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.
Biba says members are taking action to tackle dual pricing
A report from the trade body shows brokers are engaging with its Guiding Principles and Action Points to address dual pricing practices in the home and motor insurance sectors.
MGAs under threat as insurers set to crackdown
News Analysis: Covid-19 and BI wordings row likely to see a flight to quality, specialist providers while vanilla offerings set to struggle.
FCA: A roadmap for brokers through Covid-19
The regulator exclusively spoke to Insurance Age for the Broker Extra event.
RSA walks back on Marsh criticism in FCA's BI test case
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
Insurers accused of ‘dragging feet’ as extra FCA BI September trial dates mooted
The eight insurers involved in the case are still on the hunt for their own expert evidence as a second trial in September is looking increasingly likely.
FCA BI test case ‘clear and present danger’ to brokers
Experts warn that brokers could find themselves under fire as insurers lean in intermediaries in defences.
Action Groups get go-ahead to intervene in FCA BI test case
Groups formed against Hiscox and QBE will “closely liaise” with the FCA but are not permitted to increase the scope of the test case.
Marsh bites back as RSA alleges it is on the hook for wording in FCA BI test case
Marsh has disputed RSA allegations its clients should be liable for brokered policy contract issues in the Financial Conduct Authority’s business interruption test case, as brokers were dragged into the ongoing proceedings.
Insurers lock horns with FCA in BI test case defences
Brokers brought into fray as providers file a variety of defences including proximate cause and the ‘Sweden defence’ in the landmark case to determine the validity of BI claims arising from the coronavirus pandemic.
Hiscox Action Group attempts to join FCA BI test case
Group u-turns on desire to be part of FCA case as Hiscox continues to assess its separate arbitration claims.
FCA announces permanent CEO
Nikhil Rathi joins from the London Stock Exchange and will be paid £455,000 a year.
Covid-19: PRA warns of potential "significant impact" on insurers from BI dispute
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
Insurers and FCA butt heads on pandemic spread analysis in BI case
Insurers’ counsel have decried the Financial Conduct Authority’s intention to use the “controversial” Cambridge analysis of Covid-19 spread in its business interruption test case, as representatives warned another trial might be needed to iron out…
BI Test Case: Hiscox argues business hardship likely even without lockdown
Hiscox aims to compare Covid-19 economic hit to Sweden and ‘draconian’ UK in Financial Conduct Authority BI test case.
British dentists questions wordings included in BI test case
The British Dental Association has written to the Financial Conduct Authority to highlight “questionable” wordings not included in the coronavirus BI test case.
FCA warns of Financial Services Register clone
The watchdog says it is working on getting the fake site taken down.
FCA expands number of wordings under scope of BI test case
The regulator's updated preliminary list shows that the scope of the legal proceedings has been extended to cover a total of 91 policy types.
FCA turns focus to policy intention in Covid-19 BI battle
The regulator's particulars of claim for the test case stated that the defendants’ reasons for wordings are not relevant or admissible.
FCA zones in on broker resilience amid Covid-19 outbreak
Watchdog surveys 13,000 firms as it seeks to understand the effect Covid-19 is having on the finances of regulated firms and guide its supervisory actions.
Mishcon advances on Hiscox and QBE in Covid-19 BI rows
The legal firm is pursuing a £52m claim against Hiscox and planning its own test cases and representing dentists in dispute with QBE.
FCA confirms coronavirus product value guidance
The regulator expects all insurers and brokers to have taken necessary action by 3 December this year.
Brokers welcome momentum for FCA BI test case
Pressure groups take different paths over whether to suspend their own legal proceedings while regulator's case goes forward as it is revealed three broker wordings from Pound Gates, Marsh and Gallagher will be assessed.
News analysis: Brokers hit back after Mactavish stokes remuneration debate
Commission and transparency row rears its head just as brokers feel the pinch amid market hardening
Hiscox has highest number of policies highlighted by FCA test case
Seventeen wordings will be assessed as part of the test and the FCA list shows 34 Hiscox policies affected so far, as regulator says list is a "representative sample" which is "not comprehensive".