Executive director Graeme Trudgill urges sector to look at a long-term solution as he highlights that the industry does not have enough money to cover claims arising from the coronavirus crisis.
Insurance Cares: Report by Consumer Intelligence and Sicsic Advisory shows number of people in the vulnerable customer category has hit 13m.
Experts have warned that business interruption could be “the next PPI for brokers “as FCA seeks legal clarity on BI wordings.
Providers urged to consider how value of products has changed as customers alter behaviours during coronavirus with product refunds proposed.
The regulator issued a raft of measures today (1 May) for how financial services firms should behave while coronavirus grips the nation.
Regulator seeks court action to resolve uncertainty on business interruption cover and bring clarity on specific policy clauses.
The FCA has asked up to 300 firms to provide financial information on client money, staff furlough, debt and cash.
Watchdog says the two year project led to 6.2m visiting its dedicated PPI website.
Updated: A number of providers have introduced exclusions for Covid-19.
Sector responds to the regulator's Dear CEO letter calling on insurers to pay valid claims quickly.
Regulator reports 75% increase in PPI complaints ahead of 29 August 2019 deadline.
Regulator tells firms who refuse to pay out to explain why and how they believe it represents a fair outcome for customers.
Trade body said it lobbied the regulator to exclude premium finance arrangements as payment deferrals would have left many brokers at greater risk.
Tim Bull and Richard Booth of RPC discuss whether claims may be brought against brokers for providing inadequate advice under the Covid-19 pandemic.
Insurance Age found that brokers are disappointed by the timing of the 3% rise, as well as anticipating an impact on the bottom line.
Regulator said fraudsters had used the details of authorised firms Tasker Insurance Brokers and QIC Europe to attempt to scam customers.
Regulator also wants to increase the authorisation application fee for brokers from £1,500 to £2,500.
Industry experts warn providers are not treating customers fairly as brokers call for clarity on unoccupied properties.
As the first working week of self-isolation comes to a close for many, Insurance Age content director Jonathan Swift looks at the stance brokers are taking in terms shutting up shop or keeping their branches open.
Biba's Graeme Trudgill outlines the relevant areas for brokers as the FCA tells firms how to identify key workers in financial services.
The body outlined the insurer response to Financial Conduct Authority guidelines as providers waive renewals for key workers.
Regulator sets out expectations amid coronavirus for travel, motor and home insurance, product suspensions and renewals as it highlights the important role of the broker in helping vulnerable customers.
Reid chats to Insurance Age about his return to the market, being approached by private equity houses and why there are lots of opportunities for smaller brokers in the current market.
The Insurance Age team discuss the most popular news stories of the week.