On 31 March, the FCA wrote to CEOs of firms providing services to retail investors, to update them on the actions it is taking around coronavirus (Covid-19).
In the letter, the regulator said that it has received ‘hundreds of requests for adaptati..
This week, the Financial Conduct Authority has issued a number of updates for regulated firms as the UK continues to battle the coronavirus pandemic.
Here we summarise the most recent developments.
On Monday (23 March), the FCA confirmed that banks and building societies should t..
The Financial Conduct Authority has delayed much of its planned work due to the Covid-19 pandemic, an FTAdviser article reported this week.
Recognising the need for the financial services sector to focus on ‘supporting their customers during this difficult period’, the regulator told FTAdviser earl..
These are unchartered waters for everyone, businesses and individuals.
Yesterday (19 March), the Financial Conduct Authority set out its expectations for general insurance firms during the pandemic. It also provided information for consumers about what they should see from their insurance provider.
This week, the FCA shared the approach it is taking to ensure firms treat vulnerable customers fairly.
Publishing details of a speech given at the TISA Vulnerability Conference last month, the regulator outlined its forthcoming new guidance on vulnerability. The guidance aims to give businesses grea..
This week, the Financial Conduct Authority released research into mortgage switching – looking particularly at how consumers can be encouraged to seek out better deals.
The regulator’s research has three strands:
The Financial Conduct Authority carries out regular ‘thematic reviews’ into areas of the financial services industry.
What are these reviews about and what do they entail? Importantly for Compliance teams, what might prompt one – and what are the potential implications for your firm if a review is a..
This week (5 March) the FCA published a discussion paper on ‘driving purposeful cultures’.
How does the Authority define a ‘purposeful culture’ and what is the benefit of such a culture for regulated firms? What steps can Compliance teams take to improve their own firms’ cultures?
Last week (18 February) the Financial Conduct Authority published its annual Sector Views, looking at areas of concern in the financial services industry.
What do they tell us about areas of risk and harm in the sector? How should the regulator’s view influence firms’ approach to regulatory complian..
In the first few weeks of 2020, the FCA has already issued a ‘Dear CEO’ letter as well as two portfolio letters addressed to chief executives.
Do these letters give us an insight into the Authority’s current priorities? Can they give Compliance teams a steer on what the regulator is looking for in ..
In the run-up to its introduction in May 2018, the General Data Protection Regulation made news as a huge potential marketing and compliance challenge.
It’s probably fair to say that Marketing and Compliance teams were anxious about the impending regulation and its potential impact on their activity..
Just three weeks into the new year, the Financial Conduct Authority issued its first fine of 2020.
The fine, levied against Hall and Hanley Limited (HHL) (in liquidation), a claims management company, was for ‘misleading consumers to claims and unfair treatment of consumers in the claims management ..
A report released last week suggests that the UK financial services industry is facing a skills and talent crisis.
How true is this, and what impact could this crisis have on financial services’ ability to deliver compliantly?
The report detailing t..
Today (31 January), the UK officially leaves the European Union. In light of this, the Financial Conduct Authority has issued updated information for the firms it regulates, on issues they need to consider during the implementation period.
The implementation period is due to last until 31 December 2..
This week, New Model Adviser took to the streets of the City to find out how much people really know about the Senior Managers & Certification Regime.
The resulting video shows the response they got – a mixed bag in terms of awareness of the new regime and its implications. It’s worth five minutes –..