Blog

Home / Blog

Strengthening Financial Crime Defences: Key Insights on Reducing Money Laundering Risks

The FCA’s recent report highlights areas where wholesale brokers need to enhance their systems and controls to combat financial crime. While focused on capital markets, the findings offer important insights for the insurance sector.

FCA and PRA Outline Strategies for Growth and Competitiveness in the UK

The FCA and PRA have outlined plans to drive growth and simplify regulation in response to the Chancellor’s recommendations. From unlocking capital investment to reducing regulatory burdens, these proposals aim to enhance competitiveness and support the UK’s financial and insurance sectors.

FCA Consumer Duty Focus Areas: Key Priorities for Firms

The FCA’s latest focus areas under Consumer Duty provide key insights into their regulatory priorities. This update challenges firms to assess how well they are embedding the Duty into their operations while addressing emerging risks and improving consumer outcomes.

What the FCA’s Financial Crime Guide Updates Mean for Insurance Firms

The FCA’s latest updates to the Financial Crime Guide highlight crucial changes impacting firms, particularly in areas like sanctions, transaction monitoring, and cryptoassets. With a strengthened focus on aligning controls with evolving risks, businesses must evaluate their financial crime systems and adapt to these changes. Proactive action is essential to meet the FCA’s expectations and avoid penalties as regulatory scrutiny intensifies.

Government’s Approach to Regulation: Key Updates and Implications for Firms

Rachel Reeves’ recent speech highlighted the government’s focus on recalibrating financial regulations to promote economic growth while maintaining high standards. With significant changes proposed, including consultations on the Senior Managers and Certification Regime (SMCR) and modernizing the Financial Ombudsman Service, firms should assess the potential impact of these updates. As regulatory developments unfold, businesses must remain proactive in adapting to new requirements.

FCA Culture and Non-Financial Misconduct Survey: Key Insights and Implications for Firms

The FCA’s latest Culture and Non-Financial Misconduct Survey sheds light on a critical area for firms across the insurance and financial sectors: non-financial misconduct and its detection. With findings revealing only 6% of misconduct is reported through whistleblowing in our sector, it’s clear that fostering a transparent and accountable workplace culture is more essential than ever. Dive into the survey’s key insights, implications and actionable steps firms can take to align with FCA expectations.

FCA Annual Report 2023/24: Progress, Key Achievements and What’s Next

Explore the key highlights from the FCA’s 2023/24 Annual Report, including updates on Consumer Duty, enforcement actions, and regulatory priorities. Stay informed on how these developments impact your firm and ensure you’re aligned with the latest compliance requirements.

Ensure Your Firm’s Information Is Up to Date with the FCA

Discover the essential steps to keep your firm’s details current with the FCA, including annual attestations and ongoing updates, to avoid penalties and stay compliant.

General Insurance Value Measures 2023: Key Findings and Considerations for Firms

In August, the FCA released its 2023 general insurance value measures data, revealing key insights into the proportionality of claims costs and premiums across various insurance products. With a focus on fair value, firms must assess their compliance with PROD 4 and ensure that their pricing and distribution frameworks align with regulatory expectations to avoid potential risks of harm.

FCA Market Study Pure Protection Insurance: Key Focus Areas for Insurers and Intermediaries?

The FCA’s upcoming market study raises concerns about competition, product value, and commission arrangements in the pure protection market. We outline the critical areas where insurers and intermediaries need to enhance oversight and ensure good outcomes for policyholders.

TR24/2: FCA thematic review on Product Governance in insurance

The FCA’s thematic review highlights significant gaps in Product Governance: We highlight the key areas for Insurers and Distributors to strengthen oversight and compliance.

Regulation of Commercial and Bespoke Insurance Business

As the FCA revisits rules for the commercial insurance sector, how should firms strike the right balance between regulatory compliance and market competitiveness?

Essential Updates: FCA Review on PEPs and Upcoming Guidance Changes

The FCA’s latest review on Politically Exposed Persons (PEPs) underscores an urgent need for firms to reassess their risk management practices. With findings pointing to significant gaps and upcoming guidance changes, it’s crucial for compliance professionals to ensure their systems are aligned with regulatory expectations. Discover what the FCA’s review means for you.

Consumer Duty: Key Findings from Insurance Multi-Firm Outcomes Monitoring Review

On 26 June 2024 the FCA published its findings from a multi-firm review focused on outcomes monitoring by larger insurance firms. This review highlights significant areas where firms must improve to ensure they are delivering good outcomes for retail customers. With the FCA emphasising the importance of robust outcomes monitoring, insurance firms should carefully examine these findings to identify any gaps in their current practices and consider implementing the good practices identified by the FCA.

Principal Firms with Credit Broking Permissions: Best Practice and Areas for Improvement

The FCA has recently published key harms and drivers of harms caused by Appointed Representatives (ARs) that undertake credit broking.
With the FCA promising to focus attention on oversight of ARs for all sectors, all Principal Firms should take note of these findings and address any gaps or shortcomings in their approach to AR oversight, or indeed, consider whether any of the good practices identified could be implemented within their frameworks.

