Regulation
Biba manifesto 2023 - cost-of-living crisis in depth
The British Insurance Brokers' Association has focused in on the role brokers can play to help the UK tackle the current cost of living pressures, as it launched its 2023 manifesto.
Regulatory costs for brokers jump 40% in just three years
Regulatory costs for brokers are 40% higher than in 2019, British Insurance Brokers’ Association research has found.
FCA's Consumer Duty update is a ‘warning against complacency’ as firms fall behind
The Financial Conduct Authority has warned firms risk falling behind as the deadline for Consumer Duty looms.
Biba reveals ‘Managing Risk – Delivering Stability’ theme for 2023 manifesto
The British Insurance Brokers’ Association has set out its agenda for 2023 with the launch of its manifesto titled ‘Managing Risk – Delivering Stability’ containing 37 commitments and 32 calls to action.
Only 14% of smaller SMEs have business continuity plans: Aviva
Aviva has urged brokers to keep having the conversations needed with clients on business continuity plans as the insurer revealed only 28% of firms have one in place.
Why Direct Line's disastrous profit warning should matter to brokers
Direct Line's profit warning sent shockwaves through UK insurer's share price yesterday, with Aviva and Admiral also suffering. Personal lines brokers should notice the problems Direct Line faces, as they are industry-wide and give insight into what to…
Shock survey results reveal broker ignorance on Consumer Duty is ‘a big concern’
The findings of a survey, which revealed that nearly half of brokers interviewed were not aware of the Financial Conduct Authority’s Consumer Duty rules, is a ‘big concern’, according to compliance experts.
Ecclesiastical survey finds half of brokers aren’t aware of FCA’s Consumer Duty rules
A survey of 250 brokers has found that only just over half (53%) are aware of the FCA’s new Consumer Duty rules. This raises concerns that a significant number of brokers are behind schedule with plans to implement them, Insurance Age can reveal.
FCA fines drop to £214.3m in 2022
The Financial Conduct Authority dished out £214,250,056 in fines in 2022, the fourth lowest on record since the FCA was formed in 2013.
Review of the Year 2022: Nick Houghton, CEO, JMG Group
In the latest part of Insurance Age's review of the year Nick Houghton, CEO, JMG Group offers his reflections on 2022 and predictions for the next 12 months.
Review of the Year 2022: Sean Kemple, managing director, Close Brothers Premium Finance
In the latest part of Insurance Age's review of the year Sean Kemple, managing director, Close Brothers Premium Finance offers his reflections on 2022 and predictions for the next 12 months.
Review of the Year 2022: Ross Barrington, managing director of Markerstudy Broking
In the latest part of Insurance Age's review of the year Ross Barrington, managing director of Markerstudy Broking, offers his reflections on 2022 and predictions for the next 12 months.
FOS to maintain levy at £106m despite forecast increase in cases
The Financial Ombudsman Service has frozen its levy for the 2023/24 financial year at £106m stating that due to the current economic climate and the pressures that businesses are under there will be no increase for inflation.
FCA claims data shows customers get a ‘far better outcome’ via advised broking - Blanc
The FCA’s claims data on personal lines shows customers get a ‘far better outcome’ when taking advise through brokers, according to Aston Lark chief executive Peter Blanc.
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.
Fair value? Which household insurers are rejecting the most claims?
Ageas, Axa UK and LV have some of the highest claims rejection rates in home insurance out of all the insurers who work with brokers, Financial Conduct Authority figures show.
Graeme Trudgill ‘delighted’ to see FCA review funding of the FSCS
The British Insurance Brokers’ Association’s executive director, Graeme Trudgill has responded to the Financial Conduct Authority’s review of the funding of the Financial Services Compensation Scheme.
FCA reveals next steps for improving the compensation framework
The Financial Conduct Authority has published the feedback it received to its call for input on the framework for protection provided through the Financial Services Compensation Scheme, following concerns about increasing costs.
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.
Reform of senior managers’ regime chance to speed up director approvals – compliance experts
Government plans to reform the Senior Managers and Certification Regime are an opportunity to speed up approval processes which are taking too long, compliance experts say.
Politicians target reform of Senior Managers and Certification Regime in ‘Brexit dividend’
The government has announced plans to begin a review into reforming the Senior Managers and Certification Regime.
Union calls for urgent action amid FCA staff morale “collapse”
The Financial Conduct Authority needs urgent staff reform amid a collapse in morale that means it cannot regulate effectively, union Unite has claimed.
News analysis: What next for brokers amid FCA premium finance crackdown?
The Financial Conduct Authority’s premium finance crackdown threatens a significant revenue earner for brokers. Big players with strong balance sheets are making moves