The Consumer Duty is one of the most significant changes to our regulatory approach in recent years. It has been in force for open products and services since 31 July 2023, and for closed products and services since 31 July 2024. The FCA outline the priorities under...
The Consumer Duty sets high and clear standards of protection for retail customers across financial services. The Duty came into force on 31 July 2023, and on 31 July 2024 for closed products and services. To support effective embedding and implementation of the Duty, firms have asked...
On Friday 6th December 2024 in Manchester, we held our end of year Compliance Bash! We had a great day with our clients examining the FCA hot topics in a unique way. We thought we would bring the naval theme into our day (and particularly the history and stories around...
The Financial Conduct Authority (FCA) has found that while life insurers provide good service to bereaved customers, they need to settle claims quicker and improve how they measure customer experience. The multi-firm review found evidence of good practice, such as firms providing additional support for claimants throughout what is a difficult...
On the 8th November 2024, we attended the Insurance Institute of Manchester's Annual Dinner as a Gold Sponsor. Hosted by Stacey Sheridan, the current President for the IIM. We thoroughly enjoyed the evening that consisted evening of entertainment, a three course dinner and plenty of laughs with the after dinner comedian....
The FCA has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5,397,600 for failing to treat its customers in financial difficulty fairly. Volkswagen Finance has agreed to pay over £21.5m in redress to around 110,000 customers who may have suffered harm because of its failings. View here for more information
On the 24th October, we travelled to Belfast to attend The Insurance Institute of Norther Ireland Masterclass 2024-25. Our very own Adrian Golifer hosted a fascinating and informative session on the regulatory considerations for vulnerable customers. This was followed by an inspirational session from Maeve Monaghan on the award-winning work of...
On the 15th October, we attended The Broker Investment Group Conference 2024, held at the Belfry Hotel. It was a fantastic opportunity to meet with existing clients, make new connections and about the groups successful growth. We look forward to next years conference!
Click to read the publication: https://www.fca.org.uk/publication/thematic-reviews/tr24-2.pdf
The FCA are asking for comments on this discussion paper (DP) by 16th September 2024 DP24/1: Regulation of commercial and bespoke insurance business (fca.org.uk)
