The Association of British Insurers (ABI) has published a 10-point roadmap aimed at tackling the rise in motor insurance premiums.
Blog
Key Takeaways from FCA Speech & Good/Bad Practice Report
A speech delivered by Sheldon Mills, FCA Director, Consumers and Competition, and the FCA’s recently published report on good and bad practice, highlights challenges and areas needing improvement for firms implementing the Consumer Duty.
FCA to Question Principal Firms on Appointed Representatives Regime
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.
ICO Publishes New Guidance on the Use of Biometric Data
The ICO has published a significant new section on its website outlining detailed new guidance for all firms considering the use of biometric data.
Crackdown on financial adverts and promotions as thousands withdrawn or amended following FCA intervention
As the FCA continue to express concern over financial promotions and communications and closely monitor material, firms should ensure that they comply with regulations, notably the Consumer Duty, during marketing and communication activities.
Home Insurance Rises due to Adverse Weather and Inflated Repair Costs
The average house insurance premium rose by 4% in the last quarter of 2023 after multiple storms hit the UK, according to ABI. Following widespread flooding across the UK last week, it is thought that premiums could rise again.
FCA Fines and Bans Former Director of London Capital & Finance
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 Next to be Questioned as Part of FCA Investigation into Handling of Non-Financial Misconduct
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.
Insurers Agree to Pause Sales of GAP Over FCA Concerns
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.