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Use of regulatory powers to make a sector-wide compelled information request

Use of regulatory powers to make a sector-wide compelled information request

The Financial Conduct Authority (FCA), which is the main regulator for the financial sector, recently used its statutory regulatory powers to make a sector-wide compelled information request to firms in the Lloyd’s insurance market. The request seeks specified information about non-financial misconduct including bullying, sexual harassment, and discrimination, whether in or outside the workplace. Firms must provide this information to the FCA in high-level, anonymised, statistics for each year in a three-year period (2021-2023). It seems that the FCA intends to use the information it receives in response to inform its regulatory activity and focus over the coming years. It is anticipated that the FCA will issue similar letters to other parts of the financial sector that it regulates in due course. It leaves open the question: could we see other regulators taking similar action (to the extent that their regulatory powers allow this)?

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