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Financial Ombudsman service award limit increases
The FOS award limit is the maximum amount it can require a financial business to pay when it upholds complaints. This limit is adjusted each year in line with inflation, as measured by the Consumer Prices Index (CPI). The FCA has confirmed that, from 1…
FCA launches a call for input in relation to SME access to FOS
The FCA has published a call for input on whether the thresholds for SMEs to be able to refer complaints to FOS remain appropriate. This review seeks to ensure that access to the Ombudsman Service remains available for SMEs that are unlikely to be able to…
Reporting or notifying Close Links changes, and Change in Control (CiC) applications and notifications
This Hot TopICS seeks to provide a high-level reminder of requirements in relation to Close Links notifications and the Change in Control (CiC) process, as these are both areas which prompt regular questions from firms. Unlike changes in control, changes to…
FCA publishes the latest regulatory initiatives grid
The Regulatory Initiatives Grid is updated twice each year by the Financial Services Regulatory Initiatives Forum, which is made up of representatives from the Bank of England, FCA, PRA, Payment Systems Regulator, the Competition and Markets Authority, the…
The FCA issues a 'Dear CEO' consumer duty letter to general insurance and pure protection firms
The FCA has issued a ‘Dear CEO’ letter to general insurance and pure protection sector firms as part of its promised sector-specific publication of information and assistance in relation to the Consumer Duty. The letter sets out: a reminder of the…
FCA publishes results of a review of consumer duty implementation plans and updates its consumer duty 'information for firms' web page
The FCA has announced the publication of a new web page outlining the results of a review it has undertaken of some larger firms’ Consumer Duty implementation plans. The firms in the sample have a dedicated FCA supervision team and which primarily operate in…
