Regulatory Updates

FCA confirms the move to seven-digit firm reference numbers (FRNS) and product reference numbers (PRNS)

26 Jul 2023 - In The News

The FCA announced in June last year that it would eventually be moving to seven-digit Firm Reference Numbers (FRNs) and Product Reference Numbers (PRNs). In early July the FCA informed the Association of Professional Compliance Consultants (APCC) that it…

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FCA writes to and provides an update for Principal firms about the inclusion of their ARs in their PII cover

18 Jul 2023 - In The News

The FCA has written to Principal firms by e-mail in relation to their PII cover, setting out its requirements for the inclusion of a Principal firm’s ARs within the PII contract terms. The FCA confirms that it has increased its engagement with Principal firms…

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FCA issues thematic questionnaire about product governance, oversight, fair value and distribution chains

14 Jul 2023 - In The News

The FCA has commenced a second wave of product oversight and governance thematic review work, to understand whether the product reviews, including fair value assessments and product distribution reviews are being undertaken in line with the FCA’s expectations…

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The FCA’s Consumer Duty assessment of product value frameworks

12 Jul 2023 - Hot TopICS

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 assess…

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FCA publishes review results - good and poor practice in the general insurance market

3 Jul 2023 - In The News

In December 2022, the FCA issued a questionnaire to a selection of the largest general insurance firms to assess whether they were meeting the expectations it set out in a Dear CEO letter issued in September 2022. The questionnaire was issued to eleven firms…

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FCA publishes a consumer duty 'one month to go' web page with ten questions to consider

28 Jun 2023 - In The News

The FCA has published or updated three web pages in relation to the Consumer Duty, one of which is a reminder for firms about what they should be doing and considering with one month to go to the Consumer Duty implementation date. The FCA’s Consumer Duty…

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