Regulation round-up June 2017

Regulation round-up is our monthly email to all regulated firms, updating you on the latest news that affects your sector.

Read or download the full Regulation round-up: June 2017

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Introduction: Alison Barker, Director of Specialist Supervision

I'm very pleased to welcome you to the June edition of Regulation round-up. I would like to take the opportunity to highlight our new guide to the foundations of good cyber security, published today. We have designed the guide to help firms, particularly smaller businesses, become more resilient to cyber attacks and to respond appropriately to cyber incidents.

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Hot topic: GI appointed representative follow-up work

In July 2016 we published the findings of our thematic review of principals and their appointed representatives (ARs) in the general insurance sector. We focused on their understanding of their responsibilities for and oversight of their ARs.

We found significant shortcomings and examples of mis-selling and customer detriment.

We have conducted a piece of follow-up multi-firm supervisory work focusing on London Market insurance intermediaries that had diversified and developed networks of ARs, as we identified this as a specific risk.

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Hot topic: Live & Local regional programme returns

Following the success of our first Live & Local regional programme in 2016/17 we have launched the first part of our 2017/18 programme. Having listened to delegate feedback we are changing the structure of this year's programme. From July 2017, we are travelling across the UK with a series of events for regulated firms. We will visit each region more than once during the programme to give firms more opportunity to attend a variety of events.

While a regular schedule of events is aimed at retail investment and general insurance firms, we will also hold ad-hoc events for various sectors that our Chairman and members of our Executive Committee will attend. Additionally, we will hold events focusing on priorities set out in our Business Plan.

We are announcing a new set of event dates and locations every few months on the Live & Local page of our website. The first set of events will run from July to September. We are offering the following events for retail investment firms:

  • interactive workshops focusing on our recent Assessing Suitability Review
  • Q&A roundtables with a panel of FCA and industry representatives
  • one-to-one surgeries with supervisors

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What last year's delegates took from Live & Local

Delegates reflect on what they took from our Live & Local events last year.

We are now launching our 2017/18 Live and Local programme. From July, we will be in multiple regions each month with a series of events for firms, starting with retail investment.

In your sector…

Financial advisers

Advising on pension transfers CP

MiFID II

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General insurance intermediaries and insurers

Cancer & Travel Insurance

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Mortgage advisers and lenders

Web update: Mortgage Lending and Administration Return (MLAR) data

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Banks and building societies

CP: Powers in relation to LIBOR contributions

Web update: Mortgage Lending and Administration Return (MLAR) data

MiFID II

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Life insurance and pension providers

PS: Implementing information prompts in the annuity market

Pension lifestyle investment strategies

Advising on pension transfers CP

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Investment managers

EU Benchmarks CP

MiFID II

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Wealth managers

EU Benchmarks CP

MiFID II

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Consumer Credit

2017/2018 fees and levies - Illegal money lending levy

Second set of now you are authorised videos for consumer credit firms

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Credit unions

Our engagement with credit unions

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Fintech and innovative businesses

Update on the regulatory sandbox

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News and publications

Annual Public Meeting 2017

Market Watch

Data Bulletin Issue 9

Fourth Money Laundering Directive and Fund Transfer Regulations Implementation

2017/2018 fees and levies – register for online invoicing

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Read or download the full Regulation round-up: June 2017

Sign up to Regulation round-up monthly updates