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.
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.
James Sharp on why a proposed annual levy on ARs amounts to a tax on small brokers
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
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.
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
The cyber attack, which caused disruption to the broker's IT systems, and the criminal gang behind it are under investigation by the police.
Regulator proposes to enhance existing rules around treating customers fairly with the aim to drive a shift in culture and behaviour for firms.
The regulator also brought clarity on the number of interviews conducted ahead of its appointment of Nikhil Rathi.
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.
Biba welcomes the move to slash the total broker contribution by half, as it brands the original forecasted levy as "grossly unfair".
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.
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.
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
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.
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.
Experts warn that a proposed £250 AR fee by the FCA could leave many brokers out of pocket
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.
The new rules that affect travel insurance providers come into force on Monday, 26 April.
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.
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.
The key job changes in the world of insurance this week.
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.
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.