Author: James Hinch

February 26, 2020

In April 2019, The FCA set about their new approach to supervision, which includes a portfolio letter that they will send every two years. Each sector is split into a series of portfolios, with each comprising of firms with similar business models. These portfolios are not static and adapt as business models change. At present,…

February 20, 2020

The Information Commissioner is producing a direct marketing code of practice, as required by the Data Protection Act 2018. A draft of the code is now out for public consultation. The NACFB is inviting all their Members to provide their feedback on the Code, welcoming your responses so we can return to the ICO with…

February 12, 2020

The Information Commissioner’s Office (ICO) has fined a London-based pharmacy £275,000 for failing to ensure the security of special category data. Doorstep Dispensaree Ltd, which supplies medicines to customers and care homes, left approximately 500,000 documents in unlocked containers at the back of its premises in Edgware. The documents included names, addresses, dates of birth,…

October 15, 2019

The FCA says there is evidence that customers are losing out due to the way some lenders are rewarding those who sell car finance. The Financial Conduct Authority (FCA) declared war on discretionary commission models and is proposing a ban. What does this mean for NACFB Brokers? Following the Motor Finance Review in March, the…

October 15, 2019

Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay. The broker can set that rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act against customers’ interests. The FCA estimates the changes would save customers £165 million a…

October 11, 2019

The ICO has designed some guidance to help small to medium-sized UK businesses and organisations keep personal data flowing with Europe (the EEA) after Brexit. (The EEA is the EU plus Iceland, Norway and Liechtenstein.) If we leave the EU without a deal, most of the data protection rules affecting small to medium-sized businesses and…

October 11, 2019

The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA. Tullett Prebon, now part of TP ICAP, is an electronic…

July 17, 2019

The Financial Conduct Authority is to move to a new platform for its data collection systems, which will include replacing Gabriel. Gabriel is the FCA’s main regulatory data collection system, facilitating the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms. The regulator has asked all users to complete a short survey…

June 24, 2019

Following recommendations by the Parliamentary Commission on Banking Standards, the FCA and PRA introduced the Senior Managers and Certification Regime (SM&CR)  from March 2016. The key aim is to increase individual accountability within the banking sector. SM&CR makes it easier for regulators to understand which individuals have responsibility for each of the key aspects of…