Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
The watchdog highlighted broker remuneration as an issue and said that many firms might not be ready to implement incoming product governance rules.
Regulator releases policy statement with updates and clarifications to its GI pricing rules following feedback, but highlights that the changes do not affect its desired outcomes.
Which trending topics have caught brokers’ eyes this summer?
FCA figures show interim payments of £331.2m and final settlements of £636.7m have been made since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 6,073.
News analysis: As the regulatory watchdog bares its teeth in its new business plan, are brokers ready to come to heel? Rachel Gordon investigates.
Provider points to continued impact from Covid-19 as well as competitive market conditions and the run-off of certain portfolios as it also reports a COR of 91.7%.
The fraudster had previously pleaded guilty in June this year to fraud by false representation, money laundering, forgery and to the offence of being an unauthorised broker.
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
The total amount fell by 15% from £224.4m in 2019/20 as the regulator also outlines its response to the pandemic and other actions taken last year in its annual report for 2020/21.
The Financial Conduct Authority published the document on its website alongside a table to show relevant declarations by policy type.
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
The settlement follows on from the Supreme Court judgment in the FCA's BI test case in January.
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
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.
Data from Consumer Intelligence also suggested the FCA dual-pricing regulation would see the industry experience a hard market once more.
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
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.
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”.
The watchdog said scammers were using the details of an authorised firm to defraud customers.
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.