FCA Compliance

In Autumn 2023, the FCA conducted a survey of 634 firms to assess how smaller firms had implemented the Consumer Duty and whether these firms had altered their consumer contracts and financial promotions.

The highly anticipated Treasury Select Committee's Sexism in the City Report, released on 8th March, paints a damning picture of sexism in the UK financial services industry and highlights the stark lack of progress made.

Diversity and inclusion are central to firms’ roles as businesses and employers. The regulators have been taking increasing steps to enhance diversity and inclusion within the financial sector. What can small businesses do to improve measures for diversity and inclusion?

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.  

A speech delivered by Sheldon Mills, FCA Director, Consumers and Competition, and the FCA’s recently published report on good and bad practice, highlights challenges and areas needing improvement for firms implementing the Consumer Duty.

The FCA has written to principal firms to notify them that they may be contacted to participate in a telephone questionnaire, designed to aid the regulator in evaluating the implementation of new rules relating to the Appointed Representatives Regime.

The FCA has fined Floris Jakobus Huisamen (a former director of LCF) £31,800 and banned him from working in financial services.

Banks and brokers should prepare to receive a survey from the FCA requesting data on non-financial misconduct as the regulator begins its investigation into how incidents are detected and handled in the financial services sector.

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