Regulatory Updates

FOS expects complaints to rise by 15% to 210,000 in 2024/2025

9 Apr 2024 - In The News

The Financial Ombudsman Service (FOS) now expects a caseload of 210,000 complaints in 2024/25, a 15% rise from its previous prediction of 181,300 and 27% more than it recorded in 2022/23.

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The rise of ‘finfluencers’ and the risks to them and people following their posts

4 Apr 2024 - Regulatory Updates

The FCA recently published Guidance clarifying its expectations of firms and ‘finfluencers’ promoting financial services across all social media channels, including memes, reels and gaming streams. Finfluencers are influencers who offer advice and…

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The Consumer Duty Board Report – what is the FCA expecting? Guidance for firms

28 Mar 2024 - Hot TopICS

A key element of the FCA’s Consumer Duty Rules is that firms must monitor the outcomes that retail customers are experiencing from their products. The Rules also require firms, at least annually, to prepare, review, and approve at governing body level (so at…

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FCA sets out plans for the year ahead, publishing supporting information

27 Mar 2024 - Hot TopICS

In its Business Plan for 2024-25, the FCA has set out a programme of work for the final year of its current 3-year strategy. The planned programme of work builds on progress made over recent years to become a “more outcomes-based, assertive and data-led…

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FCA updates its guidance in relation to financial promotions on social media

26 Mar 2024 - In The News

The FCA has published a finalised guidance document – FG24/1 – on how financial promotions should be communicated on social media. Financial promotions on all advertising channels should be fair, clear and not misleading, and support consumer understanding.

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FCA outlines the new Long Form A content

26 Mar 2024 - In The News

The FCA has outlined the changes made to the Form A and has announced that it plans to gradually roll out the new form to all firms from April 2024.

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