Regulation Updates – British Insurance Brokers' Association https://www.biba.org.uk The British Insurance Brokers' Association is the UK's leading general insurance intermediary organisation Mon, 25 Mar 2019 11:30:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.4 154303522 EU Controls and EU Exit webinar now available https://www.biba.org.uk/latest-news/eu-controls-and-eu-exit-webinar-now-available/ Thu, 21 Mar 2019 15:48:13 +0000 https://www.biba.org.uk/?p=31910 The webinar Export Controls and EU Exit, first broadcast on 1 March 2019, is now available online.  The Export Control Joint Unit (ECJU) administers the

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The webinar Export Controls and EU Exit, first broadcast on 1 March 2019, is now available online.  The Export Control Joint Unit (ECJU) administers the UK’s system of export controls and licensing for military and dual-use items.  The ECJU is part of the Department for International Trade.

If the UK leaves the European Union (EU) without a deal, dual use items from the UK to the EU will require a licence.  An Open General Export Licence has been created for this purpose.

The webinar was designed to assist UK companies to understand the status of EU General Export Authorisations and the recently published OGEL.  To access the webinar click here.

The password for the webinar is: QspZjM3B.  To access this webinar you will need to either have ‘Webex’ installed on your machine or an ‘ARF’ file-type player, such as the one provided at the link.

For general export control queries please contact the ECTU Helpline on 020 7215 4594 or email: exportcontrol.help@trade.gov.uk

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FCA reminds firms about looming TPR notification deadline https://www.biba.org.uk/latest-news/fca-reminds-firms-about-looming-tpr-notification-deadline/ Wed, 20 Mar 2019 16:23:51 +0000 https://www.biba.org.uk/?p=31900 The Financial Conduct Authority (FCA) has produced a guide for firms about how to complete the necessary application on the CONNECT system, to register for

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The Financial Conduct Authority (FCA) has produced a guide for firms about how to complete the necessary application on the CONNECT system, to register for the Temporary Permissions Regime (TPR).  All inwards EEA firms which currently write or broker UK insurance business should notify their intention to be included in the TPR if they wish to continue their UK activities after Brexit day.   The guide can be accessed by clicking here

The FCA is reminding firms that if they or a company with their group is applicable, then they have until 28 March 2019 to complete their TPR notification.

The regulator is also advising EEA-registered firms in particular of the need to ensure that their firm’s legal name and contact details on the Financial Services Register are correct (and get any inaccuracies corrected via their home state regulator), but this advice is equally as relevant to UK only authorised firms.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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2019/027 Go-Live Instructions – ‘StatusPage’ – Status & Incident Comms Channel https://www.biba.org.uk/regulation-updates/lloyds-and-london-market-members/2019-027-go-live-instructions-statuspage-status-incident-comms-channel/ Wed, 20 Mar 2019 16:21:33 +0000 https://www.biba.org.uk/?p=31897 The post 2019/027 Go-Live Instructions – ‘StatusPage’ – Status & Incident Comms Channel appeared first on British Insurance Brokers' Association.

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FCA finalises financial services workers’ Directory https://www.biba.org.uk/regulation-updates/fca-finalises-financial-services-workers-directory/ Tue, 12 Mar 2019 14:35:21 +0000 https://www.biba.org.uk/?p=31873 The Financial Conduct Authority (FCA) is to press ahead with plans for a public register of workers which will far greater access to information about

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The Financial Conduct Authority (FCA) is to press ahead with plans for a public register of workers which will far greater access to information about key individuals working in the financial services sector.

The new Directory, which will go live in March 2020, will empower customers to make sure they only deal with individuals whom an authorised firm has assessed as fit and proper, or otherwise suitable and those who have appropriate qualifications.  This information will be made public in a clear and easy to use format.  It will sit alongside the existing Financial Services Register.

