FCA Compliance

This article is the first of a two-part series exploring the FCA’s proposed new Consumer Credit Regulatory Return and will focus on the background, rationale, costs and benefits of the proposals. 

This article is the second of a two-part series. Last weeks’ article explored key findings from the FCA’ review in relation to firms’ self-assessments, annual reviews and their monitoring and oversight of ARs; this weeks’ article will explore the reviews findings in relation to firms’ approach to AR onboarding, termination and wind-down.

Lloyd’s of London has announced it is consulting on changing its by-laws to combat misconduct in the commercial insurance market in a continuing battle to dispel its long-standing reputation for sexual harassment and inappropriate behaviour by market participants.

Consumer group Which? has called for the Financial Conduct Authority (FCA) to step in following its recent report, which revealed that pay-monthly customers were still facing higher insurance costs. 

The FCA has published a review report noting that, whilst Principals’ oversight of ARs has improved, some firms are taking a “tick-box approach” to compliance with the rules and relying on basic information, such as website checks or self-declarations from their ARs, to demonstrate effective oversight.

The recently published 2024 FCA annual report revealed the regulator brought a record number of criminal charges against individuals and more than doubled the number of firms it stripped of regulatory approval, supporting claims it aims to increase and expediate enforcement action.

This article explores how a recent case highlights the FCA's enhanced gatekeeping role under the SM&CR, and how its ability to retain and utilise historical data supports its commitment to preventing individuals with questionable conduct upholding senior roles.

Following a thematic review, the FCA has identified widespread shortcomings in general insurance and pure protection manufacturers’ and distributors’ product and oversight arrangements, noting it is “very disappointed” that many firms are failing to meet their regulatory obligations under PROD 4 and ensure and evidence that products offer fair value to customers.

The FCA has banned Martin Sarl from working in the financial services industry and fined him £5,021 for acting without honesty and integrity.

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