Regulation
Biba vows to fight for brokers in FCA meeting on fair value assessments
The British Insurance Brokers' Association has vowed to fight for brokers in a key meeting with the Financial Conduct Authority over fair value assessments.
FCA contemplated commission level ban in flats insurance review
The Financial Conduct Authority “considered a number of options” as it worked on the multi-occupancy buildings insurance review and “one of them would include whether we should go forward and try to think about potential price caps or bans”, Sheldon…
News analysis: Would a merged FCA/PRA make brokers’ lives any easier?
Team Truss have financial regulation in their sights… but just how far could they go? It’s mooted there are plans to create a single super regulator by merging the Financial Conduct Authority, the Prudential Regulatory Authority and the Payment Systems…
FCA continues to flounder on approved person authorisation targets
The Financial Conduct Authority is falling short on targets in speedily giving individuals approved person status to carry out work and has posted a worsening performance on approving changes of control requests for firms.
Editor's letter: Is the FCA living on borrowed time?
Unpopular as it is, the regulator still has market support. But for how long?
FCA data shows 19% of BI insurance claimants still waiting for full payment
Figures from the Financial Conduct Authority have confirmed that 34,506 business interruption insurance claimants have received their full payment out of 42,586 accepted by insurers.
FOI reveals FCA insurance investigations running into thousands of days for firms and individuals
The Financial Conduct Authority closed five investigations into firms and individuals in its insurance portfolio in 2021 with each lasting over 1000 days, a Freedom of Information request by Insurance Age has revealed.
FCA mixes praise for insurers on BI claims handling with concerns and lessons to be learned
The Financial Conduct Authority has welcomed insurers quickly making interim payments, reallocating resources swiftly and proactively communicating with policyholders in its review of business interruption claims handling.
Aviva to open up HNW distribution to regional brokers in 2023
Aviva will be targeting additional high net worth underwriting capacity next year at regional independent brokers who “tend to have a handful of cases”, Gareth Hemming, managing director of UKGI distribution & SME has told Insurance Age.
FCA warns insurers to support customers’ wellbeing during cost of living crisis
The Financial Conduct Authority has expressed concerns, in a new 'Dear CEO' letter, that customers may cut-back on the insurance they need as pressure mounts on household budgets.
Stark shortfall in fair value assessment requests from insurers
In a compliance webinar hosted by Kenneth Underhill, director of Implement Compliance Solutions and Resources, 76% of approximately 120 participating co-manufacturers and distributors said they had not received a fair value assessment from their…
FCA pinpoints good and poor practices for orderly broker wind-downs
The Financial Conduct Authority has listed broker failings as it reiterated expectations and requirements for wind-down planning.
Analysis: Brokers, insurers and the FCA’s product governance - confusion reigns
The FCA's new rules on product governance come into force on 1 October. But as Rachel Gordon discovers even with a three month extension or ‘forbearance,’ brokers are still in the dark about what is expected from them.
Aviva “disappointed” at other insurers for not offering fairly priced multi-occupancy building insurance
Aviva’s UK & Ireland general insurance CEO, Adam Winslow, has responded to the FCA’s report on insurance for multi-occupancy buildings and has expressed disappointment in other insurers for not offering fairly priced insurance.
Government summons ABI to meeting on FCA tower block insurance report
The Secretary of State for Levelling up, Housing & Communities has written to Hannah Gurga, director general of the Association of British Insurers, telling the industry to accelerate its work on multiple occupancy buildings insurance and solve the…
Government writes to Biba slamming “amoral” flats insurance commission and demanding change
Government minister Simon Clarke has written to Steve White, CEO of the British Insurance Brokers’ Association, demanding immediate changes to unfair commissions and a plan to reform market culture and practice after the regulator’s report into multi…
Biba welcomes FCA tower blocks insurance report and flags commission rate fall
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s report on insurance for multi-occupancy buildings and broadly supported the key recommendations but warned of "unintended consequences".
ABI commits to working “at pace” on pool sharing risk solution after FCA flats insurance report
The Association of British Insurers has responded to the Financial Conduct Authority’s report on insurance for multi-occupancy buildings in which the regulator called for a cross industry pool.
FCA recommends Biba works on risk pool “to limit commission costs” in flats insurance report
The Financial Conduct Authority has warned of “significant concern” over some broker commissions in the multi-occupancy buildings insurance market and taken aim at a lack of transparency by the insurance sector in its dealings with leaseholders as well…
FCA sets out pooling and lower commission in flats insurance review
The Financial Conduct Authority has delivered its recommendations and potential remedies to reform the multi-occupancy buildings insurance market including a cross industry pool and lowering commissions.
Former Sky executive Andrew Griffith named as financial secretary to the Treasury
Andrew Griffith, ex-Sky chief operating officer, has been appointed as financial secretary to the Treasury and City minister, succeeding John Glen.
Former vice-presidents renew call for an independent review of the CII
A new motion calling for an independent review of the Chartered Insurance Institute is to be tabled at the organisation’s annual general meeting next month, Insurance Age has learnt.
Biba sets out top three broking wish list for new PM
The British Insurance Brokers’ Association is hoping for proportionate regulation, the introduction of an enhanced growth and competitiveness objective for regulators and changes to IPT, CEO Steve White told Insurance Age setting out its wish list for…
The FCA argues back at financial inclusion being included in mandate
The Financial Conduct Authority has responded to a Treasury Select Committee report on the Future of Financial Services Regulation disagreeing with the recommendation that it should ‘have regard’ to financial inclusion.