A Day in the Life of Ali Dove – Business Development Associate, Padda Consulting

Since joining Padda Consulting in January, Ali has rekindled her passion for the insurance sector, thriving in a collaborative and dynamic environment. Dive into “A Day in the Life” of Ali Dove, to find out what a workday looks like at Padda.

Reassessing Meritocracy: DEI has a language problem

The discussion surrounding merit and diversity often pits one against the other. By reframing perceptions and adopting a more positive narrative we can drive more change towards inclusivity.

Solvent Exit Planning: A New Requirement for Insurers from PRA

The Prudential Regulation Authority (PRA) has issued a far ranging consultation paper that is set to have a major impact for insurance firms. To help you get on top of the details and understand what’s required we’ve put together this helpful explanation of the new expectations and the steps insurers need to take.

Are you playing fair with your insurance claims?

To help keep you on the right side of the FCA we’ve dissected their recent review on claims handling for stolen or written-off vehicles. From vehicle valuation and communication techniques to outsourcing and data collection, the FCA’s findings could significantly impact your processes and customer relationships. Ensure you’re ahead of the curve by understanding how these findings can shape the future of claims handling.

Get Ahead of the Consumer Duty Deadlines

The countdown is on for the Consumer Duty coming into effect for closed products. To help keep pace and continue momentum on your work in relation to this, here are 7 steps for better compliance.

Swapping publishing with compliance: Is there any way back?

A Day in the Life of Pam Raihal: From Publising to Compliance. Explore the fascinating journey of Pam Raihal – Padda Consulting’s Client Relationships Manager, as she traded headlines for regulations.

Public Disclosure: Turning DEI into PR

The FCA’s consultation paper on DEI suggests firms publicly disclose their targets for transparency, accountability, and benchmarking progress. This aims for positive change but stakeholders must note potential limitations.

Practical Steps to Avoid FCA Financial Promotion Interventions

The determination of the FCA to clamp down on misleading financial promotions is clearly ramping up. The figures prove it. So what do compliance experts need to focus on to ensure they’re not part of that unwanted mix?

Effective Measures to Combat Financial Crime

The FCA’s update on financial crime published in February is a timely reminder that financial crime issues should still be towards the top of your agenda. We’ve captured the key areas of focus and your key considerations.

Vulnerable Customers: Have you got their backs?

The FCA has announced that it is conducting a review into how firms are acting to understand and respond to the needs of vulnerable customers. Here’s the ‘why, how and when’ on the review and our proactive advice.

Regulating the Digital Revolution: A Roadmap for Consumer Finance Firms

In an era where technology is redefining the financial landscape, it’s crucial for firms to stay ahead of the curve. Nikhil Rathi, CEO of the FCA, recently shed light on the importance of embracing this digital revolution, but with a cautious approach.

Discover the key take-outs from the speech and learn top tips on how to navigate the dynamic intersection of finance and technology successfully.

The FCA Business Plan 24/25 – Are you Covered?

The FCA has published its business plan for the year ahead. This is the final phase of its three-year strategic vision, and it sets out their focus and commitments – none of which should be ignored by firms.

FCA proposes hardline approach to investigation transparency

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.

Product Governance Thematic Review – General Insurance and Pure Protection

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.

The Board: If DEI comes from the top, the top needs to work

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.

FCA Takes a Bite out of GAP Insurance

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.

Consumer Duty Update – Are We Making the Right Shifts?

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.

Consumer Duty – What Best (and Bad) Practice Looks Like

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.

Your Wake-Up Call for Non-Financial Misconduct

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.

Making sense of a new target framework for DEI in insurance

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.

Lies, damned lies and statistics: digging beneath the numbers on DEI.

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.

Helping principal firms be AR ready

As a principal firm, understanding and aligning with the FCA’s new rules for Appointed Representatives (ARs) is critical to your business operation and reputation.

With the FCA set to increase its engagement and supervision of the rules in the coming months, we’ve put together the following guide to outline the key steps firms need to consider to ensure their compliance stays in good health.

A Day in the Life of Suneeta Padda: A Life Less Ordinary

From an arranged marriage, motherhood, divorce, and tragedy, to becoming a leading figure in the regulatory and compliance world. Suneeta Padda’s life and career journey has been nothing short of extraordinary. Read about the twists and turns along the way.

The Year Ahead for Insurance Regulation: How to handle and prepare for change

2024 is set to unleash a wave of new regulatory changes on the insurance sector. To ensure your business doesn’t catch a cold we’ve put together this simple guide which shows how to maintain good regulatory health.

We’ve also put together a health check of key questions that you should be asking yourself to help keep ahead of the regulators.

Overview of Key D&I Developments in 2024

To help you navigate the FCA’s Consultation Paper we have summarised the key points that are likely to affect you. This short read highlights the key areas you need to be aware of.

Want to read more?