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.
FCA Compliance
FCA ban and fine dishonest broker
The FCA has banned Martin Sarl from working in the financial services industry and fined him £5,021 for acting without honesty and integrity.
Getting an Appointed Representative application approved by the FCA: what is involved?
The AR model can deliver significant benefits if operated correctly. This article explores the various stages involved in getting an AR application approved by the FCA, the regulator’s requirements and key considerations for firms looking to navigate the process smoothly and avoid delays.
What the UK riots mean for insurers
This article explores key considerations for insurers in the wake of the riots that swept the UK in the last two weeks.
Citizens Advice report calls on FCA to explore insurance ethnicity penalty
Citizens Advice has published a report in which, for the third time, it claimed “people of colour were paying 39% more for car insurance than white people, rising to 42% for Black people.”
FCA publishes suite of proposals on reducing regulatory burdens to support growth
The FCA has issued four publications and invited feedback from the financial services sector to determine whether regulation could be streamlined or simplified to reduce the burden on firms and support growth, whilst continuing to prevent consumer harm.
Approaching monitoring to drive forward good Consumer Duty outcomes- Consumer Support
The last of a series exploring how firms can approach monitoring to drive forward each of the outcomes under the Duty- and evidence this to the regulator, this week’s article will discuss how firms can approach monitoring in relation to the Consumer Support outcome.
FCA Issues Consultation Paper on Commercial Insurance Regulation
The Financial Conduct Authority has issued a consultation paper looking at how Commercial Insurance is regulated.
ASA rules that Healthcare Society ads were misleading
The ASA upheld two complaints against a Health Society’s TV advertisement and radio advertisement, ruling that they were misleading on the basis that they omitted material information regarding their healthcare plan, including key restrictions or exclusions relating to treatment options and availability.