Have a listen to how a well designed and executed T&C framework can help demonstrate the measurement and management of individual competency and capability.
On the 1st April 2019 the FCA will become the regulator of claims management companies (CMCs). At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs.
The FCA is now consulting on how the Senior Managers and Certification Regime (SM&CR) will apply to CMCs. The consultation paper sets out the proposed rules about when SM&CR may apply to CMCs and what action firms will need to take.
There is also a consultation ongoing with regards what fees the FCA proposes to charge CMCs.
Please click here for:
FCA consultation paper – SM&CR for CMCs https://www.fca.org.uk/publication/consultation/cp18-26.pdf
FCA consultation paper – Fees for CMCs https://www.fca.org.uk/publication/consultation/cp18-23.pdf
FCA support website page for CMCs https://www.fca.org.uk/firms/claims-management-companies
This Policy Statement from the FCA provides their response to the feedback received to CP 17/7 on the IDD. It also sets out the near-final rules with regards application, professional requirements, complaints handling and ICOB. For those with responsibility for T&C, please note it introduces the completion of 15 hours CPD each year for relevant staff, some of whom might be Retail Investment Advisers where the 35 hours composition has changed.
Firms are required to comply with these new rules by 23 February 2018. Please click here for:
FCA Policy Statement https://www.fca.org.uk/publication/policy/ps17-21.pdf
IDD – What’s it all about https://www.trailight.co.uk/idd-whats-it-all-about/#more-544
In February the Banking Standards Board published a statement of good practice and supporting guidance on implementation for the assessment of fitness and propriety of those within the certification regime.
Please click here to download:
This Paper from the FCA consults on changes to the SYSC, TC, MIPRU, IPRU(INV), ICOBS and DISP sourcebooks. It looks to enhance competence by introducing knowledge and ability requirements to be demonstrated by completing 15 hours of CPD a year. A must read for those involved in insurance and reinsurance, intermediaries and other firms in the insurance market – https://lnkd.in/gi_fndW
For those interested a quick reminder – responses are due by the 26th January on the future mission, remit and role of the FCA.
Published: January 2017
This Occasional Paper from the FCA takes a look at behavioural biases, morality and culture in the context of professional decision making within organisations. A recommended read for those involved in “People Risk”.
Published: January 2017