Compliance
Is it a golden age for broker start-ups, despite rising costs?
The CEO of Brokerring, Stuart Randall, recently told delegates at Broker Expo 2022 it can cost £250,000 to start-up a brokerage. Sophie Locke-Cooper explores why it is now so expensive - and whether it is proving detrimental to those seeking to go alone.
Broker Diversity Push – Q&A with Ardonagh’s CFO Diane Cougill
In an exclusive interview with Insurance Age as part of our Broker Diversity Push - Gender Leadership Gap campaign, Diane Cougill, chief financial officer at The Ardonagh Group shares her insights from a firm that while it has a rising percentage of…
Gender gap stats no surprise but “crushingly disappointing” – Freedom’s Sam White
Sam White, founder of Freedom of Services Group, tackles the broking sector’s image, recruiting from other industries and the question of quotas as she shares her reaction to the gender diversity leader gap statistics.
Only 8% of broking CEO and 5.4% of chair roles held by women
With gender diversity falling in key regulated senior management functions at brokers and lagging behind the low levels in the FCA-regulated financial services sector Insurance Age takes a deep-dive into which posts are held by women as our Broker…
FCA raises concerns on D&I strategies
The Financial Conduct Authority has warned that firms’ diversity and inclusion strategies are not consistently based on a clear diagnosis of their specific circumstances and challenges, meaning actions and initiatives may not be appropriately focused.
FCA reveals ESG committee line-up
The Financial Conduct Authority has established an environmental, social and governance advisory committee to help the regulator execute its ESG-related responsibilities.
Stark FOI data reveals scale of broking’s gender diversity leadership gap
Broking’s lack of gender diversity in key senior management function roles has got worse since 2020 with the sector also falling behind the current low levels set by the FCA-regulated financial services industry, a Freedom of Information request by…
FCA outlines rogue financial promotions clamp down
The Financial Conduct Authority has proposed new measures to stamp out illegal, unfair or misleading financial marketing.
Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.
Biba issues series of commitments after FCA flat insurance report
The British Insurance Brokers’ Association has set out a series of commitments to the Financial Conduct Authority and the government to help achieve better outcomes for leaseholders, especially those living in high rise residential buildings that require…
‘Pull a finger out’ – Average time taken by FCA to approve acquisitions doubles
The Financial Conduct Authority's average time taken to approve acquisitions has more than doubled, leading to calls for the regulator to 'get things moving' to help brokers buy and sell businesses much faster.
PRA hands MS Amlin £9.7m fine
The Prudential Regulation Authority has issued MS Amlin Underwriting a £9.7m fine for failing to comply with regulatory obligations.
Trade bodies battle to trim FCA fair value paperwork ‘crippling’ small firms
Trade bodies are working with the Financial Conduct Authority to narrow down the focus of its fair value assessments which comes with a huge regulatory burden.
GI firms need to step back and consider what to do differently under Consumer Duty, says FCA
The insurance sector is well placed ahead of the implementation of new Consumer Duty rules but “there will be changes needed”, according to Daniel Hurl, head of market analysis and policy, insurance, at the Financial Conduct Authority.
Stubben Edge buys Helodrium
Stubben Edge Group has bought regulatory and compliance experts Helodrium.
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.
Beazley teams up with fintech provider to expand broker schemes
Beazley plans to expand its schemes business with brokers using a fintech platform.
People Moves: 3-7 October 2022
Follow the latest personnel changes in the insurance industry.
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.
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.