Members may access Policy Statement PS19/7 by clicking here.  The Directory will enable firms to cross-check references, make their staff known to customers and make it more difficult for unsuitable individuals to operate in the UK market.

These changes will allow users to search information on:

  • all Directors and Senior Managers
  • all staff certified as fit and proper by their firm
  • other important individuals who undertake business with clients and require a qualification to do so.

The FCA set out its final rules in PS19/7 which will require firms to report timely and accurate information about their Directory Persons.  Firms will need to take all necessary action to gather the required information and ensure its accuracy prior to submission.

Banking firms and insurers will be able to start submitting data on Directory individuals using the FCA’s Connect system or the multi-entry facility around September 2019.  General insurance intermediaries will be able to start submitting data as of 9 December 2019 once the Senior Managers and Certification Regime (SM&CR) for solo-regulated firms comes into effect.

The FCA will communicate additional information on what firms need to do, including the exact date when FCA systems will available for submissions at a later stage.  Further information on the data submission process and deadlines may be found in PS19/7.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

 

 

 

 

 

 

 

 

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FCA finalises SM&CR guidance for Statements of Responsibilities https://www.biba.org.uk/latest-news/fca-finalises-smcr-guidance-for-statements-of-responsibilities/ Tue, 12 Mar 2019 14:33:33 +0000 https://www.biba.org.uk/?p=31871 The Financial Conduct Authority (FCA) has published finalised guidance designed to practical assistance and information to solo-regulated firms when preparing their Statements of Responsibilities (SoR)

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The Financial Conduct Authority (FCA) has published finalised guidance designed to practical assistance and information to solo-regulated firms when preparing their Statements of Responsibilities (SoR) and Responsibilities Maps.  Under the Senior Managers & Certification Regime, all Senior Managers must have a SoR.  In addition, all enhanced firms must have a Responsibilities Map.

Members may access the guidance in FG19/02 by clicking here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

 

 

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FOS award limits and scope set to increase from April 2019 https://www.biba.org.uk/regulation-updates/fos-award-limits-and-scope-set-to-increase-from-april-2019/ Tue, 12 Mar 2019 14:31:31 +0000 https://www.biba.org.uk/?p=31869 The Financial Conduct Authority (FCA) has confirmed that it will press ahead with rules which will see the Financial Ombudsman Service (FOS) able to require

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The Financial Conduct Authority (FCA) has confirmed that it will press ahead with rules which will see the Financial Ombudsman Service (FOS) able to require financial services firms to pay significantly more compensation to consumers and businesses from 1 April 2019.   Members may click here to access Policy Statement (PS19/8).

PS19/8 confirms the new rules that increase the ombudsman service’s award limit to:

  • £350,000 for complaints about acts or omissions by firms which took place on or after 1 April 2019.
  • £160,000 for complaints about acts or omissions by firms which took place before 1 April 2019 and which are referred to the ombudsman service on or after 1 April 2019.

The new rules will also ensure that, from 1 April 2020 onwards, both award limits are automatically adjusted each year to keep pace with inflation, as measured by the Consumer Prices Index (CPI).

The limit will remain at £150,000 for any complaints referred to the FOS before 1 April 2019.

More firms able to access FOS

The new award limit will come into force at the same time as the extension of FOS to larger small and medium-sized enterprises (SMEs).  These are firms with fewer than 50 employees, annual turnover of under £6.5 million and an annual balance sheet total of under £5 million.  An additional 210,000 SMEs will be able to complain to the FOS.

Members will need to look at the changes that they will need to have in place on the day the new award limits come into force. These include:

 

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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FCA acts to address unclear and excessive motor finance costs https://www.biba.org.uk/latest-news/fca-acts-to-address-unclear-and-excessive-motor-finance-costs/ Tue, 12 Mar 2019 14:18:00 +0000 https://www.biba.org.uk/?p=31867 The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance after a review of the sector

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The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance after a review of the sector raised significant concerns about how lenders are choosing to reward car retailers and other credit brokers. The report can be accessed by clicking here.

