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.
The Blog Spot: Brexit, client money and embarrassment
If you can’t, won’t or don’t play by the rules expect to see money fly out of your wallet, writes Siân Barton
One Call fine “a shot across the bow”
Brokers have reacted to the huge penalty and renewal restriction that the FCA placed on One Call following client money mistakes.
Number of cyber-attacks reported to FCA rose by 80% in 2017
Financial services firms urged to take action after 69 material attacks were declared to the regulator last year.
Insurers given December start date for Senior Managers and Certification Regime
Brokers still facing a 2019 implementation date.
Brokers urged to take action on client money handling after One Call's FCA fine
Firm also faces £4.6m hit as it suffers first known renewal fees suspension.
One Call responds to huge FCA costs and £4.6m renewal hit
One Call and Radford express regret for client money “miscalculation” and insist their intention was to help consumers.
One Call faces £4.6m hit on top of £1m+ FCA fines
CEO John Lawrence Radford is also prohibited from having any responsibility for client money and/or insurer money and criticised for “lack of competence”.
The Blog Spot: From the Mob to the FCA – the law of unintended consequences
Emmanuel Kenning asks if the FCA will be looking at the concept of brokers owning MGAs.
Biba manifesto 2018: Push to prevent regulation stifling productivity
Biba calls for stability in rate of regulatory change, proportionate supervision and a global competition objective for the FCA
FCA consulting on widening access to FOS for SMEs
Consultation runs until April with rules set to be announced this summer.
Podcast: The top five stories of the week
Emmanuel Kenning and Siân Barton discuss the key points from the week's news.
The Blog Spot: Is this the end of insurers owning brokers?
Siân Barton wonders how recent sell-offs may affect the shape of the market.
InsurTech Futures: Start-up bike insurer Laka teams up with Zurich
Start-up's business model means the consumer makes payments at the end of the month, based on the cost of claims settled during that period.
FCA fines totalled £229.5m in 2017
Compliance experts warn that regulator still has appetite for issuing fines.
Charles Randell to replace John Griffith-Jones as chair of the FCA
Randell to take up role on 1 April.
Review of the year: December 2017
Bluefin being fined £4m by the FCA dominated the interest of Insurance Age’s readers in the final month of there year. There were two stories in the top five but there was also room for a new MGA, a fraud court case and another look at Amazon’s insurance…
Biba welcomes proposed delay to IDD as good news for brokers
David Sparkes calls potential delay a “great” and “sensible” step.
FCA warns of unauthorised firm targeting the UK
Regulator urges insurance industry and clients to be wary of "bogus entity" Bulwark Insurance.
Review of the year: July 2017
Aviva, regulation, fraud and a big ICO fine hit the headlines this summer.
Broking Break: Your Top 5
Another acquisition and an FCA consultation were high on the most read list along with GRP’s results, Bluefin’s fine and a new MGA in Birmingham.
Review of the year: June 2017
Acquisitions, the Queen's Speech, redundancies, fraud and orders from the FCA made up the most read stories in June.
The Blog Spot: A holiday warning
Bluefin's £4m FCA fine has shaken the market and Ida Axling wonders whether this is just the first of many similar stories to come.
FCA reveals transition proposals for Senior Managers Regime
The regime replaces Approved Persons and the regulator advised it wanted most transitions to take place automatically.
Review of the year: April 2017
As we swung into Spring Swinton, FCA probes and warnings, and Towergate were all most read in the month of April.