On 18 May 2017, the FCA published a report setting out the findings from its review into the market for pensions and investment advice. http://bit.ly/2qvhedd The review was launched in April 2016 and its purpose was to assess a statistically robust sample of advice files that allowed the FCA to draw conclusions on the suitability […]
Read MoreFinancial regulator to be grilled over delay to HBOS report
The UK financial regulator is to be grilled at its annual meeting on the continued delay to its long-awaited report on the collapse of HBOS. Philip Meadowcroft, a former private shareholder in the failed lender, will demand that the Financial Conduct Authority commit to a date to publish the HBOS report, which was first commissioned […]
Read MoreFCA Report into Outsourced Delegated Authority
The FCA’s report outlines findings from its thematic review into delegated authority arrangements within the general insurance market, stating that improvements are needed to due diligence and assessing consumer outcomes. The thematic review looked into 12 insurers and 19 associated intermediaries and third party administrators. The focus of the review was on concerns that firms […]
Read MoreEnforcement under the spotlight in 2014
2014 was certainly a bumper year for the FCA in terms of the level of enforcement fines it imposed. A total of over £1.4 billion was levied in fines by the FCA in 2014, dwarfing the total figure of just under £500 million in 2013. It was also a year of firsts, with the first […]
Read MoreFCA rules for independent governance committees for firms providing certain pension schemes
The FCA has published a policy statement (PS15/3) which confirms the FCA’s final rules requiring firms which provide personal or stakeholder pension schemes to employers to set up and maintain independent governance committees (IGCs), following an earlier consultation. The role of IGCs will be to represent the interests of scheme members in assessing the value […]
Read MoreFCA report on thematic review of unit-linked fund sector
The FCA has published a report summarising the thematic work it has conducted on the unit-linked fund sector (TR13/8). Unit-linked funds are a type of pooled investment offered by insurance companies through their life or pension policies. The FCA carried out this work to check that insurers operating in the unit-linked market were meeting the […]
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