The FCA found that the widespread use of commission models which allow motor dealers discretion to set the customer interest rate and thus earn higher commission, can lead to conflicts of interest which are not controlled adequately by lenders. This can lead to customers paying significantly more for their motor finance, according to the FCA.

The regulator said it was assessing the options for intervening in the market which would address the harm it has identified.  This could include strengthening existing FCA rules or other steps such as banning certain types of commission model or limiting motor dealers’ discretion.

While this FCA work focused on motor finance, there may be some read-across of the findings to our own sector’s use of premium finance, so members may benefit from studying the findings and review their own practices in this area.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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FCA published updated information about Brexit for firms https://www.biba.org.uk/regulation-updates/fca-published-updated-information-about-brexit-for-firms/ Fri, 01 Mar 2019 09:52:32 +0000 https://www.biba.org.uk/?p=31828 The Financial Conduct Authority (FCA) has published updated information on its website aimed at helping FCA regulated firms prepare for Brexit. The Preparing your firm

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The Financial Conduct Authority (FCA) has published updated information on its website aimed at helping FCA regulated firms prepare for Brexit. The Preparing your firm section can be accessed by clicking here.

Sector specific information has also been produced and members may access the section for general insurers and intermediaries in the UK by clicking here.

A Brexit Consumer section is also available and this can be found at the following link: https://www.fca.org.uk/consumers/how-brexit-could-affect-you

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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FCA closes wholesale insurance brokers market study with publication of final report https://www.biba.org.uk/latest-news/fca-closes-wholesale-insurance-brokers-market-study-with-publication-of-final-report/ Wed, 20 Feb 2019 11:31:27 +0000 https://www.biba.org.uk/?p=31793 The Financial Conduct Authority (FCA) has published the final report of its Wholesale Insurance Brokers market study to assess how well competition is working in

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The Financial Conduct Authority (FCA) has published the final report of its Wholesale Insurance Brokers market study to assess how well competition is working in the sector which it launched in November 2017.  The FCA said that its work had: ‘found no clear evidence in relation to the competition concerns explored.  Overall we have not found evidence of significant levels of harm to competition that merit the introduction of intrusive remedies.’  Members may access the report by clicking here.

The FCA had, however, identified some areas of concern which have scope for improvement including:

  • firms’ management of conflicts of interest;
  • the information firms disclose to clients; and
  • contractual agreements between brokers and insurers which, in a small number of cases, have the potential to limit competition.

The regulator said that the issues identified could be addressed within its usual supervisory process and/or competition law enforcement process, if appropriate.  The FCA would work with firms to address the concerns found in these areas, it added.

The FCA’s findings were drawn from multiple pieces of analysis including 73 brokers’ and 49 underwriters’ responses to the questionnaire looking at market features including conflicts of interest management, market shares and entry/exit. Throughout the project the FCA engaged with market participants. This included brokers, underwriters and UK and international industry bodies.

The FCA noted that: ‘Given the dynamic nature of the market, we will continue to monitor developments in broker business models and the effectiveness of competition.’  This would allow the regulator to determine at an early stage whether regulatory attention is required.

BIBA applauded the FCA’s decisive report.  Steve White, BIBA’s Chief Executive, said: “The fact that the FCA closed this assessment at an unprecedented early stage is a welcome step and validates our view that the wholesale insurance market is a highly competitive place.   It is also welcome that the FCA intends to deal with any follow-up matters on a business as usual supervisory-led basis.”

