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Group risk, health insurance and employee benefits not covered by Consumer Duty
The provision and servicing of group risk, group health insurance and other workplace benefit schemes is not covered by Consumer Duty rules, the Financial Conduct Authority (FCA) has confirmed. However small and...
Read moreFCA toughens senior manager oversight of Consumer Duty and plans implementation review
The Financial Conduct Authority (FCA) is already planning for a post-implementation review of its Consumer Duty and has strengthened oversight demands on senior people within firms. The regulator said the review would...
Read moreIndustry argued nine-month Consumer Duty timetable was ‘overly short’ and did not match equivalent policies
The Financial Conduct Authority's (FCA) decision to extend the implementation period of its Consumer Duty followed concerns raised by industry respondents who claimed the original timetable was "highly challenging" and "overly short"....
Read moreFCA’s ten expectations of firms under the Consumer Duty
As part of it’s incoming Consumer Duty the Financial Conduct Authority (FCA) has set out ten expectations of how firms should act to ensure they are complying with the new rules. These...
Read moreConsumer Duty no more challenging for advisers than any other rules – Mills
The Consumer Duty is no more challenging to advisers than any other part of the financial services sector, according to Sheldon Mills, executive director for consumers and competition at the FCA. At...
Read moreFCA gives firms three-month extension to implement Consumer Duty
The Financial Conduct Authority (FCA) has given firms a three month extension to execute its Consumer Duty for all new and existing products and services currently on sale and an additional 15...
Read moreFCA clears complaints backlog as commissioner slams ‘unjustified’ compensation stance
The Financial Conduct Authority (FCA) received 1,212 complaints in the 2021/22 financial year, 24% fewer compared to 1,596 in 2020/21, allowing the regulator to clear its complaints backlog. The regulator added that...
Read moreFCA performance continues downward spiral as only half of SLAs being met
The Financial Conduct Authority (FCA) is barely meeting half of its service level targets after another worsening performance in the last financial year. The regulator met its service level agreement (SLA) targets...
Read moreCovid jab could hold key to heart attack cure and HIV protection – Allianz
New technologies developed to produce Covid vaccines could lead to a cure for heart attacks and a vaccine which offers lifetime protection from HIV, according to a report from Allianz on how...
Read moreFCA rejects no claims discount and ‘polluter pays’ approach to fees
The Financial Conduct Authority (FCA) has rejected the possibility of a no claims discount to its annual fees for firms which have no complaints upheld by the Financial Ombudsman Service (FOS). It...
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