RR Compliance Associates

Do I need FCA permission to have a trading style? No. Put simply, you can have any trading style you wish, however you need to declare this with the FCA through your 'Firm Details Attestation', so the trading style (or trading name) appears on the FCA register. Some names are classed 'sesitive' and therefore you would need to seek the FCA's view prior. If in doubt, just give us a call to discuss it further. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #Crypto #Startup #FAQ

FCA’s expectations for financial advisers and investment intermediaries This letter from the FCA outlines key priorities and expectations for financial advice and investment intermediation firms over the next two years. It emphasises the evolving nature of the sector and the FCA's aim to ensure good consumer outcomes and sector sustainability. This FCA letter outlines key priorities for financial advice and investment intermediation firms over the next two years, focusing on reducing harm, implementing higher industry standards under the Consumer Duty, and enabling more consumers to access financial advice. The regulator emphasises four main areas: retirement income advice, ongoing advice services, ensuring 'polluter pays', and responsible consolidation. Firms are expected to review their practices, particularly in light of the March 2024 thematic review on retirement income advice, ensure the appropriateness and fair value of ongoing services, maintain adequate financial resources for potential redress liabilities, and conduct proper due diligence in acquisitions. Read the full letter below. Brokers should review this letter carefully, considering its applicability to their operations. Key actions include implementing and evidencing compliance with the Consumer Duty, reviewing retirement income and ongoing advice practices, ensuring adequate financial resources, and preparing for potential FCA data requests. The FCA plans to provide further commentary on the retirement income advice market by Q1 2025 and outline next steps on the Capital Deduction for Redress consultation by the end of 2024. Firms are encouraged to engage with the FCA on the Advice Guidance Boundary Review and stay informed about upcoming regulatory publications and guidance. #compliance #FCA #regluation #complianceconsultant #premiumfinance

Did You Know? You can subscribe to our newsletters! Stay up-to-date with the latest regulatory changes, industry insights, and best practices by subscribing to our newsletters. Our newsletters provide you with concise, actionable information that can help you navigate the ever-changing landscape of compliance and risk management. Subscribing is easy! Simply visit our website at https://lnkd.in/gx3kpCQ and look for the newsletter subscription form. Enter your email address, and you're all set to receive our informative newsletters directly to your inbox. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #Crypto #Startup

VW Finance Fined £5.4m for Treatment of Vulnerable Customers What are your thoughts on this enforcement action? The FCA has today announced a significant fine of £5.4m for Volkswagen Financial Services (UK) Limited for failing to treat customers in financial difficulty fairly between 2017-2023. VW Finance will have to pay over £21.5m in redress to approximately 110,000 affected customers after an investigation found systematic failures in understanding customers' circumstances and providing tailored support the worrying details include cases where vulnerable customers had vehicles repossessed without proper consideration of alternatives. Issues were compounded by poor automated communications and templated responses. This case highlights the FCA's continued focus on protecting vulnerable customers, particularly those facing financial hardship. It follows similar actions against major banks including HSBC, Barclays, Lloyds and TSB. What's notable about this is the speed at which the regulator acted with the investigation completed in just 13 months (vs. 42-month average) For affected customers: VW Finance will be in contact regarding redress. Customers with questions should contact VW Finance directly. What are your thoughts on this enforcement action? How can firms better support customers in financial difficulty? #FinancialRegulation #FCA #ConsumerProtection #Compliance #FinancialServices #Automotive https://lnkd.in/eDvHyR6J

The FCA has launched a significant package of work focused on the insurance market, particularly concerning premium finance. This initiative comes alongside the government's new motor insurance taskforce, indicating a heightened regulatory focus on insurance pricing and accessibility. Key points for insurance brokers and firms to be aware of: ◾ The FCA is conducting a competition market study on premium finance for motor and home insurance. This review will examine fair value, transparency of financing options, commission structures, and potential competition barriers. ◾ The study covers over 20 million customers using premium finance, with a particular focus on vulnerable customers. An interim report is expected in the first half of 2025. ◾ The FCA is participating in this taskforce, which aims to stabilise or reduce motor insurance premiums while maintaining appropriate coverage. ◾ The regulator will be analysing factors contributing to increased motor insurance costs, including claims handling processes and the impact on various customer groups. Firms should be aware of the FCA's previous communications regarding high-APR premium finance products and the new guidance on supporting borrowers in financial difficulty. We recommend that you closely monitoring these developments and conducting internal reviews of premium finance practices to ensure alignment with regulatory expectations. https://lnkd.in/eXcfaDSA #compliance #FCA #regluation #complianceconsultant #premiumfinance

