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FCA publishes a Consumer Duty multi-firm review – Payments firms
The FCA has published a multi-firm review report of Payment firms’ implementation of Consumer Duty, having asked 23 Payment firms in January 2024 how they had implemented the Consumer Duty’s requirements. Although not a sector relevant to our client base,…
Ensuring Fair Product Value with an Insurance Fair Value Assessment
As part of the product approval process, manufacturers (insurers) of insurance products must determine whether the products they bring to the market offer fair value, and perform a fair value assessment. The Financial Conduct Authority (FCA) defines fair value…
FCA Consultation on Consumer Credit Regulatory Returns - CP24/19
The FCA is consulting (CP24/19) on proposals to issue a new regulatory reporting return (CCR009) which will capture firms with a credit broking Permission, and which will also impact firms which carry on the regulated activities of debt adjusting, debt…
FCA fines Starling Bank £29m for financial crime failings
The FCA reviewed financial crime controls at challenger banks in 2021 and, during this review, identified serious concerns with Starling’s anti-money laundering and sanctions framework. The bank agreed to a requirement restricting it from opening new accounts…
FCA publishes a speech calling for a change in mindset on financial inclusion
The FCA has published a speech, delivered by Nikhil Rathi, FCA Chief Executive, on 19th September 2024, at StepChange Connected 2024 at the Aspire building in Leeds. Rathi noted that the building was previously Yorkshire Penny Bank Head Office, a bank founded…
FCA publishes a ‘Price and Value Outcome: Good and Poor Practice’ update
The FCA has published a web page regarding insights from the first year of the implementation of the price and value outcome under the Consumer Duty, which is intended to help firms improve the way they think about fair value assessments. For the general…
