Compliance & Regulation
FOS commits to not applying Consumer Duty retrospectively
The Financial Ombudsman Service (FOS) has reassured firms that it will not apply the incoming Consumer Duty rules retrospectively. This is according to Simon Rawle, ombudsman leader at the FOS who was...
Read moreFears about Consumer Duty implementation speed have been ‘well heard’ – FCA
The Financial Conduct Authority (FCA) has said concerns raised by the industry about the speed of implementation of its incoming Consumer Duty have been “well heard”. While the regulator acknowledged many communications...
Read moreFCA argues Consumer Duty goes ‘significantly beyond TCF’ and warns insurance market ‘don’t put your feet up’
The Financial Conduct Authority (FCA) has defended its flagship Consumer Duty policy as going ‘significantly beyond’ Treating Customers Fairly (TCF) as it aims to create a culture shift within the industry. The...
Read moreHealth and protection advisers escape FSCS levy hit as pool fund dropped
Advisers operating in the health and protection insurance and mortgage sectors have escaped the prospect of picking up the massive costs of failures in other parts of the financial services industry. In...
Read moreConsumer Duty and marriage figures show importance of setting up cohabitee protection properly – Timpson
Incoming regulation and a steep decline in marriages mean it has never been more important for advisers to ensure protection policies are properly set up for cohabitee partners, according to consultant Johnny...
Read moreRegulators developing metrics to monitor burden on industry
Regulators from across the spectrum have agreed to develop metrics to measure the regulatory burden on the financial services industry. The move comes after leaders and senior representatives from the Financial Conduct...
Read moreFOS secures £22m in redress for customers
The Financial Ombudsman Service (FOS) has secured up to £22m in redress for consumers who have complained about poor service and outcomes from financial service providers. The payments came from proactive work...
Read moreFCA slams crypto sector, says FSCS should not cover losses and urges government to learn from pension freedoms failure
The Financial Conduct Authority (FCA) has said it does not believe the financial services industry should have to take on the costs of failures from firms promoting cryptocurrencies and assets. It also...
Read moreUnum proposes extending sick pay to all, higher pay rate and rebate for support
Unum is proposing an overhaul of the Statutory Sick Pay (SSP) system that would abolish the minimum earnings threshold to make all workers eligible and which would more than double the maximum...
Read moreFCA to remove firm permissions within 28 days
The Financial Conduct Authority (FCA) will cancel or change permissions of regulated firms not conducting those activities within a month as part of a drive to improve consumer protection. The FCA will...
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