Author: Emma Radmore Among the announcements relevant to regulated financial services in Jeremy Hunt’s budget are:
Author: John C. Kang
written by Lucy Hadrill The FCA has published the findings of its review of firms’ Consumer Duty implementation. The findings are split into six key areas and include examples of good practice and areas for improvement. Good practice – firms have: Areas for improvement: Separately, Sheldon Mills (FCA Executive Director of Consumers & Competition) has given a […]
Written by Vida Fatemi At FCA’s request, multiple insurance firms have agreed to pause sales of GAP insurance. These firms account for 80% of the GAP market. FCA is concerned that GAP insurance is failing to provide fair value to consumers. FCA’s latest fair value measures data showed that only 6% of the amount customers pay in […]
Conducting investigations, the new holiday pay rules and what’s in the pipeline
You are invited to join our employment law webinar on Thursday 14 March at 10am. This webinar is designed for in-house lawyers and HR professionals who want to stay updated on the latest developments and best practice in employment law. We will cover the following topics: The webinar will be delivered by our experienced solicitors […]
Written by Emma Radmore FCA has fined Floris Huisamen, former director of LCF, £31,800 and banned him. Mr Huisamen had signed off financial promotions that gave a misleadingly positive impression of the minibonds LCF marketed. He had been responsible for compliance at the firm, and had been appointed before the firm became authorised, so had been responsible […]
FCA had initially planned to publish its guidance how its financial promotion requirements apply to promotions on social media before Christmas, but has updated its website to say it now plans to publish the finalised guidance during Q1 2024. It consulted on the draft guidance in Summer 2023.
FCA asks advice firms for information on ongoing charges and Consumer Duty
Written by Emma Radmore FCA has asked 20 large financial advisory firms for information on whether, and if so how, they have assessed their delivery of ongoing services against the Consumer Duty. The survey follows on from a letter FCA sent to firms at the end of 2022 and probes whether firms are properly considering the relevance, […]
The BoE and Treasury response on the consultation paper on the possible introduction of a digital pound say that there has been no final decision on whether the UK will introduce a CBDC. The regulators will continue their work in exploring feasibility and design. In the meantime, the response confirms:
Conducting investigations, the new holiday pay rules and what’s in the pipeline
You are invited to join our employment law webinar on Thursday 14 March at 10am. This webinar is designed for in-house lawyers and HR professionals who want to stay updated on the latest developments and best practice in employment law.
FCA has published a new page on its website giving guidance to firms on what it expects of them, if they are affected by the DCA review. The guidance covers: keeping customers informed: responding in line with existing policies and requirements, not least the customer support outcome under the Consumer Duty, and in particular responding […]
Can Artificial Intelligence assist with cybersecurity management?
AI has great capability to both harm and to protect in a cybersecurity context. As with the development of any new technology, the benefits provided through correct and successful use of AI are inevitably coupled with the need to safeguard information and to prevent misuse. Using AI for good – key themes from the European Union Agency for […]
Join us for our AI and Cybersecurity in the Retail Sector webinar
In the day and age of rising cyber-attacks, retail businesses are increasingly adopting or considering adopting AI as a security tool. AI’s ability to detect and respond to cyber threats makes it a powerful tool to defend against cyber-attacks when utilised correctly. During the webinar our panel will discuss the benefits and unique challenges that […]