Financial Conduct Authority (FCA)
FCA reveals measures to increase consumer protection in retail markets
Regulator proposes to enhance existing rules around treating customers fairly with the aim to drive a shift in culture and behaviour for firms.
FCA reveals CEO recruitment spending
The regulator also brought clarity on the number of interviews conducted ahead of its appointment of Nikhil Rathi.
Biba 2021: The impact of Covid-19 on regulation
The FCA’s Matt Brewis discusses product value, business interruption insurance and the test case, challenges around PI and why the time is right to focus on cyber insurance.
FSCS reduces broker levy for 2021/22
Biba welcomes the move to slash the total broker contribution by half, as it brands the original forecasted levy as "grossly unfair".
Covid BI claims payments hit £701m
FCA figures show interim payments of £268.2m and final settlements of £433.1m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,912.
“Wake-up call” for brokers as FCA zones in on fair value
The regulator sends a shot across the bow to brokers about leaseholder buildings insurance as the sector is warned to look at the wider picture.
FCA spent almost £7m on BI court case
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
FCA spent nearly £4m on dual pricing market study
Staff costs made up most of the total spend as the FCA also reveals it received 101 responses to its consultation paper outlining proposed remedies, which included a ban on dual pricing practices.
"No silver bullet" to fix industry reputation after BI backlash, says MGAA's Keating
Keating discusses the business interruption test case and the FCA's £7.5m special levy to recover the costs as he urges brokers, MGAs and insurers to pull together and rebuild trust in the sector.
News analysis: Counting the cost of appointed representatives
Experts warn that a proposed £250 AR fee by the FCA could leave many brokers out of pocket
FCA confirms MGAs are exempt from £7.5m BI special levy
The regulator has reissued its consultation paper on fee rates for 2021/22 after the initial document wrongly said that MGAs were expected to contribute.
What the FCA travel rules mean for brokers
The new rules that affect travel insurance providers come into force on Monday, 26 April.
FCA proposes £7.5m BI special fee for insurers in levy consultation
The fee relates to legal costs following the BI test case and is part of a raft of proposed changes relating to fees and levies ahead of publication of the watchdog's budget for 2021/22.
Alsford Page & Gems fined over appointed representative failures
The watchdog said the broker did not have adequate oversight and warned that it is increasingly seeing examples of “misconduct” stemming from principals’ failure to monitor their appointed representatives appropriately and flags AR fee consultation.
People Moves: 19 - 23 April 2021
The key job changes in the world of insurance this week.
FCA data reveals progress as insurers settle Covid-19 BI claims
Updated figures show providers have made interim payments of £247.7m and final settlements of £352.1m since the Supreme Court verdict, but 12,217 policyholders are still waiting to hear whether their policies provide cover or not.
Brokers may be failing to report misconduct
Sicsic Advisory says that only 1% of brokers reported conduct rule breaches in the last year and warns they may not have robust processes in place to capture and report issues.
Call for clarity on final rules amid FCA dual pricing extension
The regulator's plan to ban the loyalty penalty is met with approval from the industry, but some criticise the FCA's approach as firms still do not know what the final rules are.
East West collapse: Administrator report shows £164.7m deficit
The building guarantee specialist insurer was forced into administration in 2020.
Ardonagh’s Ross “angry for the industry” over "ill-informed" BI backlash
Ross says an industry working group was “on the cusp” of solving the issue around Covid-19 BI claims, when the opportunity was “taken out of our hands” due to the FCA’s test case.
FCA targets wrongdoing with whistleblower campaign
The watchdog is encouraging financial services staff to report issues as part of the ‘In confidence, with confidence’ push.
FCA reveals insurer claims payouts following BI test case verdict
Regulator says providers have paid out £192.1m in interim payments for unsettled claims and £279.8m in final settlements at it reiterates order to pay out quickly.
FCA extends dual pricing timetable
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
Aviva’s Covid-19 BI claims exposure down to broker wordings
GI CEO Colm Holmes says provider has taken a proactive approach to paying claims as he discusses how Aviva was impacted by the BI test case and comments on its 2020 results.