FSA’s Regional Assessment Programme and its follow up the Proactive Regulatory Review
The Regional Assessment Programme consists of Business Risk Awareness workshops to which all smaller retail firms will be invited to and then a follow up regulatory review (the Proactive Regulatory Review) on the firm. The purpose of the workshops is to give regulated firms a clear insight into the key messages of the regulatory review and through case studies to examine examples of good and bad practice as regards governance, culture and controls. The Regional Assessment Programme is starting at the end of this month with the first region being the North West. This programme is separate and additional to the RDR implementation reviews being carried out by the FSA as from the start of 2012.
We are predominately a compliance consultancy firm and our aim is to assist the growth of your business, whilst providing you with industry-leading regulatory and operational support at competitive prices.
Wednesday, 9 November 2011
Wednesday, 2 November 2011
Operational and Compliance consultancy reduced rates
We are able to offer reduced consultancy daily rates and a package to suit your business, so contact us today
problems associated with payment protection insurance (PPI) recurring in a new generation of products.
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have joined forces to help prevent the problems associated with payment protection insurance (PPI) recurring in a new generation of products.
The FSA and the OFT are consulting on proposed guidance to firms in relation to payment protection products - which can fall within either regulator's remit. This is a key time as the market shifts away from PPI and firms begin to develop new products or product features - such as short-term income protection, or debt freeze or debt waiver as elements of a credit agreement or mortgage
Payment protection products within the FSA's jurisdiction
The FSA's guidance stresses that firms should ensure that product features reflect the needs of the consumers they are targeting. There are four key areas of concern that providers should think about carefully:
firms not properly identifying the target market for the protection product
the protection not reflecting the needs of the intended consumers
the benefit of a successful claim not matching the needs of the claimant, and
product features or pricing structures creating barriers to comparing products, exiting a policy or switching cover.
Contact Deemar UK Limited for more information
The FSA and the OFT are consulting on proposed guidance to firms in relation to payment protection products - which can fall within either regulator's remit. This is a key time as the market shifts away from PPI and firms begin to develop new products or product features - such as short-term income protection, or debt freeze or debt waiver as elements of a credit agreement or mortgage
Payment protection products within the FSA's jurisdiction
The FSA's guidance stresses that firms should ensure that product features reflect the needs of the consumers they are targeting. There are four key areas of concern that providers should think about carefully:
firms not properly identifying the target market for the protection product
the protection not reflecting the needs of the intended consumers
the benefit of a successful claim not matching the needs of the claimant, and
product features or pricing structures creating barriers to comparing products, exiting a policy or switching cover.
Contact Deemar UK Limited for more information
Tuesday, 2 August 2011
mortgage stream
It is imperative that a company has robust compliance system in place and we would recommend Mortgage Stream for value for money and as the name suggests it does stream line your business.
Thursday, 21 July 2011
Lead generation due diligence unfair and improper practices
Small example of unfair or improper business practices with regards to lead generation and direct marketing include:
• Licensees dealing with known non-compliant lead generation businesses. For example, accepting consumer leads obtained from lead generation firms where it is known, or reasonably ought to be known, that they are employing the use of misleading marketing material, and/or making misleading claims via web-sites or other media.
• not making the true nature of the service to be provided sufficiently clear to consumers via website or other advertising content or when using other direct marketing contact methods such as, for example, telephone calls or text messaging
Check consumer licences for caterogies, ICO register for purpose, Web sites for privacy statements etc
Carry out due dilligence
• Licensees dealing with known non-compliant lead generation businesses. For example, accepting consumer leads obtained from lead generation firms where it is known, or reasonably ought to be known, that they are employing the use of misleading marketing material, and/or making misleading claims via web-sites or other media.
• not making the true nature of the service to be provided sufficiently clear to consumers via website or other advertising content or when using other direct marketing contact methods such as, for example, telephone calls or text messaging
Check consumer licences for caterogies, ICO register for purpose, Web sites for privacy statements etc
Carry out due dilligence
Wednesday, 13 July 2011
The perils of email - £120,000 fine imposed for sending emails to the wrong recipients
Surrey County Council, a simple error Fine of £120,000 imposed by the Information Commissioner's Office (ICO). The fine is the largest imposed on a single organisation since the ICO was granted its enhanced powers to issue fines in April 2010. The Council was fined for three serious breaches of the Data Protection Act over the last year.Council employee inadvertently emailed personal information relating to 241 adult social care service users to the incorrect group email address.
New rules on electronic marketing and cookies
Website owners have one year to comply
From 26 May 2011, the Privacy and Electronic Communications Regulations, covering electronic marketing such as emails, faxes and text messages, will change. They include changes to the rules for cookies on websites, and introduce new powers for the Information Commissioner's Office (ICO) to impose fines and to investigate when the law may have been broken.
The previous rule on using cookies for storing information was that you had to tell people how you used cookies, and tell them how they could 'opt out' if they objected. Many websites did this by putting information about cookies in their privacy policies and giving people the possibility of 'opting out'.
The new requirement is essentially that cookies can only be placed on machines where the user or subscriber has given their consent.
From 26 May 2011, the Privacy and Electronic Communications Regulations, covering electronic marketing such as emails, faxes and text messages, will change. They include changes to the rules for cookies on websites, and introduce new powers for the Information Commissioner's Office (ICO) to impose fines and to investigate when the law may have been broken.
The previous rule on using cookies for storing information was that you had to tell people how you used cookies, and tell them how they could 'opt out' if they objected. Many websites did this by putting information about cookies in their privacy policies and giving people the possibility of 'opting out'.
The new requirement is essentially that cookies can only be placed on machines where the user or subscriber has given their consent.
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