FCA Compliance

A study conducted by Which? found distress and inconvenience to consumers were recorded in nearly two-thirds of complaints upheld by the Financial Ombudsman Service in 2023, with delays at a five-year high.

Nikki Bennett delivered an insightful speech at this year's Association of Medical Insurers and Intermediaries summit, speaking about Consumer Duty and the importance of supporting vulnerable customers.

The FCA recently published a blog written by Joanna Legg, FCA Head of Consumer Policy & Outcomes, calling for more collaboration across the financial services sector in improving the outcomes of victims of domestic and financial abuse. This article looks at the ways in which the insurance industry could play an important part in detecting abuse, providing support to victims, and securing better consumer outcomes.  

Amidst increased scrutiny surrounding how firms within the financial services deal with non-financial misconduct, this article explores how firms can reasonably ensure policies and procedures comply with SM&CR and demonstrate a culture of transparency, accountability, and integrity.

In April 2024, the FCA published its findings arising from their review of Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) who undertake Credit Broking. The findings highlight both good and bad practices of Principal firms in relation to the appointment, monitoring, and termination of AR relationships.

In her speech at the 2024 BIBA Conference, Emily Shepperd, FCA Chief Operating Officer, urged brokers to take the lead in demonstrating their value to customers and the wider financial ecosystem.

The Chancellor of the Exchequer, Jeremy Hunt, has urged the FCA to reconsider its plan to name firms under investigation at an earlier stage- a rare instance of political pressure being placed upon the regulator, which operates independently.

ABI reports annual rise of 33% in cost of comprehensive motor cover in the first quarter of 2024 but suggest a modest 1% increase on the previous quarter indicates that rises are easing.

Firms should review communications and claims made regarding sustainability characteristics of products and services to ensuring they are clear, fair, not misleading and can be robustly substantiated ahead of the FCA’s new anti-greenwashing rule coming into force on 31 May 2024.

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