Financial Conduct Authority (FCA) News

Some UK Insurers May Be Forced to Adjust Motor, Home Insurance Prices: Fitch

Some UK insurers may be forced to change how they set their prices for motor and home insurance as a result of a regulatory investigation next year, according to Fitch Ratings. Insurers have been accused of overcharging customers who do …

EU Watchdogs Step Up Plans to Avert Market Meltdown from No-Deal Brexit

After months listening to the U.K. warn about the risks posed by a no-deal Brexit, European Union financial regulators are now stepping up plans to avert a market meltdown. Daniele Nouy, the European Central Bank’s head of supervision, set an …

UK Financial Services Regulations Unlikely to Be Relaxed After Brexit: KPMG

KPMG expects Britain to ignore calls to loosen banking rules after Brexit and said in a report on Wednesday it may even become tougher with measures to protect consumers and defend its financial stability from cyber attacks. Britain’s regulators are …

UK Regulator to Probe Personal Lines Providers for Overcharging Customers

Telecoms and financial services companies face an investigation by Britain’s competition regulator after consumer body Citizens Advice complained that customers who do not switch providers were being “ripped off” . Such customers were being overcharged 4.1 billion pounds ($5.2 billion) …

UK Insurers, Banks ‘Must Plan for Hard Brexit’ if Transition Deal Fails: Regulator

Britain’s banks and insurers must plan for a “hard” Brexit in case a transition period is not in place next March, a senior British regulator said on Thursday in a warning echoed by Brussels. “With eight months until we exit …

UK Regulator Warns Insurers, Banks About Responsible Use of Customers’ Big Data

Britain’s banks and insurers must take the lead in spelling out how they will use data collected from customers or they could face new rules, Financial Conduct Authority Chair Charles Randell said on Wednesday. Financial firms have been using Big …

Schwarzenegger’s UK Ad Campaign Drives Hike in Claims for Mis-Sold Insurance

Complaints about financial services firms rose by 13 percent in the second half of last year, driven by an increase in grievances about the mis-selling of payment protection insurance after an ad campaign featuring Arnold Schwarzenegger. Complaints to the Financial …

UK Regulator FCA Calls for Coordination with EU to Assure Smooth Brexit

Britain’s financial watchdog called on Monday for immediate coordination with European Union counterparts to ensure that Brexit is as smooth and stable as possible for markets. The Financial Conduct Authority (FCA) has said financial firms should feel comfortable about relying …

Schwarzenegger Is Back – in UK Awareness Campaign About Mis-Sold Insurance

U.K. banks may face more claims for wrongly sold insurance as the country’s markets cop steps up an informational campaign featuring an animatronic head of Arnold Schwarzenegger. Misleading some customers in selling as many as 64 million payment protection insurance …

Bank of England Will Soon Update Insurers, Banks on Latest Brexit Approach

The Bank of England said it would update banks and insurers next week on its approach to Brexit given that Britain and the European Union have now adopted a transition deal. “The Bank of England welcomes the EU Council’s conclusion …