FCA News

Regulation round-up June 2017

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Introduction: Alison Barker, Director of Specialist Supervision

I’m very pleased to welcome you to the June edition of Regulation round-up. I would like to take the opportunity to highlight our new guide to the foundations of good cyber security, published today. We have designed the guide to help firms, particularly smaller businesses, become more resilient to cyber attacks and to respond appropriately to cyber incidents.

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Hot topic: GI appointed representative follow-up work

In July 2016 we published the findings of our thematic review of principals and their appointed representatives (ARs) in the general insurance sector. We focused on their understanding of their responsibilities for and oversight of their ARs.

We found significant shortcomings and examples of mis-selling and customer detriment.

We have conducted a piece of follow-up multi-firm supervisory work focusing on London Market insurance intermediaries that had diversified and developed networks of ARs, as we identified this as a specific risk.

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Hot topic: Live & Local regional programme returns

Following the success of our first Live & Local regional programme in 2016/17 we have launched the first part of our 2017/18 programme. Having listened to delegate feedback we are changing the structure of this year’s programme. From July 2017, we are travelling across the UK with a series of events for regulated firms. We will visit each region more than once during the programme to give firms more opportunity to attend a variety of events.

While a regular schedule of events is aimed at retail investment and general insurance firms, we will also hold ad-hoc events for various sectors that our Chairman and members of our Executive Committee will attend. Additionally, we will hold events focusing on priorities set out in our Business Plan.

We are announcing a new set of event dates and locations every few months on the Live & Local page of our website. The first set of events will run from July to September. We are offering the following events for retail investment firms:

  • interactive workshops focusing on our recent Assessing Suitability Review
  • Q&A roundtables with a panel of FCA and industry representatives
  • one-to-one surgeries with supervisors

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