UK Insurance: FCA (14 November 2016)

OAC Digest
FCA, Financial crime

14 November 2016

Selected recent news from the UK's conduct regulator: 

On 10 November, at the Financial Crime Conference, the Head of the Financial Crime Department at the FCA spoke of the need for industry, regulators and government to work together to improve the anti-money laundering regime. He flagged that they will soon begin randomly-sampled inspections and commented on the benefits of the upcoming new Financial Crime Data Return (which firms with a 31 December year end are required to submit in late March 2017). He closed on the new Money Laundering Regulations being prepared by government and the resultant update to ‘Financial Crime: a guide for firms.’ 

On 7 November, the FCA announced the first cohort of 18 firms to begin testing in regulatory sandbox. A number of the applications relate to distributed ledger technology (a digital record of who owns what). Firms can apply for the second sandbox from 21 November.

David Gray

For more information
David Gray
Consultant Actuary

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26 June 2017

UK Insurance: FCA (26 June 2017)

Selected recent news from the UK's prudential regulator: Appointed Representatives follow up, call for input on access to insurance, cyber security guide and money laundering developments.