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Relevance to AR Principals of the recent FCA CMC Portfolio Letter
The FCA has sent a letter to Claims Management Companies (CMCs) which, although not as hard-line as their similar October 2020 Portfolio Letter, provides a window into the FCA’s current focus on unregulated activity. Firms should understand the reasons for…
FCA writes to firms about RegData and survey emails
The FCA has issued emails to insurance firms about period-end reporting that is due, and to Principal firms in relation to its request for data about Appointed Representatives. The first is an auto-generated email from the RegData system, reminding firms that…
New multi-factor authentication for access to FCA systems
From 20th January 2023 the FCA will be introducing multi-factor authentication (MFA) for logging-in to its systems, which will be an additional level of security the regulator considers necessary to protect and control access to FCA and firm data. This Hot…
How can firms assess the value of products and services?
The price and value outcome of the FCA’s new Consumer Duty, focusses on ensuring that products and services offer fair value to consumers. For insurance products (as opposed to services), this is an existing insurance sector requirement following the FCA’s…
The Consumer Duty – it’s all about the outcomes…
The Consumer Duty is the FCA’s flagship piece of regulation that is currently underpinning most of what the FCA is doing. It is focussing significantly on outcomes. Speaking of outcomes, I am reminded about a speech that Charles Randell, the then Chair of…
Improvements to the Appointed Representatives regime – new and updated template documents
The Financial Conduct Authority’s new rules to make authorised firms more responsible for their Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) come into force on 8th December. Our August 2022 Hot TopICS covered the new…
