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