Tag: FCA

UK Government & Regulators consult on new ILS regime for the UK

The Chancellor of the Exchequer only mentioned insurance twice, when he delivered his Autumn Statement to Parliament on 23 November 2016: “Insurance premium tax … will rise from 10% … to 12% … next June“; and ” … the government [will] legislate next year to end the compensation culture surrounding whiplash claims – a major area […]

UK Treasury interpretation of article 36 of PSD2 – a welcome surprise?

Article 36 of the second Payment Services Directive (PSD2) will require the Member States of the European Union to “ensure that payment institutions have access to [bank] payment accounts services on an objective, non-discriminatory and proportionate basis. Such access shall be sufficiently extensive as to allow payment institutions to provide payment services in […]

#Brexit: “passporting”, “3rd-country equivalence”, and related issues

The UK’s Treasury Committee has published an FCA letter, and the European Parliament has published a briefing paper, about “passporting”, “third-country equivalence”, and a range of related issues.

The FCA’s approach to cyber security in financial services firms

Nausicaa Delfas, the FCA’s Director of Specialist Supervision has delivered a speech at the FT’s Cyber Security Summit, about the FCA’s approach to cyber security in financial services firms. There are 3 short takeaways:

The FCA on Principals & their Appointed Representatives in the General Insurance Sector

The FCA has used a panel discussion with principal firms in the general insurance sector to explain its findings and expectations, following the publication of its Thematic Review “Principals and their appointed representatives in the general insurance sector“. Our blog post (“FCA castigates the principals of appointed representatives in the general insurance sector“) summarizes the […]

Treasury Select Committee criticizes the way the FCA treats whistleblowers

The Treasury Select Committee (TSC) and the Financial Conduct Authority (FCA) have been exchanging letters about the FCA’s treatment of whistleblowers in general, and the SME Alliance, in particular. Like the Parliamentary Commission on Banking Standards before it, the TSC seems less than impressed by what it’s found.

FCA tries to encourage consumers to shop around before renewing a general insurance policy

The FCA has made a rule that it hopes will encourage consumers to shop around before deciding whether to renew a general insurance policy with their existing provider.