Regulatory Updates

The FCA has published a web page in relation to a vulnerability to the file transfer application MOVEit that has been impacting organisations and exposing personal data. The National Cyber Security Centre (NCSC) is working with affected businesses to…

The Financial Ombudsman Service (FOS) has published its annual complaints data from April 2022 / March 2023 along with insight into the common problems raised by consumers. These new figures show that current accounts, credit cards, car/motorcycle insurance,…

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…

John Edwards, the Information Commissioner, delivered a keynote speech at the Data and the Future of Financial Services Summit. The speech focussed on the ICO’s regulatory philosophy and how it is empowering businesses in the finance sector and protecting…

High quality baseline financial resilience data is essential in helping the FCA to understand the risk of firm failure and risks across the financial services sector, improving its ability to protect consumers, ensure market integrity and ultimately, helping…

Following a qualitative survey of whistleblowers, and alongside the publication of the latest whistleblowing quarterly data, the FCA has set out actions to improve the confidence of whistleblowers – including sharing further information with whistleblowers on…