Insurance

Recent Articles

  •  
    18/03/2024

    Financial Services Webinars On Demand

    Click here to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts. 
    Read more
  •  
    29/02/2024

    UK FCA proposals to publicly announce investigations could be detrimental to firms placed into enforcement

    With every new director of enforcement and market oversight at the Financial Conduct Authority (FCA), there is a step change in the way the regulator approaches enforcement cases.Under the FCA's former incumbent in the role, the threshold for opening enforcement cases was lowered, leading to an increase in its enforcement caseload and an increase in the length of time for an investigation to be concluded.Improving 'efficiency and pace'Under the purview of the joint directors of enforcement and market oversight, the FCA, in acknowledging the importance of deterrence, said it needs to speed up its...
    Read more
  •  
    19/02/2024

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.   
    Read more
  •  
    08/02/2024

    UK government publishes delayed update on AI policy

    The UK government has published its delayed response to the consultation accompanying its March 2023 white paper on artificial intelligence (AI). It had been expected by the end of September 2023, but was delayed until after the AI Safety Summit at Bletchley Park in November 2023.The government has not put forward any legislative proposals at this stage and remains committed to a sector-by-sector approach to regulating AI. Instead, the government will continually review whether its approach of issuing non-binding principles to UK regulators remains appropriate, recognising that legislative action...
    Read more
  •  
    21/12/2023

    Critical Third Parties: The unstoppable march of the regulatory universe

    Expansion of the regulatory perimeterThe Financial Services and Markets Act 2023 establishes a new Critical Third Parties regime which gave power to the FCA, PRA and Bank of England to make rules to govern critical third party service providers (CTPs) to the UK’s financial services industry for the first time. The regulators have now published a joint consultation paper (CP26/23) for this new regulatory framework for CTPs.The new rules bring CTPs into the scope of the regulatory perimeter for the first time, reflecting a significant and transformative shift for CTPs but not, it seems, for...
    Read more
  •  
    06/12/2023

    EU publishes Directive on distance financial services contracts in Official Journal

    In November 2023, the EU legislator adopted the new Directive regarding financial services contracts concluded at distance.This Directive essentially aims to modernise the existing legal framework governing distance contracts for financial services concluded between a professional and a consumer. For the record, a "financial service" is defined as any service relating to banking, credit, insurance, personal pensions, investments and payments.The European legislator has focused on the following subjects: (i) pre-contractual information, (ii) the right of withdrawal, (iii) the obligation to provide...
    Read more