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.
FCA says brokers may be underinsured
Regulator has warned that some brokers do not have the right professional indemnity insurance and calls on sector to review its coverage.
FCA spends £272,800 on insurance
The regulator bought its cover via insurance broker Aon for 2016/17.
Broking Break – Your Top Five
From investments to technology, from acquisitions to innovations and liquidator revelations it has been another action packed week in broking.
FCA reveals list of firms in innovation ‘sandbox’
One insurance organisation is part of the FCA scheme which is designed to support innovators navigate the regulatory system.
Biba publishes demands ahead of Autumn Statement
Trade body urges Chancellor of the Exchequer to consider a number of issues including IPT and Brexit.
Market surprised by Reid's Gallagher exit
Reid is fifth person to leave UK Retail CEO role in five years.
FCA to consult on “Mission”
Regulator launches consultation to design guiding set of principles.
Biba urges Enterprise brokers to provide liquidator with policy details
Biba warned that there was little time for brokers to make alternative arrangements for clients. The provisional liquidator is set to go to the Gibraltarian courts on 26 October.
UK General ordered to review AR arrangements
It is believed that the insurer has stopped its appointed representatives (ARs) from selling general insurance products.
Simon Green to leave the FCA
Regulator confirms current director of general insurance and protection is set to depart.
Broking Break: Your top five of the week
GRP acquisition led the way for reader interest this week coming in at the top spot. Brokers were also keen to find out more about Enterprise's parent company which called for administrators and the FCA power outage.
Majority of FCA systems now available again
Hardware incident on Friday knocked out regulator’s systems.
FCA systems out due to "major IT incident"
A number of the watchdog's systems are currently unavailable.
Big Data could lead to insurers charging customers more, says FCA
Watchdog decides against launching a full market study.
FCA’s Joseph Smith speaks at Broker Expo Brighton tomorrow
Smith will discuss topics ranging from governance to appointed representatives and more.
Software houses welcome idea of regulation
Transactor's Ray Vincent calls for tech providers to be regulated by the FCA.
FCA’s Joseph Smith to speak at Broker Expo Brighton
Event is free for brokers and takes place at the Hilton Brighton Metropole on 22 September.
Editor's letter - September 2016
“Brokers need to avoid being complacent and must continue to focus on the crucial area of client money compliance”
AR review slams “significant shortcomings”
Brokers react to FCA’s findings that oversight of appointed representatives is not up to scratch
End to uncertainty over client money
Regulator cancels its review of client money rules, but brokers warned not to be complacent
Renewal rules add to burden on brokers
Change will be introduced as the market adjusts to Insurance Act and IPT increase
SSP says it will remove brokers from FCA-requested list
Software house admits that FCA has asked for a list of brokers affected by outage but offers firms the chance to be removed from the list.
SSP outage unlikely to be solved today
Software provider says it has informed the FCA and MIB about the service interruption.
InsurTech Futures: Eight UK insurtech start-ups to watch
Earlier this month Oxbow Partners produced an interesting infographic on where Insurtech startups are concentrating their energies.