Financial Conduct Authority (FCA)
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".
FCA names 16 insurers affected by BI legal test case
The watchdog expects the test case, to determine the validity of business interruption coronavirus claims, to be heard in the second half of July.
Blog: What is the client view of broker commission?
IdRisk's Stephen Mooney responds to Mactavish's report on broker remuneration.
Scam FCA email targets brokers
Compliance organisation RWA warned clients of a compliance survey email claiming to be from the regulator.
Biba brands Mactavish claims "opportunistic" and "wholeheartedly disputes" them
Trade body says brokers are acting in their customers' best interests and are following FCA rules on remuneration.
Brokers under fresh attack due to “huge conflict of interest” over commission
Report claims brokers receive up to 80% of their remuneration from insurers with Mactavish saying more businesses are “questioning the role their brokers play" as coronavirus crisis "brutally exposes" problems in the market.
Covid-19: FCA seeks broker feedback ahead of BI court action
Regulator issues call for more information as it puts together its High Court test case with the aim to resolve uncertainty for businesses making claims.
Covid-19: FCA confirms measures to help financially strained insurance customers
Move requires firms to consider payment deferrals, premium reductions and waiving cancellation fees.
Blog: Why brokers need to get behind the FCA on BI
Romero and NDML’s Simon Mabb says why he believes brokers must unite with the regulator to overcome the current Covid-19 business interruption dispute.