Regulatory Updates

The Consumer Duty Board Report – what is the FCA expecting? Guidance for firms

28 Mar 2024 - Hot TopICS

A key element of the FCA’s Consumer Duty Rules is that firms must monitor the outcomes that retail customers are experiencing from their products. The Rules also require firms, at least annually, to prepare, review, and approve at governing body level (so at…

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FCA sets out plans for the year ahead, publishing supporting information

27 Mar 2024 - Hot TopICS

In its Business Plan for 2024-25, the FCA has set out a programme of work for the final year of its current 3-year strategy. The planned programme of work builds on progress made over recent years to become a “more outcomes-based, assertive and data-led…

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Diversity and Inclusion in the Financial Sector – what is the FCA expecting of ‘small firms’?

4 Mar 2024 - Hot TopICS

A lack of diversity in financial services was highlighted as a factor in the 2008 financial crisis. Looking at risk management outcomes, studies that compared the outcomes between diverse and non-diverse Boards following the crisis found that businesses with…

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Training and Competence (T&C) in 2024 – challenges, considerations, and the value of training

1 Feb 2024 - Hot TopICS

With the current FCA focus on value in insurance, firms could take an opportunity to use an appropriately ‘value’-focused 2024 T&C plan to help demonstrate their overall value proposition.

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FCA reporting and other key report requirements for insurance intermediaries – an update

27 Dec 2023 - Hot TopICS

As 2023 draws to a close, we’re providing a further reminder of the FCA reporting that firms will need to include in their Compliance Monitoring Plans for 2024, along with some other key deadlines. There is now a growing list of FCA reporting and notification…

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The FCA’s new Appointed Representative (AR) regime - a reminder - AR reviews and annual self-assessments

21 Dec 2023 - Hot TopICS

Following the introduction of the new Appointed Representatives regime in December 2022, Principal firms have an obligation, at least annually, to review their ARs and to complete, review and sign off a self-assessment document. This Hot TopICS looks at those…

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