Financial Conduct Authority (FCA)
Opinion: Survival of the regulatory-fittest
Former FCA insider Michael Sicsic considers how regulatory reform will hit the broker market
FCA staff vote in favour of industrial action
A ballot saw 87% support strike action against proposed cuts to pay and conditions as Unite accuses CEO Rathi of “waging war” on staff.
FCA names Penny James as chair of its Practitioner Panel
The Direct Line boss succeeds Paul Feeney, CEO of Quilter.
FCA urges brokers to help leaseholders in response to Gove request
The FCA's Sheldon Mills fires warning shot on broker commission transparency and adds the regulator will "use its powers to intervene" as he issues 'Dear CEO' letter amid review of the insurance market for multiple-occupancy homes.
Michael Gove calls on FCA to review rising premiums for residential buildings
In a letter to the FCA and the CMA, the Secretary of State for Levelling Up, Housing and Communities writes he is "extremely concerned" about the pressure leaseholders face from rapidly escalating insurance premiums on blocks of flats following the…
Blog: What are the FCA Value Measures?
Underwriting data expert, Jeremy Keating, outlines key actions for brokers under the newly implemented fair value regime.
Blog: New AR rules should be business as usual
Momentum's Howard Pepper discusses what the FCA's AR consultation means for the broking sector.
Staff to vote on strike action against FCA
FCA told Insurance Age that after considering the recent feedback on its pay and rewards proposals, it now aims to announce an outcome by March.
Lords starts hearing evidence in insurance market regulation inquiry
The House of Lords Industry and Regulators Committee kicked off its investigation which focuses on the commercial insurance and reinsurance market on 14 January.
Covid BI claims payments now at £1.3bn
FCA data shows providers have now made initial payments worth £329.4m and final settlements of £967.9m.
Insurers face another Covid-19 business interruption action group
The grouping of bar and restaurant owners is set to launch another test case, this time against RSA and QIC Europe, focusing on recovering indemnity for the UK’s multiple lockdowns.
The top five stories of 2021
Insurance Age lists the five news stories that have been most popular this year, including updates on the BI saga, Intact's RSA takeover and David Williams' exit from Axa after 41 years.
Blog: Top court cases that shaped the market
James Breese, senior associate at Fenchurch Law, lists the Covid-19 court cases that impacted the insurance industry in 2021 and discusses what lies ahead in 2022.
Mixed response to latest FCA AR review
Experts welcome oversight but some feel the focus on commercial broker ARs has “little relevancy” and call for a “proportionate” outcome.
FOS plans to increase levy by £10m
The regulatory body will ask firms for £106m as it flags increase in motor and pet insurance complaints but PPI comes to a close.
Covid BI claims payments reach £1.2bn
FCA data reveals providers have now made initial payments worth £308.4m and final settlements of £916.7m.
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
FCA launches AR consultation to “address harm”
Regulator warns that there are “real risks of consumers being misled and mis-sold with little scope for recourse” as it proposes changes to the current model.
Blog: Is the industry falling in love with GAP insurance again?
Avid's Steve Duxbury discusses how the market for GAP insurance has changed since the FCA's 2015 thematic review and argues that it is set for accelerated growth.
FCA reforms decision-making to tackle consumer harm
The “sensible streamlining” changes are designed to improve the speed and allow FCA senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
Ex Be Wiser boss Mark Bower-Dyke launches consultancy firm
Bower-Dyke tells Insurance Age about his plans for the new venture and discusses why he believes there was a gap in the market for quality advice.
Foley flags Axa transformation programme
Products and digitisation are key priorities for the retail CEO who joined the insurer in 2020.
Regulation roundup: Fair’s fair
Biba’s David Sparkes shines the spotlight on fair value and vulnerable customers in our new quarterly examination of the regulatory landscape
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.