Regulatory Updates

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…

The FCA and PRA are reviewing the effectiveness, scope, and proportionality of the SM&CR, which is the basis for this Discussion Paper. HM Treasury has, in parallel, launched a Call for Evidence to look at the legislative aspects of the regime. The reviews…

This Hot TopICS seeks to provide a high-level reminder of requirements in relation to Close Links notifications and the Change in Control (CiC) process, as these are both areas which prompt regular questions from firms. Unlike changes in control, changes to…

By the end of October 2022, firms should have reviewed, challenged and agreed their plans for implementing the Consumer Duty, ensuring that they were robust and deliverable, and should now be well on the way to putting those plans into practice and embedding…