An FCA-approved person is an individual authorized by the Financial Conduct Authority (FCA) to carry out specific controlled functions within a firm that operates in the UK financial sector. To obtain this status, the individual must meet stringent requirements …
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How Is a Society Registered in the UK?
Registering a society in the UK is a structured process overseen by the Financial Conduct Authority (FCA). Whether you aim to form a co-operative society or a community benefit society (BenCom), the procedure requires compliance with specific legal …
How Are the Consumer Duty Outcomes Structured?
The Consumer Duty introduced by the Financial Conduct Authority (FCA) is a pivotal framework designed to ensure that financial firms deliver positive outcomes for retail customers. This new duty sets a higher standard for financial services, emphasizing proactive actions that …
The Evolution of PPI Scams in the UK
Payment Protection Insurance (PPI) scams in the UK have undergone significant changes since their inception in the early 2000s. Initially focused on issues related to PPI mis-selling, these scams have evolved into more complex schemes, reflecting shifts in regulatory landscapes …
What Protection Does FSCS Offer for Crypto?
In the realm of financial investments, the Financial Services Compensation Scheme (FSCS) is widely recognized for its role in safeguarding consumers against the failure of financial institutions. However, when it comes to cryptocurrencies and other crypto assets, the FSCS’s …
Understanding FSCS Coverage for Cryptocurrency Investments
The Financial Services Compensation Scheme (FSCS) plays a crucial role in providing protection for consumers in the UK by covering certain types of regulated financial products and services. However, when it comes to cryptocurrency investments, the FSCS does not …
How Do Businesses Comply with the Consumer Duty Outcomes?
The implementation of the Consumer Duty outcomes represents a transformative shift in how businesses interact with their customers. Compliance with these outcomes requires a thorough integration of the principles into every aspect of a company’s operations. This article explores how …
Understanding the Four Outcomes of Consumer Duty
The Consumer Duty framework established by the Financial Conduct Authority (FCA) represents a significant shift in the regulation of financial services. This framework is designed to ensure that firms provide a high standard of care and service to their customers. …
Understanding the FCA’s Cross-Cutting Rules
The Financial Conduct Authority (FCA) has established a set of cross-cutting rules under its Consumer Duty framework. These rules are pivotal in enhancing consumer protection within the financial services sector. They are designed to ensure that firms operate in a …
How Do FCA Cross-Cutting Rules Affect Businesses?
The Financial Conduct Authority (FCA) has implemented a set of cross-cutting rules designed to impact how businesses operate within the financial services sector. These rules establish rigorous standards that firms must adhere to while achieving the objectives set out in …
What Makes Debt Statute-Barred Under UK Law?
Understanding when a debt becomes statute-barred under UK law is crucial for anyone managing outstanding debts. Statute-barred debts are no longer enforceable through the courts due to the passage of time, offering significant relief for individuals struggling with old debts. …
Understanding Statute-Barred Debt in the UK
In the UK, the concept of statute-barred debt plays a crucial role in debt management and legal enforcement. Governed primarily by the Limitation Act 1980, statute-barred debt pertains to debts for which creditors can no longer initiate legal action …