The Conduct Standard outlines a series of updated requirements for benefit administrators, including governance enhancements, risk management protocols, and processes for ensuring fair outcomes for fund members and beneficiaries.
The High Court confirms a Tribunal decision that the appointment of directors of insurance companies can be regularised retrospectively. It underscores that section 14 of the Insurance Act does not require the Prudential Authority’s pre-approval.
The judgment confirms that the Tribunal acted within its authority when it reduced a penalty imposed by the Prudential Authority on two state-owned insurers.
With Joint Standard 2 on cybersecurity coming into force on 1 June, the Prudential Authority emphasises the need for financial institutions to bolster resilience, share intelligence, and prepare for inevitable cyberattacks.
One of the sanctioned FSPs says it’s important to request virtual meetings with the FSCA after each feedback round to ensure all compliance expectations are met.
The FSP used an email address it obtained from a credit bureau, but the rep denied this address belonged to her.
The FSCA’s latest Notice of the recognised qualifications replaces previous notices from 2021 and 2023.
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
The Financial Intelligence Centre has refined its draft PCC, addressing industry feedback on payment system operators, open- and closed-loop cards, and third-party payment services.
Directive 3A and PCC 50A set clear guidelines for accountable institutions on reporting international funds transfers and handling reporting failures.
The FSCA has raised the maximum daily penalty for late submissions under insurance legislation by 4.39%.
In response to stakeholder concerns over increased costs, the FSCA says the requirements can be scaled to each institution’s size and complexity.
The new draft introduces a phased approach, initially focusing on positional reporting to overcome challenges identified in earlier consultations and to enhance oversight of short selling.
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
IRS, which is set to go live in 2026, will leverage smart analytics to automate risk assessments and provide a comprehensive view of regulated entities.
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
Recent cases reaffirm that disclaimer notices must be prominently displayed and clearly worded to be enforceable, ensuring that consumers are adequately informed of their rights and risks.
