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FCA calls for life insurers to improve bereavement claims handling times
As outlined in its Life insurance portfolio letter: insurance market priorities 2023-2025 from September 2023, the FCA has carried out work to understand how life insurers’ service delivery compares with their intended standards in relation specifically to…
HM Treasury publishes the Chancellor’s Mansion House speech
HM Treasury has published the details and a summary of the new Chancellor’s first Mansion House speech. The main focus of the speech is to enhance the UK’s international competitiveness by making it “a global powerhouse for financial services” with a package…
FCA publishes the outcome of an enforcement regulatory disclosure review
Following a review, the FCA has made a number of changes to, and has improved, its disclosure processes in regulatory enforcement cases. In the case of Seiler and others v FCA [2023] UKUT 00133, the Upper Tribunal recommended that the FCA should review certain…
ABI and Lloyd’s of London publish guidance on major cyber events
The ABI and Lloyd’s have co-published a guide for (re)insurers on how to approach defining a major cyber event. As one of the most prominent systemic and emerging risks, there are few historic major cyber events for insurers to look at when trying to establish…
FCA publishes a new “CrowdStrike outage: lessons for operational resilience” web page
The FCA has published a document setting out its insights, observations and key lessons from how firms responded to the CrowdStrike outage and their preparedness to respond to future incidents. On 19th July 2024, CrowdStrike released a Falcon content update…
FCA publishes a speech: “Vulnerability is not a buzzword”
The FCA has published a speech, delivered by Graeme Reynolds, FCA Director of Competition, at the Personal Investment Management & Financial Advice Association’s (PIFMA) Wealth Vulnerability event. The headlines from the speech included: - The FCA wants…
