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 […]

On 30 October 2014 the Guernsey Financial Services Commission (“the Commission”) imposed a financial penalty of £70,000 under Section 11D of the Financial Services Commission Law on Ahli United Bank (UK) PLC, Guernsey Branch (the Licensee) and made a public statement under Section 11C of the Financial Services Commission Law. The background to these decisions […]

The FCA has published a document entitled “Outsourcing in the asset management industry: Thematic project findings report”. The report contains the FCA’s findings regarding its assessment as to whether asset managers are effectively mitigating the risks in connection with outsourcing. During the assessment the FCA looked in particular at whether asset managers: (i) had adequate […]

The Financial Conduct Authority (FCA) is concerned about the due diligence advisers perform on investment product providers and will continue to monitor the area, technical specialist for the regulator Rory Percival has said. Speaking at the Defaqto investment outsourcing conference on Tuesday, Percival said advisers should think about what best practice should look like and […]