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Tag Archives: FCA

Posted in Regulatory and legislative updates, UK

FCA warns GI firms to place greater focus on customer outcomes

FCA publishes the results of its Thematic Review into GI insurance distribution chains The FCA’s Thematic Review into GI insurance distribution chains (published on 10 April 2019) has concluded that certain GI sector manufacturing, sales and distribution approaches can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service. The report highlights

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – February 2019

The Hogan Lovells’ Corporate Insurance Newsletter for February  has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Latest Brexit related consultation papers and other material from the HM Treasury, PRA and FCA The FCA’s final

Posted in Regulatory and legislative updates, UK

UK: PRA proposals to Increase the Part VII Transfer Transaction Fee

On 13 February 2019, the PRA published Policy Statement (PS) 3/19, which sets out the PRA’s final policy on updating periodic fees and transaction fees for insurers. Notably PS3/19 implements a substantial increase in Part VII FSMA regulatory transaction fees. This change will come into effect on Friday 1 March 2019. The Part VII transaction

Posted in Regulatory and legislative updates, UK

UK: A pretty clean bill of health for the London Wholesale Broker Market

FCA publishes its Final Report for Wholesale Insurance Broker Market Study The FCA has published today its final Report in respect of its Market Study of the wholesale insurance broker market. The Market Study was launched in November 2017 with a focus on evaluating the level of competition in the sector in light of how

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – January 2019

The Hogan Lovells’ Corporate Insurance Newsletter for January has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Latest Brexit related consultation papers and other material from the HM Treasury, PRA and FCA FCA consultation on proposals

Posted in UK

The FCA consults on amendments to the SMCR: Excludes Head of Legal from the Senior Managers Regime and clarifies the scope of the Certification Regime

On 23 January 2019, the Financial Conduct Authority (FCA) published a consultation paper (CP19/4) on optimising the Senior Managers and Certification Regime (SMCR). This paper consults on a range of proposed amendments and clarifications to the regime. In particular, the FCA has proposed excluding the Head of Legal from the requirement to be approved as

Posted in Regulatory and legislative updates, UK

Webinar: Countdown to SMCR: What intermediaries need to know

The FCA has confirmed that the Senior Managers & Certification Regime (SMCR) will cover all regulated financial firms (including any insurance intermediaries in insurance groups) from 9 December 2019. The new regime will impact nearly all staff within financial services organisations, and firms need to consider how they should be preparing for the change ahead.

Posted in European Union, Regulatory and legislative updates, UK

No-deal Brexit and contractual continuity

On 8 January 2019 the FCA published a consultation paper, CP19/2, which sets out details of the financial services contracts regime (FSCR) and the rules the FCA proposes should apply to firms during the regime.  The consultation closes on 29 January 2019. The legislative bones of the regime are set out in the draft Financial

Posted in Regulatory and legislative updates, UK

UK: FCA finalised guidance on fairness of variation terms in financial services consumer contracts

The FCA published its finalised guidance on the fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015 on 19 December 2018. While there weren’t many substantial changes from the FCA’s draft guidance, a number of helpful clarifications were made. Importantly, the FCA has emphasised that the responsibility for ensuring

Posted in European Union, Market developments, Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – December 2018

The Hogan Lovells’ Corporate Insurance Newsletter for December has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Latest Brexit related consultation papers and other material from the HM Treasury, PRA and FCA  Regulation of claims

Posted in European Union, Regulatory and legislative updates, UK

No-deal Brexit: new publications from HM Treasury and the FCA

HM Treasury published guidance on 8 January 2019 for financial services institutions in a no-deal Brexit situation, updating HM Treasury’s 23 August 2018 technical notice on the financial services regulatory framework in the event of a no-deal Brexit. The guidance is limited to advising UK and EEA firms to take steps to ensure continuity of

Posted in European Union, Regulatory and legislative updates, UK

Draft Insurance Distribution (Amendment) (EU Exit) Regulations 2019 published by HM Treasury: Brexit SI

On 21 November 2018, HM Treasury published a draft version of the Insurance Distribution (Amendment) (EU Exit) Regulations 2019, together with an explanatory information document. The purpose of the Regulations is to correct deficiencies in retained EU law relating to the Insurance Distribution Directive ((EU) 2016/97) (IDD) that arise from the UK leaving the EU,

Posted in European Union, Regulatory and legislative updates, UK

“No deal” Brexit: UK Government publishes details on draft regulations amending FSMA

On 22 November 2018, HM Treasury published Explanatory Information on the draft Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (the “Draft FSMA Regulations“). The Draft FSMA Regulations will make amendments to the Financial Services and Markets Act 2000 (“FSMA“) and related legislation to ensure that the UK’s financial services framework continues

Posted in European Union, Regulatory and legislative updates, UK

UK regulators prepare for ‘No Deal Brexit’ with a Temporary Permissions Regime

HM Treasury has proposed a Temporary Permissions Regime (“TPR“) as a temporary measure to replace the passporting regime in Schedule 3 and 4 of the Financial Services and Markets Act 2000 (“FSMA“) in the event of a no-deal Brexit. The legislative framework for the TPR is found in the EEA Passport Rights (Amendment, etc., and

Posted in Regulatory and legislative updates, UK

UK: PPI Update – November 2018

FCA publishes final guidance on regular premium PPI complaints and new consultation on mailing rules On 7 November 2018, the FCA released a consultation paper (CP18/33) publishing final guidance clarifying its expectations about the handling of mis-selling complaints relating to regular premium PPI, and proposing new mailing rules requiring firms to write to previously rejected

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – October 2018

The Hogan Lovells’ Corporate Insurance Newsletter for October has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Latest Brexit related consultation papers and other material from the Bank of England, PRA and FCA The FCA

Posted in Regulatory and legislative updates, UK

UK: The FCA consults on new SM&CR guidance on statements of responsibilities and responsibilities maps

On 11 October 2018, the FCA published a guidance consultation for FCA-authorised firms on preparing statements of responsibilities and responsibilities maps under the Senior Managers and Certification Regime (SM&CR). Under the SM&CR, which will apply to all FCA authorised firms from 9 December 2019, firms will be required to prepare statements of responsibilities for each

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – September 2018

The Hogan Lovells’ Corporate Insurance Newsletter for September has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Publication of a speech by David Rule at the PRA about current issues in insurance supervision. A new

Posted in European Union, Regulatory and legislative updates, UK

Addressing Implementation: Messages from the FCA Workshop on its approach to consumers

The FCA held a workshop last week on Customers in Vulnerable Circumstances which focused on its approach to ensuring inclusive and fair treatment of vulnerable consumers in the financial services industry. Much of the focus draws from its Approach to Consumers published in July 2018 (see our previous FISion blog here). The FCA said? The

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – August 2018

The Hogan Lovells’ Corporate Insurance Newsletter for August has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Publication by the Government of various Brexit related papers including guidance from HM Treasury on preparation for a

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – July 2018

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Publication by the FCA and PRA of new policy statements and consultation papers relating to the implementation of

Posted in Regulatory and legislative updates, UK

UK: The FCA and the PRA have released near final rules on the Senior Managers and Certification Regime

On 4 July 2018, the FCA and the PRA released near final rules on the extension of the Senior Managers and Certification Regime (SMCR). While the majority of the rules remain the same, the regulators have made a few changes and have also provided a significant amount of extra guidance to firms who will be

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – June 2018

The Hogan Lovells’ Corporate Insurance Newsletter for June has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Papers published by HM Treasury, the Bank of England, FCA and EIOPA about preparing for Brexit Publication by