FCA Product Value Review: Not Just a Pandemic Assessment
The FCA have initiated a review of the product governance process in a sample of firms, using the Covid-19 pandemic as a mechanism to understand how effective the regulations have been. Kenneth Underhill looks at the information being requested and considers what might be on the horizon for firms.
Solvency II Technical Information Post-Brexit
The PRA have now confirmed the new approach to the publication of Solvency II technical information after the Brexit Temporary Permissions Regime ends on 31st December. If you have a year end on 31st December, or hold reserves in obscure currencies, make sure you understand the new rules.
Temporary Permissions Regime: The Window Is Closing
The Temporary Permissions Regime window is closing on 30th December 2020. If you are an ‘inbound EEA firm’ or a UK firm with EU business and have yet to make your application, do so quickly. Craig Umbleja explains the implications for failing to do so.
Mapping Important Business Services: When Does A Service Finish?
Kenneth Underhill looks at the question of mapping Important Business Services as part of a firm’s operational resilience planning and considers at what point the service can be considered ‘delivered’ or finished. It is an issue that has particular complications in the process of claims payments.
Financial Crime – At The Heart Of Our Financial Institutions
Preventing Financial Crime isn’t a new issue, it’s been a global problem for decades. The internal controls do not always provide adequate protection, so who is to blame for this? Nicky Hasler looks at the issue for insurance firms.
Product Governance – Not Just a Pandemic Process
The product governance process is not an ‘occasional’ piece of work carried out to a deadline but an ongoing regulatory obligation used to help manage risk within the business. Kenneth Underhill looks at the requirements for product manufacturers and considers the current 3rd December deadline imposed for reviewing Covid-19 issues.
Getting Your Board Fighting Fit for the New Year: Understanding the Key Regulatory Issues for Your Business in 2021 and Beyond
If you have started thinking about which areas your board might be interested in focusing on in 2021, then please read on. We’ve spent a lot of our time in 2020 reading the minutiae of detail in FCA Business Plans, Consultation Papers, Guidance Notes and Policy Statements.
Coronavirus and Customers in Temporary Financial Difficulty: Updated Guidance
The FCA have provided guidance on the measures they expect firms who offer insurance and premium finance to take as part of the support package provided to customers experiencing financial difficulties because of coronavirus. Nicky Hasler looks at the guidance.
Vulnerable Customers: Be Aware and Take Due Care
With the FCA estimating that over 24 million consumers show at least one characteristic of vulnerability, the FCA Consultation Paper GC20/3 “Guidance for firms on the fair treatment of vulnerable customers” should be of concern to all insurers. Craig Umbleja looks at the issues raised.
Pricing – ‘Fair Value’ Is Not Just A Household And Motor Issue
Price walking has dominated the headlines as the FCA, CMA and Citizens Advice have all talked about the risks of consumer harm. Kenneth Underhill looks at the issues arising from the FCA Final Report on the matter.
Operational Resilience Webinar: Service and Activity Mapping
A webinar with Kenneth Underhill looking at the process of mapping important business services and activities as part of a wider operational resilience plan.
Brexit: The New Norm For FCA Authorised International Firms
It has been a long time coming but the FCA Consultation Paper CP20/20 – “Our Approach to International Firms” has finally arrived. Kenneth Underhill looks at the issues for EEA and non-EEA firms looking to serve UK customers.
