Financial Conduct Authority (FCA)
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.
Biba 2021: The impact of Covid-19 on regulation
The FCA’s Matt Brewis discusses product value, business interruption insurance and the test case, challenges around PI and why the time is right to focus on cyber insurance.
FSCS reduces broker levy for 2021/22
Biba welcomes the move to slash the total broker contribution by half, as it brands the original forecasted levy as "grossly unfair".
Covid BI claims payments hit £701m
FCA figures show interim payments of £268.2m and final settlements of £433.1m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,912.
“Wake-up call” for brokers as FCA zones in on fair value
The regulator sends a shot across the bow to brokers about leaseholder buildings insurance as the sector is warned to look at the wider picture.
FCA spent almost £7m on BI court case
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
FCA spent nearly £4m on dual pricing market study
Staff costs made up most of the total spend as the FCA also reveals it received 101 responses to its consultation paper outlining proposed remedies, which included a ban on dual pricing practices.
"No silver bullet" to fix industry reputation after BI backlash, says MGAA's Keating
Keating discusses the business interruption test case and the FCA's £7.5m special levy to recover the costs as he urges brokers, MGAs and insurers to pull together and rebuild trust in the sector.
News analysis: Counting the cost of appointed representatives
Experts warn that a proposed £250 AR fee by the FCA could leave many brokers out of pocket
FCA confirms MGAs are exempt from £7.5m BI special levy
The regulator has reissued its consultation paper on fee rates for 2021/22 after the initial document wrongly said that MGAs were expected to contribute.
What the FCA travel rules mean for brokers
The new rules that affect travel insurance providers come into force on Monday, 26 April.
FCA proposes £7.5m BI special fee for insurers in levy consultation
The fee relates to legal costs following the BI test case and is part of a raft of proposed changes relating to fees and levies ahead of publication of the watchdog's budget for 2021/22.
Alsford Page & Gems fined over appointed representative failures
The watchdog said the broker did not have adequate oversight and warned that it is increasingly seeing examples of “misconduct” stemming from principals’ failure to monitor their appointed representatives appropriately and flags AR fee consultation.
People Moves: 19 - 23 April 2021
The key job changes in the world of insurance this week.
FCA data reveals progress as insurers settle Covid-19 BI claims
Updated figures show providers have made interim payments of £247.7m and final settlements of £352.1m since the Supreme Court verdict, but 12,217 policyholders are still waiting to hear whether their policies provide cover or not.
Brokers may be failing to report misconduct
Sicsic Advisory says that only 1% of brokers reported conduct rule breaches in the last year and warns they may not have robust processes in place to capture and report issues.