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.
Covid BI claims payments reach £1.2bn
FCA data reveals providers have now made initial payments worth £308.4m and final settlements of £916.7m.
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
FCA launches AR consultation to “address harm”
Regulator warns that there are “real risks of consumers being misled and mis-sold with little scope for recourse” as it proposes changes to the current model.
Blog: Is the industry falling in love with GAP insurance again?
Avid's Steve Duxbury discusses how the market for GAP insurance has changed since the FCA's 2015 thematic review and argues that it is set for accelerated growth.
FCA reforms decision-making to tackle consumer harm
The “sensible streamlining” changes are designed to improve the speed and allow FCA senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
Ex Be Wiser boss Mark Bower-Dyke launches consultancy firm
Bower-Dyke tells Insurance Age about his plans for the new venture and discusses why he believes there was a gap in the market for quality advice.
Foley flags Axa transformation programme
Products and digitisation are key priorities for the retail CEO who joined the insurer in 2020.
Regulation roundup: Fair’s fair
Biba’s David Sparkes shines the spotlight on fair value and vulnerable customers in our new quarterly examination of the regulatory landscape
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
Insurance trade associations create fair value template
In an attempt to help firms better prepare for the Financial Conduct Authority's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
Opinion: Fair value – fair play
The FCA’s rules on fair value have come at the right time, and those not ready to follow them may soon fall by the wayside, writes Partners& chairman Stuart Reid
Experts slam "badly worded" and "intrusive" FCA D&I survey
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
COP 26: Sunak will force UK firms to publish net zero plans
Financial institutions and companies listed in the UK will have to produce plans highlighting how they will transition to net zero.
John Lewis pulls controversial home insurance ad
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell stands down as FCA chair
Randell will exit in Spring 2022 and the government is now seeking a successor.
FCA focus on fair value causes confusion for brokers
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
FCA signals litigation threat as it highlights priorities
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
Covid BI claims payments surpass £1bn
The latest set of figures from the FCA show providers have made initial payments worth £328.9m for unsettled claims and final settlements of £696.2m.
Brokers urged to take action after FCA calls for clarity on remuneration
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.
Peril in product governance – who you gonna call?
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
FCA issues warning over broker Professional Construction Risks
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
FCA urges insurers to take action on BI claims payments
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.
FCA slams firms for “weakness” over fair value rules
The watchdog highlighted broker remuneration as an issue and said that many firms might not be ready to implement incoming product governance rules.