RR Compliance Associates’ Post

The new Consumer Duty regulations came into force on 31 July 2023. All financial services organisations must show that they have set higher consumer protection standards, with complaints and their management being a key litmus test of how a business performs against these standards. We understand the intricacies of working within regulated industries. The Forseti platform by Bridgetech Connect supports compliance with FCA complaints handling and consumer duty regulations. www.forseticomplaints.com #Complaints #Compliance #FCA #ConsumerDuty #PetInsurance

🚨 The Consumer Duty regulations are transforming the UK's financial services sector. Is your business prepared? 📄 Our latest whitepaper, "Regulatory Compliance & Consumer Duty: Strategies for Financial Firms," offers essential insights and practical guidance to help you navigate these changes. 👉 Download the guide here - https://hubs.li/Q02KVTwS0 #ConsumerDuty #FinancialServices #Insurance #Compliance #CustomerCentric #FullCircl #UKRegulations #BIBA

With Consumer Duty regulations being the most talked about items among my insurance broker network, I'd like to share FullCircl's latest whitepaper. The Consumer Duty regulations are transforming the UK's financial services sector. Is your business prepared? 📄 Our latest whitepaper, "Regulatory Compliance & Consumer Duty: Strategies for Financial Firms," offers essential insights and practical guidance to help you navigate these changes. 👉 Download the guide here - https://hubs.li/Q02KVTwS0 #ConsumerDuty #FinancialServices #Insurance #Compliance #CustomerCentric #FullCircl #UKRegulations #BIBA

📢 In today’s financial landscape, the effectiveness of your marketing efforts is paramount. However, amidst the drive for business growth, overlooking compliance standards (especially regarding FDIC Insurance coverage and UDAAP/UDAP and Section 5, FTC) can be perilous. Join Kimberly Boatwright, CAMS, CRCM,FLE for this in-depth 3 part series to master the intricate web of marketing and advertising compliance requirements 🚀 ✨ You'll come away with practical guidance to ensure your strategies align with regulatory expectations. 📌 Learn more & sign up to join us here: https://lnkd.in/eFScs-9j #compliance #UDAAP #regulatorycompliance #marketingcompliance #compliancetraining #banking

Exciting news in financial regulation! The FCA has just released its Business Plan for 2024/25, outlining an ambitious strategy aimed at enhancing outcomes for consumers and markets. Here are some key points mentioned in the business plan: 🔍 Key Focus Areas: - Protecting consumers - Ensuring market integrity - Promoting effective competition - Enhancing international competitiveness and growth Read our blog for more details on these key points: https://lnkd.in/efMgZcKA For help with your FCA regulatory and compliance arrangements, get in touch with our specialist team by calling 020 7436 0630 or sending an email to info@thistleinitiatives.co.uk. #fcaregulatory #compliance #regulations #regulatorycompliance #financialservices

Exciting news for the financial industry! FCA is simplifying regulations, aiming to reduce the burden on firms and offering better protection to consumers. By acknowledging overlaps in consumer protection rules, FCA intends to cut unnecessary red tape and enhance clarity. This move will undoubtedly have a positive impact on businesses and consumers alike. Looking forward to a more straightforward and efficient regulatory environment. #FCA #financialindustry #regulations https://ift.tt/UPrAp4N

The #ConsumerDuty is nearly one year old! 🎂 1️⃣ Coming into force on 31st July 2023 (for new/existing products and services) it set higher standards of consumer protection in #financialservices. 2️⃣ It's not once and done! Good outcomes on firm/consumer relationships should be embedded into business models and firm thinking. 3️⃣ It applies to closed product and services from 31st July 2024 too. 4️⃣ Firms should also be reviewing and approving annual reports 📝 on duty compliance, good outcomes and action plan to remedy issues. The #FCA is marking the date with a new webinar, reflecting on one year of implementation. Useful for any regulated firm. Link included below. 👇 Time certainly flies... ⏳. If you have any queries on the Consumer Duty and what it means for your firm, just reach out. Ashfords LLP #financialservices #fintech

Is the FCA getting its own house in order? Views from The Insurance Times deputy editor are on the link below. Is the regulator doing enough, and quickly enough to meet the requirements of the industry? #fca #regulatedindustries #insurancetimes #compliance #complianceconsultant

Attention firms: Please be advised of upcoming FCA regulatory data returns. Scheduled for the 2nd April 2024, these pertain to the Pricing of General Insurance Products and include reports 021c, 021d, 021e & 022. While the majority of firms we interact with are unlikely to be affected, a simple Nil return is still required. However, it's important to note that for form REP022, completion of the attestation details and controlled functions of the responsible individual is necessary. This information can be readily sourced from your firm's entry in the Financial Services Directory. Our expert Compliance Officer, David Potton, is here to assist with these or any other Reg Data or Connect Returns. Get in touch with him today on: E:professionalsupport@thepremierequityreleaseclub.co.uk T: 0121 296 9987 #RegulatoryCompliance #FCA #DataReturns #InsuranceProducts #FinancialServices #ProfessionalAdvice

The FCA's review findings of how insurance firms are meeting the higher standards of the Consumer Duty on outcomes monitoring include lots of valuable insights on good practice and where firms need to raise standards. Key takeaways for me are around presenting the data with sufficient analysis to enable effective board/committee challenge and oversight, particularly on thresholds/targets and actions taken; and ensuring comprehensive monitoring of outcomes for different customer groups. You can find our more detailed analysis here, which looks at the takeaways for all firms subject to the Duty: https://lnkd.in/erMKzn6V