Financial Conduct Authority (FCA)
FCA Business Plan a "significant change of tone"
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
Broker NDML and night time industry agree £5.2m BI claims settlement with Hiscox
The settlement follows on from the Supreme Court judgment in the FCA's BI test case in January.
FCA pledges to be tough and take action as it publishes 2021/22 Business Plan
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
FCA data shows Covid BI claims payments now total £875.5m
Updated figures reveal providers have made initial payments for unsettled claims worth £308.9m and final settlements worth £566.6m since the Supreme Court verdict in the FCA test case.
Motor premiums drop 8.4% year-on-year
Data from Consumer Intelligence also suggested the FCA dual-pricing regulation would see the industry experience a hard market once more.
FCA fines Lloyds Bank £90.7m for failings in home insurance renewal letters
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
Client money rules 'too complicated to understand', say compliance experts
Specialists have discussed the issues surrounding client money handling, highlighting what the Financial Conduct Authority and brokers ought to do in order to avoid non-compliance.
FCA puts diversity under the microscope
The regulator is consulting on policy options to drive D&I in financial services as it warns lack of representation can “weaken the quality of decision-making”.
FCA warns of Beagle Insurance clone
The watchdog said scammers were using the details of an authorised firm to defraud customers.
UK boss Middle lifts lid on Ageas's restructure and job cuts
Ageas's Ant Middle and Adam Beckett discuss the provider's strategy change in response to shifts in customer behaviour, and the FCA's dual pricing ban, as the insurer aims to hit £1.5bn in GWP.
Brokers ordered to review client money arrangements
The Financial Conduct Authority has written to intermediaries to remind them it will fine businesses if misconduct occurs as it highlights key failings.
Opinion: The bad behaviour of the few is heavily borne by the many
The Financial Services Compensation Scheme is unfair and discriminates against best practice says Mike Cranny
FCA's product governance rules to have "significant ramifications" for commercial brokers
Compliance expert Branko Bjelobaba urges commercial lines brokers to pay attention as the FCA zones in on fair value across the whole of the insurance sector.
Hiscox agrees settlement with business interruption action group
Hiscox and the Hiscox Action Group said the arbitration proceedings have been resolved "to the mutual satisfaction of all parties".
People Moves: 21 - 25 June
Stay up-to-date with the latest job changes in the world of insurance.
Covid BI claims payments hit £765.8m
FCA figures show interim payments of £289.5m and final settlements of £467.2m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,152.
Blog: Regulation, the FCA and value – how to stay on track when choosing products and partners?
RAC's Ian Lloyd discusses why breakdown insurance remains relevant today despite improvements in automotive technology and what brokers need to think about when choosing products for their customers.
Opinion: Taxing problem
James Sharp on why a proposed annual levy on ARs amounts to a tax on small brokers
News analysis: A question of fair value
Brokers and insurers could face increased scrutiny as the Financial Conduct Authority zones in on fair value. Martin Friel investigates what this means for insurance businesses
Industry warned of "bumpy ride" ahead after FCA confirms dual pricing ban
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.
FCA wraps up rules on dual pricing ban
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
One Call confirms ransomware attack
The cyber attack, which caused disruption to the broker's IT systems, and the criminal gang behind it are under investigation by the police.
FCA reveals measures to increase consumer protection in retail markets
Regulator proposes to enhance existing rules around treating customers fairly with the aim to drive a shift in culture and behaviour for firms.
FCA reveals CEO recruitment spending
The regulator also brought clarity on the number of interviews conducted ahead of its appointment of Nikhil Rathi.