The FCA has published a number of materials relating to its work on the general insurance (GI) sector:   A thematic review report (TR19/2), which sets out the key findings from the FCA’s thematic work on the GI distribution chain, its expectations and next steps. https://www.fca.org.uk/publications/thematic-reviews/tr19-2-general-insurance-distribution-chain   A guidance consultation (GC19/2) on proposed non-Handbook guidance […]

On 18 February 2019, the Information Commissioner’s Office (ICO) and the Financial Conduct Authority (FCA) updated their Memorandum of Understanding (MoU) with an aim to reinforce and develop their cooperation, collaboration, and information and intelligence sharing. Cooperation and information sharing The ICO and FCA have set out what matters they will communicate with each other […]

Standard Chartered is putting aside $900m (£690m) for potential fines involving investigations in Britain and the US. The money will cover separate investigations into breaches of US sanctions and foreign exchange trading issues. It also covers a £102.2m fine from the UK’s Financial Conduct Authority related to financial crime controls. The provision will be included […]

As the extension of the Senior Managers and Certification Regime (SM&CR) draws nearer, the FCA has published guidance for firms preparing statements of responsibilities and responsibilities maps. https://www.fca.org.uk/publications/guidance-consultations/gc18-4-senior-managers-and-certification-regime-proposed-guidance-statements-responsibilities-firms https://www.fca.org.uk/publication/guidance-consultation/gc18-04.pdf The guidelines should be applied in a risk-based and proportionate manner, taking in to account the size, nature and complexity of the firm. The guidelines should […]

Background On 1 October 2018, the FCA fined Tesco Personal Finance plc (Tesco Bank) £16.4 million for failures relating to a cyber-attack. Over a 48-hour period in November 2016, cyber criminals stole £2.26 million from more than 8,000 of Tesco Bank’s 131,000 personal current account customers. The incident received significant press attention at the time. […]

Tesco Bank has been fined £16.4m by the UK financial regulator for failings surrounding a cyber-attack on its customers in November 2016. The Financial Conduct Authority said the bank had failed to exercise due skill, care and diligence in protecting its personal current account holders. The fraudsters got away with £2.26m. Tesco Bank said all […]

The Financial Conduct Authority (FCA) in the UK has written to the CEOs of major banks to warn of the risks of cryptocurrencies. The letter, which comes from two Executive Directors of Supervision, reminds financial institutions of the importance of scrutiny. Guarding Against Illegal Activity While the letter, entitled Cryptoassets and Financial Crime, does acknowledge that not all […]

Megan Butler, the FCA’s Director of Supervision – Investment, Wholesale and Specialists, delivered a speech outlining the FCA’s key areas of concern and subsequent activity in the advice and investment management market. https://www.fca.org.uk/news/speeches/assessing-value-financial-advice Highlights: Financial advice and investment management is of unprecedented importance to society, now more than ever. The FCA is particularly active in […]