Financial Conduct Authority (FCA)
FCA puts broker commission under the spotlight in multi-occupancy property insurance review
The regulator’s survey includes asking if brokers have a bribery and corruption policy and a request for a copy.
FCA bolsters authorisations team
The watchdog has added two senior directors, a finance director and filled a further 95 authorisation roles.
Lawyers reveal record levels of fines for companies let down by their directors and officers
SMEs racked up over £60m in D&O fines in 2021, compared to £120m between 2016-2020, according to law firm BLM.
Axa opts not to appeal BI ruling in Corbin & King case
The insurer said it is working with the restaurant group to finalise the claim as quickly as possible as well as looking at the impact of the court’s decision on other declined claims.
FCA warns of Direct Line clone
Regulator flags Direct Line Sustainability to customers.
Regulatory changes set to bite
Former FCA insider, Michael Sicsic, highlights that developments from the watchdog will hit home in 2022.
Axa granted leave to appeal Corbin & King verdict
Silence from the insurer on whether it will pursue the appeal.
Experts respond to “disturbing” motor insurance ethnicity penalty report
Insurers face challenging questions but the Association of British Insurers insists “insurers never use ethnicity as a factor” to price cover.
Citizens Advice reveals “shocking” insurance ethnicity penalty
A report found that, collectively, people of colour pay £213m more for their car cover.
Final FCA monthly Covid BI claims update puts payout at £1.35bn
Insurers have made £1.05bn in final payments and £303.1m in interim payments.
Hiscox chair calls for more consistency and less bureaucracy in regulation
Non-executive chairman Robert Childs has called on regulators to be more flexible, offer more consistency, and prioritise a competitive edge.
FCA cap on CMC fees comes into force
Regulator claims consumers are expected save £9.6m a year.
FCA confirms scrapping bonuses
The regulator has unveiled a new pay deal against a backdrop of potential strike action.
Analysis: FCA bares its teeth on residential property insurance
Martin Friel explores the likelihood of intervention by the watchdog as premiums go up in a market that has “not worked well” for more than a decade.
FCA dual pricing rules drive biggest monthly premium jump in eight years, says Consumer Intelligence
Average premiums for home insurance rose 9.1% in January while motor was up 4.9%, according to the specialists.
FCA supports long-term economic growth objective
Regulators quizzed by Treasury Select Committee.
Insurer payments for settled BI claims top £1bn
Providers have also made £307.9m in initial payments, according to the latest figures from the Financial Conduct Authority which is set to end its data releases next month.
FCA appoints interim chair
Richard Lloyd will take up the position while a permanent replacement for Charles Randell is found.
In Depth - How brokers can still succeed in personal lines
Martin Friel explores how brokers in the personal lines space can gain the upper hand over direct writers and learns how technology and, surprisingly, regulation are creating fresh opportunities for intermediaries
Brokers urged to engage with Lords' Committee's insurance market regulation inquiry
Biba confirms it will be will be putting in a response to the consultation which closes on 11 February as compliance experts discuss whether the inquiry could have an effect on the regional broker market.
Opinion: Survival of the regulatory-fittest
Former FCA insider Michael Sicsic considers how regulatory reform will hit the broker market
FCA staff vote in favour of industrial action
A ballot saw 87% support strike action against proposed cuts to pay and conditions as Unite accuses CEO Rathi of “waging war” on staff.
FCA names Penny James as chair of its Practitioner Panel
The Direct Line boss succeeds Paul Feeney, CEO of Quilter.
FCA urges brokers to help leaseholders in response to Gove request
The FCA's Sheldon Mills fires warning shot on broker commission transparency and adds the regulator will "use its powers to intervene" as he issues 'Dear CEO' letter amid review of the insurance market for multiple-occupancy homes.