Financial Conduct Authority (FCA)
The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
Multi-occupancy buildings insurance - broker remuneration
Read the findings of the FCA’s multi-occupancy buildings insurance broker remuneration review, its conclusions and next steps.
Big brokers making ‘silly money’ blamed for FCA property commission crackdown
Large brokers taking ‘silly commissions’ are being blamed for the Financial Conduct Authority’s crackdown in buildings’ insurance.
Biba defends broker earnings after FCA overhaul in property commissions
The British Insurance Brokers’ Association backed changes the Financial Conduct Authority wants to improve transparency for leaseholders, while also defending broker earnings.
Sicsic warns brokers leaseholder commission disclosure sets a ‘precedent’
Michael Sicsic, managing partner of Sicsic Advisory, urged brokers to review all their remuneration arrangements following the Financial Conduct Authority’s report today revealing incompetence and unjustifiable remuneration in the buildings’ insurance…
FCA’s Brewis: brokers key to helping curb unjustifiable freeholder commissions
The Financial Conduct Authority recommended insurance brokers interrogate property managers more to justify their commission with the publication of its latest paper on multi-occupancy buildings insurance.
FCA announces overhaul in broker property commissions amid market failure
Brokers face a near ban on paying commissions to third parties after a shock FCA report revealed incompetence and unjustifiable remuneration in the buildings’ insurance market.
Editor’s letter: Marking the FCA’s muted 10th birthday
However, perhaps they were so optimistic about them being successful they were confident that the date would ultimately never come back to haunt them in the shape of unpleasant headIf the government and law makers of the time could go back to 2013, they…
FCA proposes 10.4% hike to broker fees block
The Financial Conduct Authority is poised to raise fees for the general insurance mediation pot where brokers sit to £34.7m for 2023 to 2024, as its budget rises to £684.2m, including a £5.3m Consumer Duty cost.
FCA cracks down on MGA for unfair fees
The Financial Conduct Authority cracked down on an MGA with contract wordings that would have allowed it to charge a fee to customers for not renewing.
Broker Diversity Push: Improved broking gender diversity across the leadership board in latest FOI data
New data from a Freedom of Information request to the Financial Conduct Authority has revealed an improvement in the shift to more gender diversity in broking leadership, although the figures remain stark.
The FCA: 10 years on has it been a success, failure – or somewhere in between?
On 1 April 2013 insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age canvassed opinion throughout the market to find out views on how the first decade…
Government launches SMCR review and calls for insurance feedback
The government has launched its review of the Senior Managers and Certification Regime, part of a wide-ranging shake-up to make UK financial services more competitive post-Brexit.
FCA appoints two directors to co-lead enforcement and market oversight
The Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
FCA approval times worsen for new firms as overall picture improves
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
FOS compensation limit hiked to £415,000
The Financial Conduct Authority has raised the limit on complaints awards that the Financial Ombudsman Service can dish out to £415,000.
FCA opens survey on SME thresholds for FOS insurance complaints
The Financial Conduct Authority has launched a review on shifting the thresholds for SMEs to be able to refer complaints to the Financial Ombudsman Service, as it revealed there have been 1,835 insurance complaints since the rules came into force on 1…
FCA boss Brewis to address Consumer Duty concerns at Insurance Age event
Matthew Brewis, director of insurance at the Financial Conduct Authority, has been confirmed as the keynote speaker for the first Insurance Age Broker Breakfast event in Leeds next month.
MGAs and insurers are urged to chase brokers as Consumer Duty deadline looms
Insurers and MGAs have until the end of April to ensure they have all the product reviews handed in to comply with Consumer Duty deadlines.
People on low incomes are giving up insurance due to ‘poverty premium’
More than half of people in poverty are finding it difficult to pay for their insurance, leading some to give up insurance as they prioritise food and energy bills, according to research by Social Market Foundation.
Interview: Biba CEO Steve White - Leading from the front
To coincide with the 10th anniversary of his appointment as CEO of the British Insurance Brokers’ Association, Insurance Age takes Steve White on a trip down memory lane.
Thin end of the wedge – Could an FCA property commissions crackdown extend to all SME products?
Could the government’s plan to ban insurance commissions being taken by landlords, managing agents and freeholders on buildings insurance be extended to other lines? Saxon East looks at what might happen if this proves to be the start of something more…
Long awaited regulator D&I consultation due in first half of 2023
Financial regulators have set a target of the first half of 2023 to publish the repeatedly delayed consultation paper on improving diversity and inclusion across the financial sector, a year behind the original plan.
MGAA edges closer to membership milestone
The Managing General Agents’ Association’s CEO Mike Keating has revealed that the trade body is close to surpassing 200 full members in the next couple of months.
Minister concerned Consumer Duty could unleash claims farmers – report
City of London minister Andrew Griffith is concerned Consumer Duty could unleash spurious lawsuits from claims management companies, according to a report in the Financial Times.