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The importance of Training and Competence schemes in the insurance sector – a focus on 2024
As the financial landscape evolves, firms’ Training and Competence (T&C) schemes also need to evolve to remain robust and to align with the principles of the FCA’s Consumer Duty. The FCA will likely expect insurance distributors to include a focus on the…
FCA reminds firms about resubmitting consumer credit proxy income figures in CCR returns
In its November fee consultation paper, as highlighted in our News article of 27th November 2023, the FCA proposed to change the way certain consumer credit firms calculate the proxy measure of income, updating its CCR002 and CCR007 help pages accordingly.…
FCA and PRA joint Consultation CP24/1: FSCS – Management Expenses Levy Limit 2024/25
The FCA and the PRA have jointly published a Consultation in relation to the 2024/25 Management Expenses Levy Limit (MELL) for the FSCS. It is accompanied by an Appendices document, with Appendix 4 in the document (on page 8) setting out the proposed 2024/25…
FCA to undertake work in the motor finance market – is premium finance next on the horizon?
The FCA has published a web page setting out its intentions to intervene again in the motor finance market, and has published a Policy Statement regarding temporary changes to handling rules for motor finance complaints. The FCA’s views in this matter are…
FCA reporting and other key report requirements for insurance intermediaries – an update
As 2023 draws to a close, we’re providing a further reminder of the FCA reporting that firms will need to include in their Compliance Monitoring Plans for 2024, along with some other key deadlines. There is now a growing list of FCA reporting and notification…
The FCA’s new Appointed Representative (AR) regime - a reminder - AR reviews and annual self-assessments
Following the introduction of the new Appointed Representatives regime in December 2022, Principal firms have an obligation, at least annually, to review their ARs and to complete, review and sign off a self-assessment document. This Hot TopICS looks at those…
