FCA publishes update on misleading ads and financial promotions
The Financial Conduct Authority (FCA) published an update on its work to stop misleading adverts and other financial promotions. This shows that over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following regulatory intervention – this is an increase of 17% year-on-year.
GAP insurers agree to suspend sales following FCA concerns over fair value
The FCA has today announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from them. The firms which have agreed to this action account for 80% of the GAP market. FCA will carry out a second tranche of engagement with the rest of the GAP market, with the aim of improving the value of the product across all firms. These firms have agreed not to use new distributors of GAP in the interim.
FCA publishes update on Credit Information Market Study: Interim Working Group progress
The Financial Conduct Authority (FCA) published an update on its Credit Information Market Study.
Sharia Compliant Products – Virtual meeting on 27 February 24
As you may recall, towards the end of last year we got in touch to share an update on the work that the FLA has been doing on alternative finance, and in particular, the development of ‘Sharia Compliant’ products within financial services. Some members are already active in this space and have been so for many years.
FOS quarterly complaints data: Q2 2023/24
Every three months, FOS shares quarterly data and information on the complaints they see about financial products and services. This includes the number of enquiries and new complaints they received, as well as the proportion of complaints they resolved in favour of consumers ‘ or ‘upheld’.
FOS Plans and Budget CP for 2024/25
Each year FOS consult publicly on their proposed plans and budget for the financial year ahead. The consultation provides an opportunity to feedback on how they deliver and fund their service.