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    U.K. Insurers are Invited Late to the Diversity Party – but Regulators Alone Cannot Make Them Mingle
    (Published November 8, 2017) The PRA has announced the need for Solvency II firms and large Non-Directive Firms to put in place a policy on diversity in board recruitment and to show consideration for diversity during the recruitment process. Martyn Oughton comments.
    The U.K. FCA’s proposed insistent customer guidance in CP 17-28
    (Published November 8, 2017) The U.K. FCA’s decision to produce guidance on insistent customers gives compliance geeks from the late 1990s nightmares. Anyone who worked on the pension review recalls the legion of cases which were supposed to have resulted from advice rejected by the customer. Adam Samuel reports.
    Leveling the Playing Field
    (Published November 1, 2017) As simple as the concept of Regulatory Change Management is, the challenges often lie in proper execution. Join Wolters Kluwer Compliance Consultant Barbara Boehler as she explores a potential framework for approaching Regulatory Change Management.
    Rising price of cyber-fines
    (Published October 13, 2017) When America’s chief markets watchdog, the Securities and Exchange Commission becomes a victim of cyber-attacks, it raises questions of high importance about whether any institution, inside or outside the financial sector, can protect itself against malicious invaders. Selwyn Parker comments.
    Distinguishing Advice from Guidance in the U.K. Will Not Solve the Intended Problem; the Solution Lies Elsewhere
    (Published September 27, 2017) The current focus on changing and refining the definition of financial advice could be construed by the casual viewer as something designed to help both financial advisers and the public. The reality appears to be somewhat more political than that, with the driver being the Financial Advice Market Review (FAMR), charged primarily with getting more people access to financial advice and guidance. Specifically, it is the guidance part where the focus on benefits mostly sits. But, how can a subtle change to wording in a regulatory definition bring about a wholesale change in the way that the public seeks assistance in sorting out its financial affairs and making decisions? If this is truly the objective, then the chance of success requires closer scrutiny. Martyn Oughton reports.
    U.K. Cancer sufferers could soon find it easier to get travel insurance
    (Published September 27, 2017) The Financial Conduct Authority has turned its spotlight on firms that refuse to provide travel insurance – or only provide it at overblown premiums – to people with cancer, writes Michael Imeson.
    Core elements of new and extended accountability regime rolling-out to all UK regulated firms
    (Published September 15, 2017) The U.K. conduct regulator (FCA) has recently begun consultations (see CP17/25 & 17/26) which will see the extension of the Senior Managers & Certification Regime (SM&CR) to all firms authorised under U.K. financial services legislation (FSMA). This important development should effectively see the existing Approved Persons (APER) regime replaced. Steve Blackbourn comments.
    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.
    Dear Sam – We May Need Some More Time for These Brexit Plans
    (Published August 29, 2017) Back in April 2017, the PRA’s CEO Sam Woods wrote a short letter to all firms under the PRA’s remit asking for something that might be considered straightforward – the contingency plans firms had in place for the U.K.’s impending withdrawal from the European Union (or E.U.), a pertinent matter for those firms engaged in cross-border activity in other E.U. (and European Economic Area (E.E.A.)) member states. A fairly simple request you might think; but there is one dynamic acknowledged in the letter which makes this interesting – the possibility that the U.K. could leave the E.U. with no reciprocal trading arrangements and no interim period during which to find its feet on its own.Martyn Oughton delves deeper.
    The new MiFID rules for U.K. complaint handling as incorporated into DISP in January 2017
    (Published August 29, 2017) To say that the FCA mistreats is an understatement. It amends it on an almost annual basis, dropping random material in mostly where it does not belong. PS 17/14 continues that trend by creating a new DISP 1.1A solely for MiFID II complaints due to come into force on 3 January 2018. Most of it duplicates rules that already appear elsewhere in DISP. Adam Samuel reports.
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