Regulatory Updates

Financial Ombudsman service reveals top five most complained about products

13 Jun 2023 - In The News

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,…

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The FCA's consumer duty assessment of product value frameworks

8 Jun 2023 - In The News

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…

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Information Commissioner's Office delivers keynote speech at the Data and the Future of Financial Regulation summit

5 Jun 2023 - In The News

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…

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FCA publishes a Consultation Paper – CP23/8 – Multi-occupancy buildings insurance

30 May 2023 - Hot TopICS

The issue of multi-occupancy leasehold buildings insurance is now under a significant FCA and Government spotlight. The FCA is concerned about the amount brokers are earning, and the amounts paid away to freeholders and property managing agents. The…

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FCA PS23/3 - A new financial resilience regulatory return

23 May 2023 - In The News

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…

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FCA sets out multi-occupancy leasehold insurance reforms

17 May 2023 - Regulatory Updates

Following on from its report on multi-occupancy buildings insurance, the FCA is proposing new rights and protections for leaseholders to improve the transparency of the multi-occupancy leasehold buildings insurance market.

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