David Allinson

Oct 21, 2024 | lexology.com | Haiying Li |David Allinson

The FCA has published a market study inviting discussion on premium finance. At the same time, the Government has announced a plan to assemble a new cross-government taskforce on motor insurance. This will focus on ensuring customers are being treated fairly (both by being offered affordable premiums and an appropriate level of cover) and equally (regardless of demographics, geographies and communities).

Oct 14, 2024 | lexology.com | David Allinson

In a decision that will cause consternation for FCA regulated entities and their insurers alike, the Court of Appeal (COA) has overturned the Upper Tribunal (UT's) decision in The Financial Conduct Authority v Bluecrest Capital Management (UK) LLP. The UT's decision had reinforced the need for a legal liability to be established before redress was payable under a single-firm redress scheme. The COA has comprehensively overturned the UT's ruling, casting the position into doubt.

Sep 20, 2024 | lexology.com | David Allinson |Rachael Healey

The Consumer Duty was introduced at the end of July 2023 and has applied to closed products from the end of July 2024. One of the cornerstones of the Consumer Duty is the price and value outcome. The FCA defines the price and value outcome as a requirement on firms to make sure the price customers pay is reasonable compared to the benefits they receive.

Sep 9, 2024 | lexology.com | David Allinson

The FCA has published its annual report and accounts for the year 2023 / 2024. This is a voluminous document running to 170 pages. For the purposes of this blog, we're focussing on some interesting data nestled in an appendix concerning the use of s.166 of FSMA. As regular readers of these pages will no doubt know, s.166 of the Financial Services and Markets Act 2000 ("FSMA") gives the FCA the power to obtain a report from a skilled person on any aspect of a regulated firm's business.

Aug 1, 2024 | lexology.com | Haiying Li |David Allinson

The FCA has published a consultation paper inviting discussion on a further extension to complaints handling rules for motor finance complaints. This comes as a result of the FCA admitting that it will not be able to set out the next steps they intend to take in this area by the anticipated deadline of 24 September 2024. Regular readers will be aware that vehicle finance complaints have been a hot topic for the FCA in 2024.