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 Compliance
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.
ABI takes action on monthly motor premiums but ditches plan for industry-led cap
ABI publish Premium Finance Principles to demonstrate members' commitment to managing costs for customers paying monthly for motor insurance- ditching previous plan to introduce voluntary, industry-led premium cap.
FCA survey firms as part of ongoing review into treatment of vulnerable customers
The FCA has commenced its review into firms’ treatment of customers in vulnerable circumstances by writing to selected firms asking them to take part in a survey.
Which? calls on FCA to act to protect consumers as APRs up to 40% for monthly car insurance payments
Which? has called on the FCA to take action to protect consumers after it revealed those paying monthly for car insurance are being charged annual percentage rates (APRs) of up to 40%.
BIBA urge government to revise position on IPT
BIBA has again urged the Government to revise its position on Insurance Premium Tax (IPT) following the release of another record annual UK provisional tax receipt figure.