Insurance Brokers

The FCA has set out a programme of work for the final year of its 3-year strategy.  The planned programme of work builds on progress made over recent years to become a “more outcomes-based, assertive and data-led regulator”.

The FCA has published Guidance clarifying its expectations of firms and ‘finfluencers’ promoting financial services across all social media channels, including memes, reels and gaming streams.

UKGI MD, Nikki Bennett, was invited to speak about diversity, equity and inclusion at the recent Female Alliance in Business conference hosted by the Clear Group. 

The FCA is set to alter its approach to publicising enforcement investigations, proposing to publish the identity of subjects under investigation, publish an increased amount of information and updates regarding cases at an earlier stageand increase the pace of cases and release of announcements that cases have closed without action.  

The Association of British Insurers (ABI) has published a 10-point roadmap aimed at tackling the rise in motor insurance premiums.  

The ICO has published a significant new section on its website outlining detailed new guidance for all firms considering the use of biometric data.

As the FCA continue to express concern over financial promotions and communications and closely monitor material, firms should ensure that they comply with regulations, notably the Consumer Duty, during marketing and communication activities.

The FCA has announced that multiple insurance firms have agreed to suspend the sale of Guaranteed Asset Protection (GAP) insurance following a request from regulator.

The FCA and Practitioner Panel joint survey will be sent to a sample of regulated firms to gather feedback on how the industry is regulated.

 

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