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Non-admitted insurers: overseas insurers and UK regulation.
In June this year, the compliance team at the British Insurance Brokers’ Association (BIBA) was approached by the FCA to raise awareness of the Regulator’s concerns in relation to non-admitted insurers. BIBA subsequently published a guide for its members…
FCA Principal firms review: embedding the enhanced Appointed Representatives regime
Having tested and reviewed how well Principal firms have embedded the requirements of the enhanced Appointed Representatives (ARs) regime, the FCA has set out good practice and areas for improvement to help Principal firms effectively oversee and monitor their…
Ensuring Fair Product Value with an Insurance Fair Value Assessment
As part of the product approval process, manufacturers (insurers) of insurance products must determine whether the products they bring to the market offer fair value, and perform a fair value assessment. The Financial Conduct Authority (FCA) defines fair value…
FCA Consultation on Consumer Credit Regulatory Returns - CP24/19
The FCA is consulting (CP24/19) on proposals to issue a new regulatory reporting return (CCR009) which will capture firms with a credit broking Permission, and which will also impact firms which carry on the regulated activities of debt adjusting, debt…
FCA publishes a speech calling for a change in mindset on financial inclusion
The FCA has published a speech, delivered by Nikhil Rathi, FCA Chief Executive, on 19th September 2024, at StepChange Connected 2024 at the Aspire building in Leeds. Rathi noted that the building was previously Yorkshire Penny Bank Head Office, a bank founded…
FCA publishes a ‘Price and Value Outcome: Good and Poor Practice’ update
The FCA has published a web page regarding insights from the first year of the implementation of the price and value outcome under the Consumer Duty, which is intended to help firms improve the way they think about fair value assessments. For the general…