BIBA will work closely and constructively with the FCA and our members on any matters arising.  Members may access BIBA’s press release by clicking here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

 

 

 

 

 

 

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EIOPA gives guidance on treatment of insurance sector upon UK’s withdrawal from EU https://www.biba.org.uk/latest-news/eiopa-gives-guidance-on-treatment-of-insurance-sector-upon-uks-withdrawal-from-eu/ Tue, 19 Feb 2019 15:26:36 +0000 https://www.biba.org.uk/?p=31775 The European Insurance and Occupational Pensions Authority (EIOPA) has issued new guidance for national insurance sector supervisory authorities in light of the United Kingdom withdrawing

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The European Insurance and Occupational Pensions Authority (EIOPA) has issued new guidance for national insurance sector supervisory authorities in light of the United Kingdom withdrawing from the European Union (EU) without a withdrawal agreement.  The aim of the recommendations is to minimise the detriment to policyholders with cross border insurance contracts.  Members may access the document by clicking here.

The recommendations will apply as of the date following that on which the EU’s acquis (which is defined as the accumulated legislation, legal acts, and court decisions which constitute the body of EU law) ceases to apply to and in the UK.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

 

 

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Xchanging Market Communication – Lloyd’s 9000 Series Numbers – Multiple Lives – Reduction in Time Before Reallocation https://www.biba.org.uk/regulation-updates/xchanging-market-communication-lloyds-9000-series-numbers-multiple-lives-reduction-in-time-before-reallocation/ Tue, 19 Feb 2019 09:49:48 +0000 https://www.biba.org.uk/?p=31766 The post Xchanging Market Communication – Lloyd’s 9000 Series Numbers – Multiple Lives – Reduction in Time Before Reallocation appeared first on British Insurance Brokers' Association.

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2019/013 London Document Management Centre Move https://www.biba.org.uk/regulation-updates/2019-013-london-document-management-centre-move/ Thu, 07 Feb 2019 10:42:14 +0000 https://www.biba.org.uk/?p=31712 The post 2019/013 London Document Management Centre Move appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2019/014 CWT/CWS Changes for ECF2 – Target May 2019 Release https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2019-014-cwt-cws-changes-for-ecf2-target-may-2019-release/ Thu, 07 Feb 2019 10:40:11 +0000 https://www.biba.org.uk/?p=31705 Click here for 2019/014 CWT/CWS Changes for ECF2 – Target May 2019 Release Click here for user guide Click here for functional specification Click here for

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Click here for 2019/014 CWT/CWS Changes for ECF2 – Target May 2019 Release

Click here for user guide

Click here for functional specification

Click here for Del 180 user guide

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FSCS calls on GI distributors for supplementary compensation levy of £24 million https://www.biba.org.uk/latest-news/fscs-calls-on-gi-distributors-for-supplementary-compensation-levy-of-24-million/ Mon, 04 Feb 2019 10:53:27 +0000 https://www.biba.org.uk/?p=31684 The Financial Services Compensation Scheme (FSCS) has announced an indicative levy of £516 million for 2019/20, according to its newly published Plan and Budget for

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The Financial Services Compensation Scheme (FSCS) has announced an indicative levy of £516 million for 2019/20, according to its newly published Plan and Budget for the year.  This compares to £468 million for 2018/19, which was a short nine-month compensation levy year for the period 1 July 2018 to 31 March 2019 with pro-rated class thresholds.  Members will remember that this short year was introduced in order to bring the FSCS’s compensation levy year into line with its financial year.

The FSCS said that the change from a nine-month period to a 12-month period was the main reason for the increase in the levy from the previous year.  Had 2018/19 been for a 12-month year, the levy would have stood at £574 million, £58 million higher than the proposed levy for 2019/20, according to the report.

The general insurance distribution funding class faces an indicative levy of £17 million for 2019/20, which when £4 million of net provider contributions to the class are taken into account – the first year in which intermediary classes will benefit from contributions from the related provider classes for all levies raised – could mean that brokers will facing a levy of £13 million when the invoices for the year are issued by the Financial Conduct Authority (FCA) in July 2019.

The FSCS said it would publish more information based on the developing claims experience in its Outlook publication in April 2019.  BIBA will publish an update for members when this information becomes available.

