FCA Compliance

The FCA has written to principal firms to notify them that they may be contacted to participate in a telephone questionnaire, designed to aid the regulator in evaluating the implementation of new rules relating to the Appointed Representatives Regime.

The FCA has fined Floris Jakobus Huisamen (a former director of LCF) £31,800 and banned him from working in financial services.

Banks and brokers should prepare to receive a survey from the FCA requesting data on non-financial misconduct as the regulator begins its investigation into how incidents are detected and handled in the financial services sector.

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.