FCA Compliance

The FCA has fined and permanently banned Leigh Mackey, former director of Inspire Insurance Services Ltd (Inspire), for serious misconduct during his tenure at the company.

The Chancellor’s first Mansion House speech on 14 November emphasised that for the Government to achieve their aim of secure and sustainable economic growth, the financial services sector must drive competitiveness and growth.

In response to demand, The FCA has reopened parts of its discussion paper on the regulation of commercial and bespoke insurance business, which seeks feedback on whether existing regulation strikes an appropriate balance between protecting customers from harm and enabling competitiveness within the UK market.

The FCA fined Kristo Käärmann £350k for breaching a Senior Manager Conduct Rule after his tax evasion emerged via a third party, emphasising the importance of firms being open with the regulator, conducting annual fitness and propriety declarations, and Boards maintaining robust oversight arrangements.

The number of reported incidents of non-financial misconduct in the financial services sector rose by more than 70% over three years, according to a recent FCA survey.

Following rising concerns about the increase in insurance costs, and the launch of the UK Government’s motor insurance taskforce, the FCA has announced that it will review the premium finance market.  

Following the recent FCA Thematic Review which heavily criticised the industry for failing to adequately take on board the demonstration of fair value, this article explores steps that distributors can take to ensure that they evidence their approach. 

Unethical behaviour can thrive within distribution chains in the insurance sector, particularly if the chains are complex. This article will explore the ways in which ethical risks may arise within the insurance distribution chain, and how this can be mitigated.

This article is the second of a two-part series exploring the FCA’s proposed new Consumer Credit Regulatory Return CR009 and will focus on what the enhanced reporting requirements proposals mean for credit broking firms and the data the FCA proposes to collect.