FCA Compliance

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.

 

The FCA consults on its work with six independent statutory panels, which are integral to developing FCA policies and other regulatory decisions. Statutory panels represent the interests of consumers and practitioners, including smaller regulated firms and financial market participants.  In responding to the annual reports of these six panels, the FCA has addressed some general themes.

The Association of Medical Insurers and Intermediaries (amii) have announced the appointment of UKGI as their compliance partner.

A recent arbitration case has highlighted the importance of insurance intermediaries understanding, and adhering to, contractual terms and conditions, particularly where policyholders pay for their insurance through premium finance or credit agreements.

The FCA has announced that it will investigate banks, insurers and brokers on the frequency of sexual misconduct and bullying claims and the use of non-disclosure agreements (NDAs) to silence reports.

The FCA has published a web page setting out its intentions to intervene again in the motor finance market and has published a Policy Statement regarding temporary changes to handling rules for motor finance complaints.

The FCA has updated its web page concerning the Temporary Permissions regime (TPR) now that the TPR transition period has come to an end.

The FCA has published a recording and transcript of its December 2023 webinar on the next steps for the Consumer Duty.

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