In July’s Thematic Review, the FCA announced they had found significant shortcomings in the control and oversight of appointed representatives (ARs) by their principals in the General Insurance (GI) sector. The FCA indicate the failings are of relevance to all principal firms.
Cyber security and combatting financial crime were major themes in FCA speeches in September. The regulator wants to see a ‘security’ culture in all firms which covers processes and technology, but also people – from Board level down to every employee.
The final quarter of the year is set to be a busy period, with several important announcements expected from the FCA – specifically those on assessing affordability and creditworthiness and staff remuneration, and an update on the review of the Consumer Credit Act.