Financial Conduct Authority (FCA)
Cyber hacks reported to FCA by financial firms hit 69 in 2017
FCA figures show that cyber incidents reported by general insurance firms went up from 1 to 11 in just 12 months.
FCA calls for views on how technology can simplify regulation
Watchdog believes accuracy of data submissions could be improved and costs reduced.
CBL Insurance Europe ordered to stop writing new business immediately
Brokers and partners told to inform policyholders.
BBC’s terrorism insurance spend nudges up in 2017
The insurance industry has also grown its focus on terrorism insurance products following recent attacks.
Marshall Bailey appointed FSCS chair
Bailey, a non-executive director at Chubb European Group, succeeds Lawrence Churchill.
Biba repeats call for separate FSCS levy pot for brokers
The ABI has also responded to the FCA's consultation on the levy, arguing that insurers should not have to pay for "adviser failures".
Quizzical questions: 9 February 2018
Test your knowledge of the week's news with our topical quiz.
FCA sets out plans on IDD delay
Regulator follows up on Treasury announcement.
Podcast: The top five stories of the week
Ida Axling and Siân Barton discuss the week's top five most read stories.
Quizzical questions: 2 February 2018
Test your knowledge of the week's news with our topical quiz.
Opinion: David Sparkes on why delaying the Insurance Distribution Directive is a good thing
Delays are not often welcome, but in the case of implementing the Insurance Distribution Directive it’s the best possible outcome, explains David Sparkes
The Blog Spot: Brexit, client money and embarrassment
If you can’t, won’t or don’t play by the rules expect to see money fly out of your wallet, writes Siân Barton
One Call fine “a shot across the bow”
Brokers have reacted to the huge penalty and renewal restriction that the FCA placed on One Call following client money mistakes.
Number of cyber-attacks reported to FCA rose by 80% in 2017
Financial services firms urged to take action after 69 material attacks were declared to the regulator last year.
Insurers given December start date for Senior Managers and Certification Regime
Brokers still facing a 2019 implementation date.
Brokers urged to take action on client money handling after One Call's FCA fine
Firm also faces £4.6m hit as it suffers first known renewal fees suspension.
One Call responds to huge FCA costs and £4.6m renewal hit
One Call and Radford express regret for client money “miscalculation” and insist their intention was to help consumers.
One Call faces £4.6m hit on top of £1m+ FCA fines
CEO John Lawrence Radford is also prohibited from having any responsibility for client money and/or insurer money and criticised for “lack of competence”.
The Blog Spot: From the Mob to the FCA – the law of unintended consequences
Emmanuel Kenning asks if the FCA will be looking at the concept of brokers owning MGAs.
Biba manifesto 2018: Push to prevent regulation stifling productivity
Biba calls for stability in rate of regulatory change, proportionate supervision and a global competition objective for the FCA
FCA consulting on widening access to FOS for SMEs
Consultation runs until April with rules set to be announced this summer.
Podcast: The top five stories of the week
Emmanuel Kenning and Siân Barton discuss the key points from the week's news.
The Blog Spot: Is this the end of insurers owning brokers?
Siân Barton wonders how recent sell-offs may affect the shape of the market.
InsurTech Futures: Start-up bike insurer Laka teams up with Zurich
Start-up's business model means the consumer makes payments at the end of the month, based on the cost of claims settled during that period.