On 18th October 2022 the Lloyd’s Market Association (LMA) published a general guidance document for the implementation of the FCA Consumer Duty. This document aims to support the work of managing agencies in the Lloyd’s market in implementing the FCA Consumer Duty;...
Over the past couple of years, the FCA has improved its understanding of the financial resilience of a large number of firms with the collection of data through its Financial Resilience Surveys. As a result, and to enable the FCA to collect the data on an ongoing...
In an update to its web page on Policy Statement 22/11: ‘Improving the Appointed Representatives regime’ the FCA has confirmed it will be issuing Principal firms with a Section 165 request in December 2022. Firms are reminded that Section 165 requests from the FCA are...
Lloyd’s has published Market Bulletin Y5381, in which it is setting out requirements for exclusions in standalone cyber-attack policy wordings from March 2023 for state-backed cyber-attacks. It has said that its insurers will be required to stop covering state-backed...
Published as a Financial Ombudsman Service (FOS) Insights blog, Simon Rawle, Ombudsman Leader, has outlined the new Duty from the FOS’ perspective and explains how the FOS is working with the FCA and other stakeholders in relation to the implementation of the Consumer...
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