Regulation

Further to a previous newsletter article, we would like to remind all firms that the deadline for removing the P2P permission by use of a simple one-page form (rather than the more cumbersome CONNECT system) expires next month.

This is a question that I have been asked several times over the last few months so I thought it was time for a reminder as to what is required.

RWA does not want to become involved in your relationship with SSP although if you feel you are threatened by the situation, please let us know and we will do what we can.

There are some who wish to be popular and are afraid to be controversial or even honest about the possible results of The Insurance Act.

The above Policy Statement has been issued by the FCA outlining the final rules following on from the consultation process which started at the end of 2015. These new rules apply to Consumers only.

In newly published PS16-19, the regulator has decided to exempt all general insurance firms from this reporting requirement.

Despite being called the Third Parties (Rights Against Insurers) Act 2010, this did not come into force until 1 August 2016 and replaces an older act from 1930.

The Financial Conduct Authority (FCA) has recently produced a Guidance Consultation on what regulated firms should do when considering outsourcing.

Although the essence of the MIFID II Delegated Acts affects mainly the investment sector, one message contained within will reverberate within the GI space, namely inducements and the importance of assessing whether an inducement, if accepted, has a demonstrable effect on the delivery of service and does not benefit the recipient at the expense of the customer.

Get RWA Insight In Your Inbox

Regular business news and commentary delivered direct to your inbox each week. Sign up here