The FCA and PRA have announced proposed rules to improve diversity and inclusion in firms will be axed, whilst the FCA issued a further update confirming plans to increase the transparency of enforcement investigations are to be dropped.
Insurance Brokers
Firms not doing enough to monitor outcomes and take action to deliver for vulnerable customers, according to FCA report
In a review which examined how firms support customers in vulnerable circumstances, the FCA noted many firms were unable to monitor or act on outcomes for customers and had failed to make sufficient progress on product and service design and training front-line staff.
FCA encourages vulnerable customers to open up to firms to get the right support
The FCA has called on vulnerable customers to open up to firms about their needs so they can receive appropriate support after research commissioned by the regulator revealed only 4 in 10 vulnerable customers disclosed their needs to their financial services provider.
Number of whistleblowing reports to FCA fell in final quarter of 2024
Quarterly FCA whistleblowing data reveals the number of reports received by the regulator in Q4 2024 decreased compared with the previous quarter, but increased compared to the same period in 2023.
FCA bans fraudulent broker who caused client firm to collapse
In a case that serves as stark reminder of the devastating impact of fraud, the FCA has banned David Robert Cooke, former director at Professional Construction Risks Limited, from working in financial services after he committed insurance fraud that led to the collapse of a commercial client’s firm.
FCA scraps Consumer Duty Board Champion requirement as it vows to slow ‘pace of regulatory change’
Following increased scrutiny on the FCA by the government to boost UK economic growth and competition, FCA Nikhil Rathi stated that the regulator is ‘willing to be bold’ in its approach as it looks to cut regulatory burdens and slow the pace of regulatory change.
FCA publishes Research Note exploring the value of explaining AI outputs to consumers
The FCA has published a Research note following an exploration of the relative efficacy of different models for explaining AI outputs to consumers in the context of using AI to determine consumer creditworthiness.
FOS to charge professional representatives to refer cases
The Ombudsman claims the funding arrangement will encourage professional representatives to submit better-evidenced complaints.
The ABI calls for more funding to protect properties after record claims for weather-related damage
The ABI have called for more funding for property protection after publishing data which revealed that insurers paid out a record £585 million in claims for weather-related damage to homes and possessions in 2024.