Do I need a Data Protection Officer? The UK GDPR introduces a duty for you to appoint a data protection officer (DPO) if you are a public authority or body, or if you carry out certain types of processing activities. Data protection law says you must appoint a DPO if: ▶ you’re a public authority or body (except for courts acting in their judicial capacity); ▶your core activities require large scale, regular and systematic monitoring of individuals (for example, online behaviour tracking); or ▶your core activities consist of large scale processing of special categories of data or data relating to criminal convictions and offences. If you don’t meet these categories, you’re not required to have a DPO. If in doubt, just give us a call to discuss your requirement. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #Crypto #Startup #FAQ

When it comes to the consumer duty are you asking yourself these types of questions? ◾ Does the product work as it was intended? Can I get it to work? ◾ What actions have you taken as a result of your fair value assessments? ◾ What data do you use to measure the consumer outcomes? ◾ How good is your post sales, support? ◾ Are you testing the effectiveness of your communications? ◾ Do individuals understand their roles and responsibilities? ◾ Is the complaints process robust and effective? ◾ Why do people complain? ◾ How do you measure claims data? ◾ Why are people cancelling? If you're not sure how to structure this, how to record it and you need a little help? Get in touch with us today. #compliance #complianceconsultant #regulation #insurance #consumerduty

Fair value assessments may be a cornerstone of ethical business practices and regulatory compliance with the Financial Conduct Authority (FCA) placing increasing emphasis on insurers and brokers demonstrating fair value and good customer outcomes, as part of the Consumer Duty. How does the insurance industry approaches pricing, distribution, and overall customer service? For starters they must... Ensure that the firm's leadership are aware of and responsible for compliance with the fair value requirements. Understand the roles and remuneration of all parties involved in the distribution chain and how they contribute to the overall value provided to the customer. Justify the earnings and commissions received by brokers, ensuring they are commensurate with the work and value provided. Collaborate with insurers to provide a clear breakdown of how the total premium is calculated, including the various components like underwriting costs, operating expenses, and distribution costs. Advocate for increased transparency and potential compensation for past conduct that has maximized unjustified revenue. Brokers will need to proactively show the value they provide and ensure their earnings are fair and transparent, rather than relying on the insurer to justify the broker's remuneration. What else have we missed? #compliance #complianceconsultant #regulation #insurance

FCA News: Data Collection The Bank of England (the Bank) and the Financial Conduct Authority (FCA) are working together with industry to transform data collection from the UK financial sector through a joint transformation programme.   This transformation would see a new My FCA system (pulling together Connect, Reg Data and the invoicing system) they are inviting anyone who wishes to take part in the testing to contact them directly using the email address TDCProgramme@fca.org.uk   If you would like more information about the can find it here: https://lnkd.in/dEy5uggW   We hope you find this useful and we'd love to know if you take part in the testing! #compliance #regdata #fca #complianceconsultant #londonmarket #lloydsoflondon  

What is a Data Impact Assessment (DPIA)? A Data Protection Impact Assessment (DPIA) is a process to help you identify and minimise the data protection risks of a project. You must do a DPIA for processing that is likely to result in a high risk to individuals. This includes some specified types of processing. There are four stages of a DPIA which must include the following; ▶ describe the nature, scope, context and purposes of the processing; ▶assess necessity, proportionality and compliance measures; ▶identify and assess risks to individuals; and. ▶identify any additional measures to mitigate those risks. If in doubt, just give our expert consultants a call. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #Crypto #Startup #FAQ