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…
Information Commissioner's Office delivers keynote speech at the Data and the Future of Financial Regulation summit
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…
FCA publishes a Consultation Paper – CP23/8 – Multi-occupancy buildings insurance
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…
FCA PS23/3 - A new financial resilience regulatory return
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…
FCA sets out multi-occupancy leasehold insurance reforms
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.
FCA sets out steps to improve whistleblower confidence
Following a qualitative survey of whistleblowers, and alongside the publication of the latest whistleblowing quarterly data, the FCA has set out actions to improve the confidence of whistleblowers – including sharing further information with whistleblowers on…