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.
The regulator's plan to ban the loyalty penalty is met with approval from the industry, but some criticise the FCA's approach as firms still do not know what the final rules are.
The building guarantee specialist insurer was forced into administration in 2020.
Ross says an industry working group was “on the cusp” of solving the issue around Covid-19 BI claims, when the opportunity was “taken out of our hands” due to the FCA’s test case.
The watchdog is encouraging financial services staff to report issues as part of the ‘In confidence, with confidence’ push.
Regulator says providers have paid out £192.1m in interim payments for unsettled claims and £279.8m in final settlements at it reiterates order to pay out quickly.
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
GI CEO Colm Holmes says provider has taken a proactive approach to paying claims as he discusses how Aviva was impacted by the BI test case and comments on its 2020 results.
CEO discusses the need for the insurer to rebuild its brand and reputation as a result of the BI disagreement as insurer posts £192.4m loss for 2020.
Biba’s Steve White considers if regulators have gone too far in terms of the fees and levies they are asking for from insurance brokers
MD of UKGI, Richard Coleman, tells Insurance Age about the provider's plans to modernise its brand and discusses the business interruption test case and Ecclesiastical's approach to working with brokers.
The regulator highlights that 27.7m UK adults could be categorised as vulnerable as it promises to hold firms to account for failures.
Regulator says Supreme Court decision gives insurers the clarity they need to conclude their claims processes with most of their BI customers but a few issues still remain as parties make written submissions to the Supreme Court.
The former interim CEO is set to join the consultancy in April.
Manifesto includes a number of commitments from the broker trade body, covering areas including underinsurance as a result of the pandemic, IPT, cyber insurance and signposting to help customers access insurance.
Industry reacts to Supreme Court’s decision to dismiss insurers’ appeals in FCA BI test case
The regulator has developed the tool to help policyholders find out if their wording is affected by the Supreme Court's coronavirus ruling.
The document has been designed to help brokers comply with regulatory obligations.