This month, the spotlight is on the regulator's findings following its thematic review of the quality and effectiveness of PI insurance held by general insurance intermediaries. This was triggered by concerns identified during routine supervision, and the probe examined whether MIPRU rules are being consistently met (NB: MIPRU is the part of the FCA Handbook that sets out prudential standards for mortgage firms, home finance firms, and insurance intermediaries).
The results confirm the FCA's suspicions, showing that some firms possess inadequate indemnity limits and maximum excesses. Consult the full report for details of actions taken in response to non-compliance, and plans for further engagement with relevant trade bodies.
Pushing forward with Project Innovate, the FCA also tells us that applications for its Advice Unit will re-open on 3 January. The Advice Unit is targeted at firms developing automated advice and discretionary management services, and those accepted on to the programme will receive bespoke regulatory guidance on new technologies under development.
Finally, a number of useful FCA video resources are now available online:
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