Regulatory Updates

Everyday financial concerns will drive complaints to the Financial Ombudsman in 2024

26 Jan 2024 - In The News

Having reminded firms that its current Plans and Budget Consultation closes soon, FOS has taken the opportunity to restate the views it expressed in the Consultation about the nature of the complaints it expects to receive over the next twelve months.

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The importance of Training and Competence schemes in the insurance sector – a focus on 2024

26 Jan 2024 - Regulatory Updates

As the financial landscape evolves, firms’ Training and Competence (T&C) schemes also need to evolve to remain robust and to align with the principles of the FCA’s Consumer Duty. The FCA will likely expect insurance distributors to include a focus on the…

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FCA reminds firms about resubmitting consumer credit proxy income figures in CCR returns

22 Jan 2024 - In The News

In its November fee consultation paper, as highlighted in our News article of 27th November 2023, the FCA proposed to change the way certain consumer credit firms calculate the proxy measure of income, updating its CCR002 and CCR007 help pages accordingly.…

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FCA and PRA joint Consultation CP24/1: FSCS – Management Expenses Levy Limit 2024/25

22 Jan 2024 - In The News

The FCA and the PRA have jointly published a Consultation in relation to the 2024/25 Management Expenses Levy Limit (MELL) for the FSCS. It is accompanied by an Appendices document, with Appendix 4 in the document (on page 8) setting out the proposed 2024/25…

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FCA to undertake work in the motor finance market – is premium finance next on the horizon?

22 Jan 2024 - In The News

The FCA has published a web page setting out its intentions to intervene again in the motor finance market, and has published a Policy Statement regarding temporary changes to handling rules for motor finance complaints. The FCA’s views in this matter are…

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FCA reporting and other key report requirements for insurance intermediaries – an update

27 Dec 2023 - Hot TopICS

As 2023 draws to a close, we’re providing a further reminder of the FCA reporting that firms will need to include in their Compliance Monitoring Plans for 2024, along with some other key deadlines. There is now a growing list of FCA reporting and notification…

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