Regulation
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.
Drop in complaints to FOS but buildings and motor insurance feature in top five
Buildings insurance and car/motorcycle insurance have featured in the Financial Ombudsman Service’s top five most complained about products for the first quarter of the financial year.
Opinion: New regulation for software houses will have unintended consequences
Ignite’s Toby MacLachlan considers how government plans to crackdown on software houses and third party financial services support partners could pan out.
FCA keeps lid on travel spend in 2021/22
The Financial Conduct Authority only spent £106,958 on staff travel in the last financial year, a Freedom of Information request by Insurance Age has revealed, far below its annual multi-million pound pre-pandemic outlays.
Companies House says sorry and deletes Gallagher strike-off notice
Companies House has today (31 August) removed a listing of a First Gazette notice for compulsory strike-off against Arthur J. Gallagher Holdings (UK) Limited.
FCA warns of HDI Global clone firm
The Financial Conduct Authority has alerted the market and consumers to a clone of authorised insurer HDI Global SE.
Truss’s mooted regulation merger plan derided
Former business secretary, Vince Cable, has attacked Liz Truss’s rumoured plan to merge the Financial Conduct Authority, Prudential Regulation Authority and Payment Systems Regulator.
Truss could merge FCA, PRA and PSR if she becomes PM – reports
Reports have suggested that Liz Truss, the contender to win the current Conservative leadership race and become Prime Minister, may consider merging the UK’s financial regulator.
Jensten flags healthy acquisition pipeline
CEO Alistair Hardie said the organisation has a series of deals in play following its buy of J. Bennett & Sons but warned that the Financial Conduct Authority can be slow to approve acquisitions.
FOI reveals scale of FCA investigation into leaseholder insurance
A Freedom of Information request by Insurance Age has revealed that the Financial Conduct Authority has held 59 meetings, 10 workshops, engaged Deloitte as a consultant and had up to 31 employees working on its ongoing investigation into multi-occupancy…
Tribunal overturns CMA Most Favoured Nation clauses ruling and £17.9m Compare The Market fine
A Competition Appeal Tribunal has overturned a decision by the Competition and Markets Authority which was set to fine Compare the Market £17.9m for breaking competition rules on use of Most Favoured Nation clauses.
Lloyds Bank changes track on broker account options
Lloyds Bank is to expand the number of options on the table for brokers just months after the furore over its move to close undesignated client accounts, Insurance Age can reveal.
FCA reveals final rules on appointed representatives
The FCA has confirmed new rules to make authorised financial firms more responsible for their appointed representatives.
FCA to open Leeds hub
The Financial Conduct Authority has announced that it is set to open a Digital Delivery Centre in Leeds and is in the process of recruiting 100 new staff members.
Experts warn of ‘huge threat’ and no ‘get out of jail’ card in FCA letters
Compliance specialists have urged brokers to take heed of the Financial Conduct Authority’s latest pair of letters on fair value in general insurance.
FCA letter sets out scale of watchdog’s fair value assessment frustrations
The Financial Conduct Authority has revealed one-in-three insurance manufacturers are leaving fair value assessments to the last minute causing a risk of harm to consumers.