From 2019/20 the FSCS will collect on account fees for the first time from the largest regulatory fee payers (around 1,000 firms are affected).  Those firms that already pay on account levies for the FCA and the Prudential Regulation Authority will from 2019/20 start paying on account FSCS levies.  The FSCS expects to collect 50 per cent of these firms’ annual levies this way which is the maximum allowed by the rules, this will total £134 million.  Other firms will receive their invoices from the FCA from July as in previous years.

The Plan and Budget 2019/20 also included final figures for the levy of 2018/19 which totaled £468 million, this comprised an annual levy of £363 million, and a supplementary levy of £105 million.  The main cause of these supplementary levies had been the trigger of the retail pool caused by a £78 million deficit in the life and pensions intermediation class.  The FSCS had indicated in November of last year that it would be raising supplementary levies in 2018/19, which would have an impact on a number of funding classes including General Insurance Distribution.  See BIBA’s regulatory update from 5/12/18.

The total payable for the General Insurance Distribution funding class was £42 million for 2018/19, of which £18 million was the annual levy, and £24 million was its contribution to the retail pool levy, which after a surplus of £8 million in the class was taken into account, would result in an additional levy of £16 million for general insurance intermediaries.

The FCA will begin invoicing firms for this supplementary levy from early February 2019.  BIBA is urging brokers to review budgets and prepare for the bills, which will be due within 30 days of invoice.

BIBA has issued a press release about Friday’s FSCS announcement which members can access by clicking here.

Members may access the FSCS Plan and Budget 2019/20 by clicking here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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FCA launches consultation on value measures data in the GI market https://www.biba.org.uk/regulation-updates/fca-launches-consultation-on-value-measures-data-in-the-gi-market/ Wed, 30 Jan 2019 13:22:20 +0000 https://www.biba.org.uk/?p=31674 The Financial Conduct Authority (FCA) has published Consultation Paper CP19/8 proposing new rules requiring firms to report General Insurance (GI) value measures data to the

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The Financial Conduct Authority (FCA) has published Consultation Paper CP19/8 proposing new rules requiring firms to report General Insurance (GI) value measures data to the regulator for publication.  If the proposals get the go ahead GI firms would need to submit their data to the FCA on an annual basis.  Members may access CP19/8 by clicking here

The FCA has been piloting the use of value measures data with firms since 2016 after an earlier market study of GI add-ons had identified that consumers were purchasing products that were of poor value and not what they needed.  The pilots tested the publication of three data metrics (claims frequencies, claims acceptance rates and average claims pay-outs) for four insurance products (home, home emergency, personal accident and key cover).

The FCA proposes to extend the scope of value measures reporting to cover most general insurance products, as well as an additional measure to identify where consumers are unhappy and have made a complaint as part of the claim process.  The consultation also proposes that firms must use the value measures data when considering whether their products offer value to their customers as required by the FCA’s existing rules.

In most circumstances insurers will be responsible for reporting value measures data. Exceptions to this approach include certain types of EEA business and business where there is no authorised insurer.  For example, the FCA is proposing to include breakdown cover, even though some types of breakdown cover are excluded from the Regulated Activities Order.

Alongside the Consultation Paper, the FCA has also published the third annual value measures dataset, covering the period August 2017-August 2018.  Members may access this information by clicking here

Comments about the proposals in CP19/8 should be submitted to the FCA by 30th April 2019.  BIBA will be submitting an official response to the FCA about CP19/8.  BIBA members who would like their views to be considered as part of this process should send them to David Sparkes at sparkesd@biba.org.uk by 15th April 2019.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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FCA commissions survey on cost of its regulation to smaller firms https://www.biba.org.uk/latest-news/fca-commissions-survey-on-cost-of-its-regulation-to-smaller-firms/ Tue, 29 Jan 2019 10:04:34 +0000 https://www.biba.org.uk/?p=31640 The Financial Conduct Authority (FCA) is to carry out a survey of smaller firms about how its regulation specifically impacts them. This will help ensure

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The Financial Conduct Authority (FCA) is to carry out a survey of smaller firms about how its regulation specifically impacts them. This will help ensure that the regulator’s cost benefit analyses and judgements of proportionality take account of smaller firms’ circumstances.

