Regulatory Updates

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…

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…

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…

Following a review of general insurance (GI) and pure protection (PP) manufacturers’ and distributors’ product oversight and governance arrangements, the FCA has published a Thematic Review – TR24/2 – “Product Oversight and Governance thematic review – General…

Resilience can be defined as an ability to recover from or adjust easily to misfortune or change or, in simple terms, the capacity to recover quickly from difficulties. This concept of resilience is not just about having a business continuity plan or disaster…

The detailed ‘Consumer Duty-specific’ findings in the FCA’s recent report published on its website sets out the key findings from its December 2023 review of larger insurance firms’ approaches to outcomes monitoring under the Consumer Duty (‘the Duty’). For…