Regulatory Updates

Under the Consumer Duty firms must regularly assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Duty. The FCA…

In a ‘Consumer Duty’ regulatory world, conflicts of interest remain at the heart of Principle 12 (the ‘Consumer Principle’), the Duty’s three cross-cutting Rules, and Principle 8 (managing conflicts of interest fairly, both between the firm and…

Since the implementation of the new Appointed Representatives regime the FCA has carried out work to assess how well Principal firms oversee and monitor their ARs. Since then the FCA has continued to engage with Principal firms, for example, by carrying out…

On 23rd February 2024, Matt Brewis, Director, Insurance at the FCA, wrote to insurance manufacturers setting out the FCA’s key observations and concerns about their product oversight and governance arrangements, and whether firms are meeting their…

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…

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…