Kantar Public, an independent consultancy, will be working on the FCA’s behalf, conducting in-depth interviews with a small representative sample of around 30 firms during February 2019.  Kantar will select the sample and contact the firms to conduct the interviews.  These interviews will inform the design of an online questionnaire which will be sent to a larger sample of firms in April and May.

The survey will focus on costs such as administration, data submission, compliance, product regulations, and any other non-fee costs that firms tell us about. The survey does not concern the direct fees paid by FCA regulated firms and will not lead to a revision of the fee structure.  The samples will be chosen to be representative of the full range of smaller firms (by size, by sector, and so on) that the FCA regulates.  Kantar will anonymise firms’ responses before sharing them with the FCA.

The survey results, and the FCA’s subsequent analysis of them, will help ensure that any Cost-Benefit Analyses and judgements of proportionality that the regulator undertakes in future will take account of the specific circumstances faced by smaller firms.

The FCA is undertaking the survey as it wants to improve its understanding of how and why these costs arise, and what are the specific areas of concern for smaller firms.  The regulator is keen to find out what small firms think and would greatly appreciate the participation of BIBA members should you be approached.

The second stage (in April/May) of this project will consist of questionnaires sent to a greater number of firms. This will give the FCA an overview of how the types of costs (as identified in the interviews) are spread across the wider population of smaller firms that the FCA regulates.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

 

 

 

 

 

 

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ICO guidance to businesses about data protection and Brexit https://www.biba.org.uk/latest-news/ico-guidance-to-businesses-about-data-protection-and-brexit/ Thu, 24 Jan 2019 15:30:00 +0000 https://www.biba.org.uk/?p=31637 The Information Commissioner’s Office (ICO) has updated its website resources with guidance to businesses about data protection and how to prepare for Brexit.  Members may

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The Information Commissioner’s Office (ICO) has updated its website resources with guidance to businesses about data protection and how to prepare for Brexit.  Members may access the information by clicking here.

Resources include a six step guide to businesses on leaving the EU, which can be accessed here.

The ICO has also produced guidance for businesses and organisations based in the UK where the GDPR currently applies to their processing of personal data – click here

An interactive tool covering transfers from the EEA to the UK and how things may change after Brexit has also been developed – click here

Members can also find a webinar on the subject and series of Q&As on the ICOs webpage, both of which are worth a read.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

 

 

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New economic crime taskforce drives Suspicious Activity Reports reform https://www.biba.org.uk/latest-news/new-economic-crime-taskforce-drives-suspicious-activity-reports-reform/ Tue, 22 Jan 2019 15:20:09 +0000 https://www.biba.org.uk/?p=31617 The Economic Crime Strategic Board (ECSB), a new government taskforce designed to combat economic crime in the UK which is estimated to at least £14.4

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The Economic Crime Strategic Board (ECSB), a new government taskforce designed to combat economic crime in the UK which is estimated to at least £14.4 billion per year, has held its first meeting.  The Home Secretary and the Chancellor will jointly chair the task force which will work with senior figures from the UK financial sector to tackle economic crime.

The new ECSB will meet twice a year, will set priorities, direct resources and scrutinise performance against the economic crime threat, which is set out in the Serious and Organised Crime (SOC) Strategy.

The board includes CEOs and chief executives from the banking institutions Barclays, Lloyds and Santander as well as senior representatives from UK Finance, the National Crime Agency (NCA) and the Solicitors’ Regulation Authority, Accountants Affinity Group and the National Association of Estate Agents.

