Body urges industry to work on product governance, improving advice processes and establishing an approach to pandemics.
Insurers will find out next week if their denial of coronavirus business interruption claims is legal.
Compliance specialists say brokers should make sure their procedures are in line with the expectations of the FCA.
In a Dear CEO letter, Roma Pearson, head of retail GI, calls on brokers to address their strategies and improve their governance and warns the watchdog will take action.
Recognising vulnerability: Putting vulnerable customer guidance into practice will give a boost to customer retention and help build a stronger brand, says Michael Sicsic
Regulator says fraudsters are giving out details of the authorised company as part of their tactics to scam people in the UK.
The action group, which is also a claimant in the FCA BI test case, started legal proceedings against Hiscox earlier this year after the provider rejected coronavirus-related business interruption claims.
The temporary rules and guidance will now be in place until 31 October, while the FCA notes it is looking at making aspects of the measures permanent.
Ardonagh’s £26m purchase of the motorcycle specialist approved by the FCA, but the ongoing CMA inquiry looking at how the transaction impacts competition in the market continues.
The #justpayit campaign has highlighted that some providers are reducing BI payouts to businesses which have received government support grants.
The provider has also reserved $232m for Covid-19 related claims as it reports H1 2020 numbers.
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
QC accuses FCA of failure to show causal connection between government action and the disturbance to the insured businesses
Insurers argued the Financial Conduct Authority is “unable to demonstrate” any meaningful connection between the action taken by the UK government on a national basis in response to Covid-19 pandemic and the locality of firms’ premises, as the court…
Insurance Cares: The watchdog has called on financial services firms to do more to ensure vulnerable customers receive positive outcomes as it consults on guidance.
Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions.
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case.
The regulator wants the measures, which require firms to consider premium reductions and payment deferrals, to be extended to 31 October.
Representing RSA, David Turner QC, accused the Hospitality Insurance Group Action of “clear misuse” of the word ‘peril’ on the on the fourth day of the hearing of the Financial Conduct Authority’s Covid-19 business interruption test case.
The FCA BI case is dragging the reputation of the whole insurance sector through the mud. Ashwin Mistry reflects on how trust can be restored.
Insurers dive into the causation debate, slamming the FCA’s approach to the ‘but for’ test as the business interruption case continues in the High Court.
Insurers’ repeated argument that policies were not intended to cover pandemics has been described as “a diversionary tactic” on the third day of the Financial Conduct Authority’s business interruption test case.
On the second day of the Financial Conduct Authority’s business interruption test case, the regulator’s lawyers argued there are key issues with the Hurricane Katrina Orient Express judgment insurers are expected to lean on during the case.
It was confirmed up to 370,000 policyholders may be affected by the test case which aims to decide on the validity of business interruption cover during the coronavirus outbreak.