Regulatory Updates

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…

The FCA has confirmed new measures to support leaseholders in the multi-occupancy building insurance market. From 31st December 2023 insurance firms must act in residential leaseholders’ best interests, treat residential leaseholders as customers when…

Financial resilience is the ability of an organisation to withstand events that affect its capital structure, liquidity, revenue and assets, and is a measure of how robust a financial plan is to shocks. Without it, operational and reputational resilience…

In days past, the only regular report to the FCA for an insurance intermediary was its RMAR, which was either half-yearly or quarterly depending on the firm’s regulated business revenue. There is now a myriad of FCA reporting and notifications, which have…

For insurance firms, the requirement to apply a ‘fair value for a reasonably foreseeable period’ test to insurance products has been in place since October 2021. This is reinforced by the Consumer Duty (“the Duty”), under which firms need to deliver and assess…

The issue of multi-occupancy leasehold buildings insurance is now under a significant FCA and Government spotlight. The FCA is concerned about the amount brokers are earning, and the amounts paid away to freeholders and property managing agents. The…