Compliance Digest: 19th January 2024
This is a summary of some of the regulatory issues that have come from my various news feeds this week. It is a week for reviewing 2023 and looking forward to 2024.
OFSI publishes its Annual Review 2022-23
UK Insurance Regulation: Looking ahead to 2024
Master your Consumer Duty annual assessment
FCA establishes industry-led working group for financial advisers
FCA to probe firms on non-financial misconduct
OFSI publishes its Annual Review 2022-23
On 14 December 2023, HM Treasury’s Office of Financial Sanctions Implementation (OFSI) published its Annual Review for the 2022-23 financial year. As expected, the Annual Review predominantly focuses on the UK sanctions imposed against Russia following its invasion of Ukraine in February 2022. However, the publication also provides an overview of the other work OFSI has carried out in respect of other regimes during the 2022-23 financial year. Herbert Smith Freehills has published a useful summary of the key takeaways of the OFSI report. The OFSI review can be accessed here.
UK Insurance Regulation: Looking ahead to 2024
The Herbert Smith Freehills insurance team has published its latest annual assessment of UK insurance regulation which reflects the huge amount of regulatory change that has occurred over the last 12 months and that is set to continue in 2024. There are five sections:
1. Post-Brexit reform of the UK regulatory framework
2. PRA focus on capital management
3. Corporate and product governance
4. Digitisation and operational resilience
5. “Green” initiatives.
Master your Consumer Duty annual assessment
Far be it for me to promote someone else’s kit, but TCC has put together a 10-point checklist that might be useful preparing your annual Consumer Duty assessment
FCA establishes industry-led working group for financial advisers
The FCA has announced that it has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair of a new working group focused on building capability in sustainable finance across the financial advice sector. The Personal Investment Management & Financial Advice Association (PIMFA) will provide the secretariat.
FCA to probe firms on non-financial misconduct
The FT has reported that the FCA is gearing up to grill banks, insurers and brokers on the level of sexual harassments and bullying complaints in their workplaces and whether they have used non-disclosure agreements to hush up grievances.
Sarah Pritchard, the Financial Conduct Authority’s executive director for markets and international, told MPs that the regulator was intensifying efforts to tackle non-financial misconduct across the City.
Ian Ashleigh
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