK Finance respond to ban on cold calling

UK Finance has responded to HM Treasury’s proposals to ban cold calling in financial services and is supportive of the proposals. The measures aim to protect consumers, particularly elderly and vulnerable...

FCA updates on insurance market priorities

FCA has published a suite of portfolio letters for the insurance markets, off the back of its value measures data report, but covering its wider supervisory priorities. The letters note the importance of the insurance...

PRA speaks on Solvency UK

Gareth Truran of PRA has spoken on the “Solvency UK” initiative which will replace Solvency II. He said PRA is maintaining the momentum it needs to implement the reforms in 2024. He said the proposals PRA...

FCA consults on the future of the IDD

FCA is consulting on a proposal to transfer parts of the IDD that are currently in legislation into its rules, as part of the Future Regulatory Framework following Brexit. Treasury has announced its plan to repeal the...

FCA announces Direct Line pricing review

Direct Line Group has agreed to carry out a review after it found it had charged some existing home and motor customers more for their renewal than would have been charged to new customers. The review will identify all...

Consumer Duty takes effect

The Consumer Duty has taken effect for all on-sale products. FCA has reminded consumers of the protections it gives them.
Read our summary of what FCA is expecting from firms.

FCA makes new rules

FCA’s latest Handbook Notice confirms: changes to ICOBS to reduce the impact of financial difficulties by enabling customers to maintain an appropriate level of insurance; amendments to FCA’s Glossary and...

Ombudsman News updates FOS initiatives

The latest edition of Ombudsman News highlights: what FOS is doing to prepare for the Consumer Duty; the annual complaints data from 2022/3; its items on hybrid scams and escape of water in unoccupied properties...

PRA sets fees and levies for 2023/24

Following its April consultation, PRA has published a policy statement confirming the fees and levies payable for the 2023/24 fee year. Respondents welcomed the reduction year-on-year to the Annual Funding Requirement...

FSM Bill gets Royal Assent

As expected, the Financial Services and Markets Act 2023 got Royal Assent on 29 June.  Heralding it, Treasury described its key features as: bringing the ability to tailor financial services regulation to fit UK markets...

FSM Bill completes Parliamentary process

The FSM Bill returned to the Lords for consideration of the few amendments the Commons had made.  These were agreed, and so the Bill has completed its Parliamentary passage and now awaits Royal Assent. It is expected to...

BoE launches system-wide exploratory scenario

BoE has launched its first system-wide exploratory scenario exercise. The exercise will include banks, insurers, CCPs and a variety of funds and will look to see how all these market players behave in stressed market...

FOS publishes annual complaint data stats

FOS has published the annual complaints data for the 2022/23 financial year and commented on the common themes. Of the most complained about products current accounts had a 40% uphold rate; credit cards 34%...

FOS blogs on escape of water claims

A blog from FOS looks at the increase it has seen in queries from insurers about “escape of water” claims in unoccupied properties.  FOS notes that key points to check are: how the policy describes...

FCA updates on changes for credit unions

FCA has published a new website page on the changes the FSM Bill proposes for credit unions. It highlights to credit unions that, if the changes come into law, any firm wanting to take advantage of them will need to...

ASA rejects complaint on Over 50s ad

The ASA has not upheld complaints about 2 advertisements for Cover Today over 50s insurance.  The ads both featured statements that Cover Today is “the only over 50s life insurer with no waiting period, unlike...

PRA publishes its 2023/24 Business Plan

The PRA Business Plan sets out PRA’s strategy, workplan, and budget for 2023/24. It will be delivered through the following strategic goals: Maintain and build on the safety and soundness of the banking and insurance...

PRA Occasional Consultation April 2023

PRA’s latest Occasional Consultation Paper covers minor proposed changes to: PRA’s approach to publishing Solvency II technical information group supervision in relation to Solvency II firms and Lloyds and...

Court considers time limits for PPI referrals

In the case of the Official Receiver and Shop Direct Finance Company Limited the Court of Appeal considered the time limit for referring complaints to FOS in respect of missold PPI, in particular where a person to whom...