UK Insurance: FCA (26 June 2017)

OAC Digest
FCA, Financial crime, Governance, risk & compliance, Life insurance, Non-Life

26 June 2017

Selected recent news from the UK's conduct regulator:

On 22 June, the FCA published the June edition of Regulation round-up. In this edition they comment on appointed representative (AR) follow-up work again stating that all firms who have ARs should consider the content of their thematic report citing a gap analysis as an example of work firms should undertake. 

On 20 June, the FCA "Call for Input: Access to insurance", inviting views on the challenges firms face in providing travel insurance for consumers who have, or have had cancer, together with the rationale for pricing differentiations in quoted premiums. The FCA believe that the findings will broadly apply to other medical conditions and also to other protection products. The regulator expects to publish a Feedback Statement and set out next steps in late 2017.    

On 15 June, the FCA published a guide for firms on the foundations of good cyber security. This is intended "to help firms, particularly smaller businesses, become more resilient to cyber attacks and to respond appropriately to cyber incidents". 

On 12 June, the FCA published CP17/13: Fourth Money Laundering Directive and Fund Transfer Regulation Implementation (DEPP and EG). They are consulting on the amendments to the decision procedure and penalties manual and enforcement guide in light of the changes that will be introduced by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The consultation closes on 7 July. The regulations have now been laid in Parliament and they come into effect on 26 June 2017. 

David Gray

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David Gray
Consultant Actuary

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