The Financial Ombudsman Service (FOS) has provided PIMFA with a progress report:
FOS noted that a key strategic priority was to improve timeliness for the benefit of both consumers and respondent businesses:
• The median time to resolve a case was 28 weeks in 21/22 vs 12 weeks in 24/25 YTD
• 47% of cases were resolved in six months in 21/22 vs 82% 24/25 YTD
• 86% of cases passed quality assurance in 21/22, vs 93% in 24/25 YTD
FOS advised of a significant restructure including moving to a specialist model (e.g. Pensions and Investments specialists in their own Directorate), as well as investing in casework and new functions such as a data science team.
Efficiency in casework has also been driven by digital transformation, e.g. automated tagging of cases using machine learning and automated allocation to caseworkers with the right skillset.
As a result of these efficiencies, FOS have reduced case fees (by £100 per case) and the levy (from £106m to £70m), reducing the cost of the service to industry by £60m and representing a 25% decrease.
FOS also advised of other priorities such as rolling out an online journey for CMCs to require them to submit full case files, trialling key document identification, piloting a business portal for business users, and developing case summarisation tools (using generative AI) to speed up case review.
Financial Conduct Authority (FCA) CP 24-17 Enhancing the National Storage Mechanism
The FCA are consulting on proposals to change the National Storage Mechanism’s (NSM) data requirements for regulated information (information disclosed by regulated market issuers in accordance with the Disclosure Guidance and Transparency Rules, Listing Rules, and parts of the Market Abuse Regulation).
The FCA propose to standardise the way Primary Information Providers (PIPs) submit information to the NSM, with changes intended to implement improved data quality controls and make it easier for NSM users to find regulated information.
• The proposed changes will affect issuers with securities admitted to trading on UK regulated markets and the PIPs that disseminate and file regulated information on their behalf.
• The proposals are intended to improve the NSM user experience for market participants.
Responses are due by 27 September 2024.
Read the consultation here.
Financial Reporting Council discussion paper: digital reporting
The Financial Reporting Council has published a discussion paper by a cross-regulatory group on the future of digital reporting in the UK.
The group (Financial Conduct Authority, Companies House, HM Revenue and Customs and the Charity Commission) is seeking stakeholder feedback on crucial developments in digital reporting. Key topics include:
• Proposed changes to structured digital reporting to support regulatory disclosure initiatives.
• Considerations for mandatory assurance of digital tagging.
• The impact of “full tagging” requirements on companies and charities.
• Strategies to support stakeholders in adapting to new digital reporting requirements.
Responses should be submitted by 1 November 2024.
Access the paper here.
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In September’s HR Forum we discuss how two new employment bills the Employment Rights Bill and the Draft Equality (Race and Disability) Bill announced in the Kings speech on 17 July will impact on the world of HR professionals within Wealth firms if they become law.
Over 60-minutes, Clyde & Co’s employment team unpack the new Labour Government’s far reaching workforce reforms, helping you look at the challenges for your firm both from an operational and implementation perspective.
Key topic discussions include:
• Understanding the nature and scope of the proposed reforms in relation to your firm.
• Assess the impact of the proposed reforms on your workforce and firm.
• How to prioritise your ‘to do’ list and reduce the risk of getting things wrong.
Register HERE to secure your FREE spot!
Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world.
We continue to add more names to our speaker roster including our sponsors and hosts from Herbert Smith Freehills, Clive Cunningham and Marina Reason.
Click here for the agenda and to view the full speaker list.
The Conference will be taking place in-person in London and will also be live-streamed. In-person tickets are limited and early booking is recommended.
Book now to secure your place.
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