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FCA issues thematic questionnaire about product governance, oversight, fair value and distribution chains
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…
The FCA’s Consumer Duty assessment of product value frameworks
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…
FCA publishes review results - good and poor practice in the general insurance market
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…
FCA publishes a consumer duty 'one month to go' web page with ten questions to consider
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…
FCA publishes a warning about the use of MOVEit software
The FCA has published a web page in relation to a vulnerability to the file transfer application MOVEit that has been impacting organisations and exposing personal data. The National Cyber Security Centre (NCSC) is working with affected businesses to…
Financial Ombudsman service reveals top five most complained about products
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,…
