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.
FCA Compliance
UKGI MD, Nikki Bennett, speaks at amii Summit
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.
Supporting Victims of Economic/Financial Abuse
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.
Strategies for Aligning Policies, Procedures, and Culture with SM&CR
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.
FCA Identifies Good and Bad Practice in Oversight of ARs by Principals
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.
FCA BIBA speech 2024
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.
Chancellor calls for FCA to reconsider plans to publish information on enforcement investigations
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.
Average cost of UK car insurance increases by one-third in a year
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.
One month until FCA anti-greenwashing rule comes into force- is your firm prepared?
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.