News
Planned pre-emptive regulatory powers "a nonsense" - RPC
City law firm Reynolds Porter Chamberlain (RPC) has warned the Government’s plan to hand the new financial services regulator the power to publicise an investigation before it is completed is contrary to principles of natural justice and makes a nonsense…
New broker regulator gets backing from FSCS
The Financial Services Compensation Scheme (FSCS) has put its weight behind the decision to make the body accountable to both the new Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).
Towergate wins NICEIC contract
Towergate has been appointed to provide insurance services to NICEIC, the UK electrical contracting industry’s independent voluntary accreditation and regulatory body.
The professionalism push: Video interview with Sandy Scott, CII
Sandy Scott, chief executive of the Chartered Insurance Institute talks to Jonathan Swift about the challenges and opportunities facing the general insurance industry in its quest to embrace professionalism.
Groupama reports return to form with profit leap
Groupama Insurances has reported a dramatic leap in profitability although the insurer’s broking arm experienced a slight dip in revenues.
Powerplace launches business support team
Powerplace has launched a dedicated business support team to provide brokers with a quick source of help and advice.
New broker regulator name changed to FCA
Financial Secretary Mark Hoban MP has announced the new regulator tasked with overseeing insurance intermediaries, previously known as the Consumer Protection and Market Authority (CPMA), will now be called the Financial Conduct Authority (FCA).
Axa and Bluefin both report drop in revenue
Axa’s full year earnings for 2010 have plunged by £100m to £131m (2009: £235m) with Bluefin Insurance services also reporting a 3% drop in revenue to £112m.
Biba demands action from regulator on FSCS
Eric Galbraith, chief executive of the British Insurance Brokers’ Association (Biba), has called on the Financial Services Authority (FSA) to accelerate its fundamental review of the Financial Services Compensation Scheme (FSCS).
ABI appeals to MoJ to cut consumer legal costs
The Association of British Insurers (ABI) has called for reform of Britain’s civil litigation system, after claiming that millions of consumers are losing out as a result of the high legal costs involved in dealing with personal injury claims.
Arista strengthens South West presence with former Chartis appointment
Arista has appointed Genna Ryan as senior fleet underwriter in the South West.
Home and Legacy now has platform to grow further, says MD
Home & Legacy has experienced a major increase in sales across its product portfolio, demonstrating a 26% year-on-year growth.
Video: The Bribery Act 2010 delay - part 2 advice for brokers
After Justice Secretary Ken Clarke made clear the delay did not mean Government had any intention of "watering down" the Act, partner at Browne Jacobson, Matthew Woodford, advises brokers on how to prepare for the new rules.
Bent case could force drivers to shop around for credit hire
A case involving footballer Darren Bent could impact UK car drivers who accept a replacement vehicle following a crash, Allianz has warned.
Policyfast in Aviva homework cover deal
Policyfast has announced an exclusive deal with Aviva to provide the insurer’s homework cover electronically to the broker market for the first time.
Towergate finalises refinancing programme
Towergate Partnership has announced the completion of its previously announced refinancing and £200m investment from Advent International.
IIB issues warning on IMD review
The Institute of Insurance Brokers (IIB) has flagged up its concerns that the Insurance Mediation Directive (IMD) review could result in mandatory commission disclosure.
Laurent Matras defends new claims structure
Groupama’s managing director, Laurent Matras, has claimed the company’s new claims structure will make brokers “happier”.
Insurance Age blog: Sports people as biscuits, insurers as presenters
If you have never listened to Fighting Talk (Radio 5, Saturday 11am) then you are missing a trick. One of the staple jokes is ‘sports people as biscuits’ where Seb Coe becomes a Viennese Whirl, or Gareth Southgate is likened to a digestive, a good honest…
NIG defends “Guarantee to Beat” pricing strategy
NIG is promising brokers it will beat premiums by up to 5% on business held or quoted with 15 major insurance companies in the UK market.
PPI complaints surge again
The Financial Ombudsman Service (FOS) has revealed that payment protection insurance (PPI) complaints rose to 24,955 for the period October to December last year, up 17% from the previous three months.
Willis exec jumps ship for rival broker
Executive director and major client advocate at Willis Finex Global, Mike Earp, has resigned to take up a senior post at Aon, Insurance Age understands.
Willis revenue rises as commissions increase 3%
Willis has announced a 2% rise in revenues to $3.34bn (£2.08bn) for the year ended 31 December 2010 (2009: $3.26bn).
Video: The Bribery Act 2010 delay - what does it mean for brokers?
Matthew Woodford, partner at law firm Browne Jacobson, gives his thoughts on the Government's decision to postpone the implementation of the Act.