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    The FCA’s Work to Date on U.K. Retirement Outcomes Shows a Need for Encouragement, Not Intervention
    (Published August 29, 2017) The media interest generated by the FCA’s publication of its Interim Report on the Retirement Outcomes Reviewis not surprising. Whenever reports like this are published, there is invariably lots to talk about, especially in this case, given the degree of interest in pensions since the new regime was introduced in 2015. This is made even more interesting, not just because the FCA has set out how the new pensions regime is shaping up, but because it is already suggesting ways in which it can take action to intervene, in order to fix what are believed to be emerging problems. Martyn Oughton takes a closer look.
    The FCA re-visits the compliance Chamber of Horrors, pension transfers in CP 17-16
    (Published July 25, 2017) Pension transfers are the nightmare subject of financial services compliance. Practitioners and regulators with memories of the 1990s recall the enormous amounts of compensation and administrative time and expensive incurred in trying to unravel some appalling financial recommendations given to transfer out of occupational schemes. Yet, even after the disappearance of commission for advised transactions following the Retail Distribution Review, this subject continues to offer substantial pots of money from which financial advisers may feast by offering advice services going forward on the basis of a percentage of the fund concerned. On top of this, as the Thematic Review in 2014 illustrated, the use by employers of incentives to transfer, in attempts to reduce pension scheme liabilities, and a recent bond bull market which has generated weirdly high transfer values have added further temptations. Pension transfers are the classic high risk/high reward business. Adam Samuel reports.
    U.K.'s FCA PS 16-23 – a bonfire of the useless disclosures
    (Published January 20, 2017) Policy Statement (PS) 16/23, published by the Financial Conduct Authority (FCA) in October, announced the demise of some of the more useless, time-wasting disclosures that the FCA’s predecessor, the Financial Services Authority (FSA) ever insisted on. This piece tries to give them a decent if not excessive funeral! Adam Samuel reports.
    When it Comes to U.K. Retirement Reviews, We Need to Stop Going Round the Same Mountains
    (Published January 20, 2017) The announcement back in July 2016 that the FCA is carrying out its Retirement Outcomes Review (ROR) comes after a significant number of regulatory initiatives in the wake of the introduction of the pension freedoms back in 2015. Whilst the amount of regulatory activity is no doubt driven to a large extent by the new pension regime, there are some aspects of this work that have a distinctly old school feel in terms of some of the issues that are being tackled. Martyn Oughton comments.
    Secondary Annuity Market? What Secondary Annuity Market?
    (Published June 13, 2016) HM Treasury (HMT), HM Revenue & Customs (HMRC) and the Financial Conduct Authority (FCA) have all during April 2016 published further proposed details of the secondary annuity market – originally proposed for 2016, now to be introduced in April 2017. Martyn Oughton takes a closer look.
    TR 16-2 Fair treatment of long-standing customers in the life insurance sector – it really should have moved the share price
    (Published March 31, 2016) TR 16/2 “Fair treatment of long-standing customers in the life insurance sector” is a report of the thematic review into closed book life assurers’ customers that ultimately led to the departure of the FCA Chief Executive, Martin Wheatley. His involvement in the decision to pre-brief a journalist about a mention of the review in the FCA Business Plan and failure to respond when the shares of the companies affected by the news plummeted led to the decision not to renew his contract. Adam Samuel reports.
    NAIC to Explore Insurers' Use of Big Data in 2016
    (Published February 15, 2016) Big data – the conversion of customer information collected and stored electronically into useful information – is changing how many insurers do business.  While the use of big data can aid insurers’ underwriting, rating, and claim settlement practices, consumers’ rights to privacy and protection must be balanced.  The 2016 NAIC Committee explorations of insurers’ big data use and any resulting recommendations will most likely preview how insurers’ use of big data will be regulated in coming years.
    Top 10 Insurance Market Conduct Issues - LIFE & HEALTH - 2015 Webinar Slides
    Kathy Donovan, Senior Compliance Counsel, presented these slides during a webinar to provide an in-depth review of the most frequent market conduct issues from 2014 in the life and health insurance industries.
    Complimentary Insurance Webinars: The Top 10 Most Frequent Market Conduct Issues for the Year
    (Live Webinars November 3 and 5, 2015) Kathy Donovan, Senior Compliance Counsel, hosts two webinars to provide an in-depth review of the most frequent market conduct issues from 2014. These webinars are a must for insurance compliance professionals seeking to understand what the regulators are looking for during an examination.
    State Highlights from 2015
    (Published March 6, 2015) States have been very busy issuing bulletins, guidance documents and press releases on a number of issues including expedited TRIA filings, health plan submittals and mileage reimbursement rates. Following article also reviews other new documents issued to each jurisdiction.
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