Financial Conduct Authority (FCA)
2019 in review: October's top stories
Readers were most interested by the decision of MS Amlin to exit nine lines of business following a strategy review.
FCA launches call for input on open finance
Regulator is looking to extend the principles of open banking to other sectors including general insurance.
Blog: Is it curtains for net-rated products?
Ann Peel, technical consultant at Insurance Compliance Services, discusses the potential impact of the FCA's latest interventions.
FCA penalties bring in £227m as crackdown on misconduct grows
Data from the regulator shows a sharp increase in the number of warnings issued to the market.
Consumers expect action on dual pricing, reports CII
CII survey highlights there is more for the industry to do to tackle the loyalty penalty.
Fitch Ratings predicts fall in insurer profitability in 2020
Fitch warns that the FCA's potential ban on dual pricing can lead to "significant strain" as it declares a negative outlook for UK home and motor insurers.
Blog: Is your firm ready for the SMCR?
Nick Elwell-Sutton of Clyde & Co outlines the steps that brokers need to take to comply with the impending regulation.
FCA issues fresh warning on broker remuneration
Regulator issued new guidance on how brokers and providers can best serve customers.
FCA and PRA seek to ban and fine former insurance CEO
A joint investigation by the regulators found that between February 2010 and July 2016 Stuart Malcolm Forsyth transferred excessive amounts of his own salary to his wife, and as a result paid £18,000 less in income tax than he should have done.
The Blog Spot: “Sorry” – the final word?
Simon Matson has finally apologised after comments he made about exiting employees, described as racist and abusive were highlighted in court papers, but is it enough?
FCA staff slammed for "shameful" behaviour
Watchdog responds to "unacceptable behaviour" as internal letter reveals "minority of colleagues" in the regulator's Olympic Park HQ have been defecating on the floor, stealing plants and abusing security and catering staff, according to reports.
PRA urges industry to improve disclosure mechanisms
Regulator used a Dear CEO letter to raise concerns about whether staff feel able to speak up about poor practices and unidentified risks within their firms.
GoCompare warns of ghost brokers on social media
Comparison site says young drivers aged 17 to 24 are most likely to fall victim to ghost broking.
Revenue falls at Hastings amid rising claims inflation
Firm said it would apply price increases to keep its full-year loss ratio within target.
Nearly half of brokers unaware of SMCR, research finds
Senior Management and Certification Regime (SMCR) will apply to insurance intermediaries from 9 December 2019.
Insurers most at risk from FCA pricing review named by analyst
Analyst firm Peel Hunt highlighted Direct Line, RSA and Saga as particularly vulnerable.
Insurance veteran Sicsic joins Spixii
New advisor to the InsurTech has over 20 years of experience in the insurance industry.
Quizzical questions: 18 October 2019
Test your knowledge of the week's news with our topical quiz.
GI complaints fall amid £2bn PPI payout
FCA data for H1 2019 was final full reporting period before 29 August PPI deadline.
FCA warns of Broker Insurance Services clone
Regulator detailed that the clone has set up its own phone number, email address and is using a different address to the real firm but the 'clone' has refuted the warning.
FCA updates no deal Brexit guidance
EEA firms passporting into the UK must apply to the temporary permissions regime by 30 October.
Car insurance premiums dip in Q3
Research by Willis Towers Watson and Confused.com also shows continuing fluctuations in average premiums.
"Golden age for brokers" as FCA cracks down on dual pricing
Consumer Intelligence CEO Ian Hughes points to opportunities for brokers as the industry deals with the "crack cocaine" of insurance, dual pricing.
Brokers warn dual pricing debate should not focus solely on price
Experts say the FCA should also consider value and quality of service, after the regulator hinted at a potential ban on dual pricing in its interim report.