Many aspects of life have returned to normal and special Covid-19 special measures are no longer taken in a number of areas of everyday life. However, a recent Financial Conduct Authority speech highlighted the need for consumer credit firms to continue to offer appropriate support to borrowers in financial difficulty.
John Glen MP, the Economic Secretary to the Treasury and the minister responsible for the financial services industry, has urged firms to put plans in place to ensure men and women are equally represented at management level.
The Financial Conduct Authority (FCA) has published analysis of data submitted by firms as a result of REP-CRIM RegData reports through RegData submissions. The report covers over 2,300 firms for the period between 2017 – 2020 and gives some key insights into areas firms with different permissions should be focusing their efforts.
The Money and Pensions Service has announced ambitious plans to have five million more ‘pension literate’ individuals in the UK by 2030.
The Financial Services Compensation Scheme has carried out research that suggests that 17.5% (more than one in six) retirees aged between 55 and 75 have been the victim of a scam.
The Financial Conduct Authority (FCA) has issued a ‘Dear CEO’ letter to insurance firms on the 18th October 2021, reminding them of their obligations in relation to the enhanced product governance rules and the senior manager attestation requirement that came into force on the 1st October 2021.
New research by consultancy Hymans Robertson shows that as many as 39% of consumers are now more likely to purchase protection insurance as a result of their Covid-19 experiences.
In another example of how the Financial Conduct Authority can take action for issues not directly related to an individual’s financial services employment, a financial adviser has been banned for falsifying tax returns relating to his activities for non-regulated firms.
The latest data from the Financial Ombudsman Service show a dramatic increase in the numbers of complaints relating to scams and frauds. The FOS received 5,025 complaints about these issues during the first quarter of the 2021/22 financial year (April 1 to June 30 2021), which represents a 66% increase when compared to Q1 2020/21.
The Financial Conduct Authority has launched a major new initiative aimed at reducing the harm suffered by consumers who decide to invest. It says its strategy is “aimed at giving consumers the confidence to invest, supported by a high-quality, affordable advice market, which should lead to fewer people being scammed or persuaded to invest in products too risky for their needs.”