Regulation
Experts slam "badly worded" and "intrusive" FCA D&I survey
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
COP 26: Sunak will force UK firms to publish net zero plans
Financial institutions and companies listed in the UK will have to produce plans highlighting how they will transition to net zero.
John Lewis pulls controversial home insurance ad
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
IPT untouched in latest Budget
While the tax cut on flights ahead of COP26 grabbed headlines, brokers breathed a sigh of relief as hated insurance premium tax remained at 12%.
FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell stands down as FCA chair
Randell will exit in Spring 2022 and the government is now seeking a successor.
Ghost broker who targeted Polish community jailed
Police are now using the Proceeds of Crime Act to recover funds which were illegally obtained.
FCA focus on fair value causes confusion for brokers
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
FCA signals litigation threat as it highlights priorities
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
Research reveals cybersecurity skill gap in insurance
New research from European provider of cloud infrastructure and cloud services, Ionos Cloud, has found that 38% of insurance IT decision makers (IT DMs) admit to their business having a cyber security skills gap, with a third saying this is putting their…
Brokers urged to take action after FCA calls for clarity on remuneration
Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
Peril in product governance – who you gonna call?
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
FCA issues warning over broker Professional Construction Risks
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
Post Brexit dispatches – a taxing time for brokers
In his second article for Insurance Age, PKF Littlejohn tax partner, Howard Jones looks at the impact of Brexit on UK insurance.
FCA urges insurers to take action on BI claims payments
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
FCA slams firms for “weakness” over fair value rules
The watchdog highlighted broker remuneration as an issue and said that many firms might not be ready to implement incoming product governance rules.
FCA updates dual pricing rules
Regulator releases policy statement with updates and clarifications to its GI pricing rules following feedback, but highlights that the changes do not affect its desired outcomes.
Former Allianz employee sentenced for stealing £67,000 from insurer
The man, who fled to the United States while the case was under investigation, was sentenced to two years imprisonment, suspended for two years and community service.
The FCA piles on the pressure
News analysis: As the regulatory watchdog bares its teeth in its new business plan, are brokers ready to come to heel? Rachel Gordon investigates.
Ghost broker sentenced for selling fraudulent Esure policies
The fraudster had previously pleaded guilty in June this year to fraud by false representation, money laundering, forgery and to the offence of being an unauthorised broker.
Firms must respond to FCA pricing reform survey by 9 August
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
FCA fines totalled £189.8m in 2020/21
The total amount fell by 15% from £224.4m in 2019/20 as the regulator also outlines its response to the pandemic and other actions taken last year in its annual report for 2020/21.
FCA Business Plan a "significant change of tone"
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
FCA pledges to be tough and take action as it publishes 2021/22 Business Plan
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".