Since our last publication, the FCA has stated that the delayed implementation of IDD is "not guaranteed", and the FCA and ICO have issued a joint update on GDPR.
Lending Standards Board seeks feedback on Standards
The Lending Standards Board has requested feedback on the Standards of Lending Practice that were launched in July 2016. The review process is said not to be the wholesale review that was undertaken for the Lending Code. Views are welcomed particularly on the digital journey, financial inclusion and any wider industry themes.
FCA letter on powers and regulatory perimeter
The House of Commons Treasury Committee has published a letter from the FCA Chief Executive to Nicky Morgan, House of Commons Treasury Committee Chair, relating to the FCA's powers and regulatory perimeter. The letter summarises what the FCA regulates, its aims, its powers, and specific areas where issues have arisen regarding its role. Highlights include commentary on cryptocurrencies, unregulated mortgage purchasers, and redress schemes to benefit small and medium-sized enterprises.
LMA guidance on duty of confidentiality
The Lloyd's Market Association (LMA) has published guidance on the duty of confidentiality. The guidance outlines the obligations around the receipt and use of confidential information, particularly those imposed on underwriters and claims handlers at a corporate level and in their capacity as members of staff.
Review of the cash ratio deposit scheme: consultation on proposed changes
HM Treasury has published a consultation on the way banks and building societies contribute to funding the Bank of England’s monetary policy and financial stability functions. This follows HM Treasury's review of the scheme as announced in December 2017. The government will publish a formal response following the consultation which closes on 9 March 2018.
FCA and ICO joint update on GDPR
The FCA and the Information Commissioner's Office (ICO) have published a joint update on the General Data Protection Regulation (GDPR). Financial services firms will need to consider how the GDPR will apply to them, and ensure that they are ready to comply with the regulations from May 2018.
Proposed trade framework could see insurers expand operations to new countries
The Association of British Insurers (ABI) is proposing a new template for future trade agreements which intends to pave the way for UK insurers to expand their operations into new countries. The top two priority markets for UK insurers are China and India, territories for which an EU trade agreement does not currently exist.
IDD delayed implementation ‘not guaranteed’, FCA says
The Financial Conduct Authority (FCA) has stressed there is no guarantee yet that there will be a delay in implementation of the Insurance Distribution Directive (IDD). This information comes as part of the FCA’s response to questions raised on the IDD. The FCA says that, until the European Commission finalises changes, firms should continue to work to the 23 February 2018 implementation date.
European Parliament does not object to proposal to delay application date for IDD Regulations
The European Parliament has confirmed it does not object to the European Commission's legislative proposals to delay the application date for two Delegated Regulations under the Insurance Distribution Directive.