Law firm slams FSA's voluntary compensation rules
Companies could be required to voluntarily compensate all of their customers under the new rules being brought in under the guise of the EU’s Markets in Financial Instruments Directive (MiFID), warns City law firm Reynolds Porter Chamberlain at their Financial Services seminar held today (May 17).
RPC said that MiFID, which comes into force on November 1, is being used as an excuse to rewrite the Code of Business Rules (NEWCOB) and the Dispute Resolution Rules that cover all financial services
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Is time ticking on leasehold altogether?
News Editor’s View: Scott McGee asks if the insurance industry's headache of having to justify the fees charged to flat owners for arranging cover is about to be replaced by the pain that will come with leasehold status being ditched for commonhold ownership.
FCA CEO promises fewer large-scale changes for insurers
Nikhil Rathi, CEO of the Financial Conduct Authority, has promised to reduce unnecessary regulatory burdens and support growth of the insurance sector, with less large-scale rule changes in the next five years.
Admiral holds climate course as Trump takes office
Admiral Group chief sustainability officer Michelle Leavesley has doubled down on the insurer’s intentions to achieve its transition targets, despite the likely climate rollback in the US due to President Donald Trump coming into office in January 2025.
What if Elon Musk ran FCA authorisations?
Trade Voice: Graeme Trudgill, CEO of the British Insurance Brokers’ Association, argues the regulator’s clock-stopping authorisations process is a drag on the sector and should be far slicker.
UK pet insurance shifts from sales to process focus
August Von Sydow, chief commercial officer at pet claims automation insurtech Wisentic has said the UK pet insurance market has shifted from being sales-focused to process-focused due to increased adoption.
