The General Data Protection Regulation (GDPR) came into effect in 2018. Through outlining certain processes for handling and storing information, it provides a legal framework for organisations to keep personal data safe. The Data Protection Act 2018 is the UK’s implementation of GDPR. Principles of GDPR GDPR outlines certain data protection principles. All organisations must…
As regulated businesses, insurers and insurance brokers must meet certain anti-money laundering (AML) commitments. In this post we’ll take a look at the sort of AML trends that might impact regulated businesses like yours. Artificial Intelligence in Anti-Money Laundering Processes – New Opportunities and Threats Artificial intelligence (AI) is quickly transforming the way we live…
The Financial Conduct Authority (FCA)’s Treating Customers Fairly (TCF) guidelines apply to every financial services provider that they regulate. In this post, we’ll discuss how insurance brokers can implement these TCF guidelines through exploring the six outcomes that the FCA wishes to result from their initiative. What is the TCF Initiative? The FCA’s TCF initiative…
The Financial Conduct Authority (FCA) is one of the major bodies responsible for regulating insurers and other financial agencies and has published rules on Consumer Duty. They set regulations that anyone who wants to sell, arrange, or advise on certain financial products must meet. What is the FCA Consumer Duty? The FCA’s Consumer Duty is…
The Financial Conduct Authority (FCA) is one of two major bodies that regulates insurers and the wider financial sector. They establish and enforce stringent regulations that anyone who wants to sell, arrange, or advise on insurance must meet. Part of these regulations are a set of threshold conditions. In this post we’ll explain what the…
The Financial Conduct Authority (FCA) is one of several organisations that regulate the insurance industry. You need to apply for FCA approval if you want to offer any kind of regulated insurance services in the UK. As part of their supervision, the FCA imposes a Code of Conduct on all the financial firms it regulates….
The Financial Conduct Authority (FCA) is one of a few bodies that regulates financial service firms and financial markets in the UK. If you want to provide any sort of regulated financial services in the UK, then you need to get approval from the FCA. But FCA authorisation does not last indefinitely. So in this…
In recent years, the Financial Conduct Authority (FCA) has been working towards an agenda they refer to as “conduct risk”. Customers trust insurers to provide a service that offers maximum value at the best possible price. Conduct risk is a measure of how effectively insurers meet this brief. In short, conduct risk is a question…
The Financial Conduct Authority (FCA) regulates financial service firms and financial markets in the UK, including insurers and insurance brokers. What Does the FCA Do? The FCA sets stringent regulations concerning how financial service firms operate. Firms and individuals must demonstrate how they meet these regulations before the FCA will authorise them. And after the…
The financial services sector, which includes insurers and insurance brokers, is mainly regulated by two bodies: What Does the Financial Conduct Authority (FCA) Do? The FCA regulates financial service firms and financial markets in the UK. Their regulations are designed to ensure that financial markets are “honest, fair and effective so consumers get a fair…