In March, the FCA published a Consultation Paper (CP 24/2) on plans to be more transparent when an enforcement investigation is opened. And it means the potential reputational risk for insurance firms may become significantly greater. Here’s our summary of the CP.
The recent review by the FCA into how manufacturers and distributors are meeting their obligations around product governance flagged various shortcomings. With the potential of more supervisory and regulatory action, here’s some timely advice.
Ensuring DEI is on the agenda at Board level is the gateway to driving meaningful change. Yet, even with the FCA’s pressure, it can be a battle. Our roundtable panel gave their views and advice on the matter.
The FCA has recently demonstrated a more assertive approach to regulation under the Consumer Duty, leading multiple insurers to pause sales of Guaranteed Asset Protection (GAP) insurance. In the following article we delve into the FCA’s actions, the implications for firms, and the potential changes in the insurance industry.
The FCA’s communications on the Consumer Duty published in February shed light on how firms are doing in preparation for the Duty. Here’s a snapshot of the key research findings and the considerations Padda Consulting would urge firms to now look at more closely.
In February 2024, the FCA published the findings of its recent review, listing examples of good practice, as well as areas for improvement, among firms working to meet the new standards.
With a rising tide of non-financial misconduct within corporate settings, the FCA is taking action to reinforce a culture of inclusivity and positivity. Misconducts such as bullying, sexual harassment and discrimination significantly impact a firm’s culture, and consequently, its stakeholders.
Despite the FCA’s efforts, there’s been an alarming increase in incidents. In this article, we’ve summarised the FCAs actions and mapped out the steps that firms should be taking to ensure they keep staff feeling protected while fostering a positive company culture.
We brought together a stellar panel of DEI experts to discuss the hot topics around DEI, including how to create DEI strategies, set and monitor targets, and cover non-financial misconduct. Here’s the background to the roundtable and the participants.
Data – especially targets – are easy to get wrong, misinterpret or apply ineffectively. None more so than in how firms are building and reporting on their DEI strategies. This was the first topic our roundtable panel debated – here are the key outtakes you should know about.
Padda Consulting is a London based compliance consultancy, focused on helping the insurance industry maintain and achieve regulatory compliance. We work with firms of all sizes, worldwide, our clients include but are not limited to brokers, insurers, Lloyd’s of London syndicates, MGA’s and Coverholders.
At Padda Consulting everything is informed by our three core principles: commitment, collaboration and consultancy.
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