Regulatory Updates

Although the FCA published a three-year Strategy last year, it also published the usual 12-month Business Plan, and has done so again this year. Within the Business Plan 2023/24 the FCA has set out an ambitious programme for the next 12 months to achieve…

The FOS award limit is the maximum amount it can require a financial business to pay when it upholds complaints. This limit is adjusted each year in line with inflation, as measured by the Consumer Prices Index (CPI). The FCA has confirmed that, from 1…

The FCA has published a call for input on whether the thresholds for SMEs to be able to refer complaints to FOS remain appropriate. This review seeks to ensure that access to the Ombudsman Service remains available for SMEs that are unlikely to be able to…

The Regulatory Initiatives Grid is updated twice each year by the Financial Services Regulatory Initiatives Forum, which is made up of representatives from the Bank of England, FCA, PRA, Payment Systems Regulator, the Competition and Markets Authority, the…

The FCA has issued a ‘Dear CEO’ letter to general insurance and pure protection sector firms as part of its promised sector-specific publication of information and assistance in relation to the Consumer Duty. The letter sets out: a reminder of the…

The FCA has announced the publication of a new web page outlining the results of a review it has undertaken of some larger firms’ Consumer Duty implementation plans. The firms in the sample have a dedicated FCA supervision team and which primarily operate in…