Sajid Javid MP, Home Secretary, confirmed at the meeting that his department will commit £3.5 million in 2019/20 to support work to reform the suspicious activity reports regime (SARs).  The Home Office is currently co-designing a new SARs system with the private sector, law enforcement and regulators, which is more efficient and effective.

The NCA received a record number of reports last year.  The number of SARs reports rose by about 10 per cent to 463,938 during 2017-18, compared with the previous year, including a 20 per cent rise to 22,196 in requests for a defence against money laundering.

SARs reform is one of the commitments in the SOC Strategy, launched in November, to further ramp up law enforcement capabilities to specifically tackle illicit finance.  Other measures in the strategy include additional investment in the multi-agency National Economic Crime Centre (NECC) which is now operational and includes officers from the NCA, HM Revenue and Customs, City of London Police, Serious Fraud Office, Financial Conduct Authority Crown Prosecution Service and the Home Office.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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FCA identifies harm and drivers of harm in Sector Views of firms and markets https://www.biba.org.uk/latest-news/fca-identifies-harm-and-drivers-of-harm-in-sector-views-of-firms-and-markets/ Tue, 22 Jan 2019 15:17:12 +0000 https://www.biba.org.uk/?p=31615 The Financial Conduct Authority (FCA) has published its annual Sector Views which provides an analysis of the issues that the regulator uses to identify where

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The Financial Conduct Authority (FCA) has published its annual Sector Views which provides an analysis of the issues that the regulator uses to identify where harm – and the drivers of harm – are occurring across firms and markets.   The FCA also looks at the factors driving change within different markets.  Members may access the document by clicking here

The first part of the publication looks at cross sectoral issues and considers how technology, climate change, macro-economic factors and EU Withdrawal are all impacting financial services.

Chapter 4 of the publication considers the general insurance and protection industry in more detail, notably:

  • Technological development is gradually but profoundly transforming the sector by enabling innovation and more flexible products.
  • Use and ownership of data are key drivers of commercial advantage but can

also carry risks of loss or misuse. Business models are emerging to exploit the potential of data analytics for more flexible cover and products.

  • Low understanding, inertia and behavioural bias can leave consumers vulnerable to harm from products that are poor value or which do not otherwise meet their needs when they need to claim.  Firms need to ensure effective governance and oversight
  • Brexit is impacting the sector, with firms restructuring their operations and customer portfolios ahead of withdrawal.

 

The Sector Views form part of the process that enables the FCA to keep its priorities under review and focus resources effectively for next year’s business plan.  The FCA is inviting comment about the document, which can be submitted via: sectorviews@fca.org.uk

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

 

 

 

 

 

 

 

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FCA issues reminder to firms about their regulatory status and financial promotions https://www.biba.org.uk/latest-news/fca-issues-reminder-to-firms-about-their-regulatory-status-and-financial-promotions/ Tue, 15 Jan 2019 10:48:32 +0000 https://www.biba.org.uk/?p=31550 The Financial Conduct Authority (FCA) has addressed a letter to the CEO of all regulated firms reminding them about their responsibilities with regards to financial

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The Financial Conduct Authority (FCA) has addressed a letter to the CEO of all regulated firms reminding them about their responsibilities with regards to financial promotions and adverts.  The Dear CEO letter reminds firms about the need for clarity in financial promotions about their regulated and unregulated business and sets out the FCA’s expectations with regards to its rules in this area.  The FCA made the move after becoming aware of firms issuing financial promotions which suggest or imply that all of the activities which they undertake are regulated by it and/or the Prudential Regulation Authority when they are not.

Members may access the document by clicking here.

Firms are being encouraged to read the letter and reflect upon its contents to ensure that they understand the FCA’s rules with regards to financial promotions and how they apply their business.  The FCA reminded firms that while it does not approve adverts it does have the power to direct a firm to withdraw an advert or prevent it from being used in the first place if they do not comply with its rules.

For more information on the FCA’s rules please click here

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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