Regulatory Updates

The FCA has updated its ‘Consumer Duty – information for firms’ page to remind firms about data protection law and customer communications. Under the Consumer Understanding outcome, the FCA expects consumers to be given the information they need, at the right…

The FCA announced in June last year that it would eventually be moving to seven-digit Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs). In early July the FCA informed the Association of Professional Compliance Consultants (APCC) that it…

The FCA has written to Principal firms by e-mail in relation to their PII cover, setting out its requirements for the inclusion of a Principal firm’s ARs within the PII contract terms. The FCA confirms that it has increased its engagement with Principal firms…

The FCA has commenced a second wave of product oversight and governance thematic review work, to understand whether the product reviews, including fair value assessments and product distribution reviews are being undertaken in line with the FCA’s expectations…

In December 2022, the FCA issued a questionnaire to a selection of the largest general insurance firms to assess whether they were meeting the expectations it set out in a Dear CEO letter issued in September 2022. The questionnaire was issued to eleven firms…

The FCA has published or updated three web pages in relation to the Consumer Duty, one of which is a reminder for firms about what they should be doing and considering with one month to go to the Consumer Duty implementation date. The FCA’s Consumer Duty…