Regulation
FCA finalises guidance on vulnerable customers
The regulator highlights that 27.7m UK adults could be categorised as vulnerable as it promises to hold firms to account for failures.
Blog: How could the Spring 2021 Budget affect insurance brokers?
With the Budget looming, PKF Littlejohn’s tax lead, Chris Riley, gives Insurance Age readers a first look at his predictions and considers the tax threats to brokers including IPT, VAT, corporation tax and the EIS scheme.
Broker wordings behind Allianz's Covid-19 BI claims hit
UK CEO Jon Dye discusses the business interruption test case and why communication with brokers is critical, after Allianz revealed its total impact of Covid-19 BI claims in 2020 was £175m, net of reinsurance.
Eldon/Leave EU ICO fine appeals dismissed
The broker, now known as Somerset Bridge, still faces a fine of £60,000 and the Leave organisation, which campaigned for Brexit, faces a £45,000 fine.
FCA and insurers disagree on how to interpret Supreme Court BI ruling
Regulator says Supreme Court decision gives insurers the clarity they need to conclude their claims processes with most of their BI customers but a few issues still remain as parties make written submissions to the Supreme Court.
IPT-threat level raised
The “soft target” tax is under threat amid economic uncertainty but the sector is still arguing for a cut or a freeze.
FCA orders insurers to pay claims swiftly following Supreme Court ruling
In a letter to insurers, FCA executive director Sheldon Mills, urges firms to reassess and settle valid BI claims.
BI test case: Brokers buried under avalanche as clients clamour to claim
Brokers say national press coverage has led to confusion and a massive increase in client calls as they await communication from insurers on how to proceed.
Test case insurers promise action after Supreme Court defeat
Providers pledge to review claims and contact customers after the Supreme Court sided with the FCA and policyholders in the final verdict over payment of BI claims arising from Covid-19.
Supreme Court rejects insurers' appeals in BI test case judgment
The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled.
Covid-19: Experts concerned about financial resilience of brokers
Specialists outline worries for insurance space following FCA survey which showed 4,000 financial services firms are at risk, but Biba flags vaccine as a reason for hope.
FCA reveals financial resilience of brokers amid Covid-19
Survey shows that 43% of brokers used furlough scheme while 19% accessed other forms of government support when coronavirus pandemic hit.
Brexit deal “no use” to brokers
As expected the thin agreement offers very little clarity for the UK broker space.
FCA bares teeth on insurance product value as it launches thematic review
Brokers have just three weeks to respond to the watchdog as it zones in on Covid-19 response, product value and customer service.
BI test case Supreme Court judgment expected next year
The FCA has said that no judgment will be handed down before January 2021.
Orbit Underwriting goes into voluntary liquidation
Three directors have been disqualified following an investigation by the Insolvency Service.
Blog: The five unintended consequences of price-walking
Ignite Systems MD Toby MacLachlan discusses what can go wrong after the FCA signalled its intent to ban dual pricing practises in the home and motor insurance markets earlier this year.
Broker Exchange: Regulation deluge impacting some brokers’ survival chance
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
Broker Exchange: Hard market issues exacerbated by "rowing back"of local decision making
Local decision making is being eroded as a result of the hard market, viewers of the first panel session of Broker Exchange heard.
Kingfisher hits Fresh sellers with allegations of deceit
Kingfisher detailed misuse of the Motor Insurance Bureau’s MyLicence platform and suggested it may not have bought the broker as it seeks to claim millions in damages.
Brokers to bear brunt of £51m additional FSCS levy
The body will take £51m from its retail pool and more cash from other classes to plug a £92m gap in life and investment space and brokers may have to cough up £29m.
Blog: Fair pricing and rebuilding trust
Why a robust complaints process from brokers and insurers could help restore trust in the home and motor markets following the dual pricing review.
HAG says Hiscox policies are "complex and unworkable" in Supreme Court appeal
The action group put forward its arguments on the last day of the Supreme Court BI test case hearing.
CMA fines ComparetheMarket £17.9m
The watchdog says the comparison website breached competition law by using clauses prohibiting home insurers to offer lower prices on other aggregator sites, resulting in higher premiums.