Financial Conduct Authority (FCA)
FCA urges bosses to make Consumer Duty top personal priority in Dear CEO letter
Financial Conduct Authority leader Matt Brewis has written to general insurance businesses reminding them to embed the interests of customers into their firms’ culture and purpose.
Brokers urge FCA to avoid property commission ban as decision looms
The Financial Conduct Authority has been urged not to impose a commission ban or cap on brokers as it faces political pressure for tough action.
FCA at ‘breaking point’ as hundreds of underpaid staff leave – Unite
The Financial Conduct Authority is at ‘breaking point’ amid hundreds of workers having left the regulator in the last 18 months, claims Unite.
Sicsic Advisory urges treatment of vulnerable customers should be top priority
Associate director at Sicsic Advisory, Sue Mallender, has stressed that the treatment of vulnerable customers is seen by the Financial Conduct Authority as an integral part of how businesses should operate.
Start-up The Yorkshire Broker targets SME
A new commercial insurance broker, The Yorkshire Broker, which is set to launch officially in the SME market in February has shared its frustration over the Financial Conduct Authority’s lengthy application process.
Gove vows commission-chain ban as FCA buildings review on highest charging brokers imminent
A Financial Conduct Authority review into brokers charging the highest commissions for work on buildings insurance is due in just a few weeks as government minister Michael Gove vowed to ban commission-chains and bring in ‘transparent’ fees.
Senior managers’ regulatory reform could heap extra costs on firms
Changes to the Senior Managers and Certification Regime could lead to extra regulatory costs, especially if the government pursues a major shake-up, experts have warned.
TheCityUK criticises regulators’ “slow, inefficient and unpredictable” authorisation processes
A report by TheCityUK has found that financial regulatory authorisations at the Financial Conduct Authority and the Prudential Regulation Authority can be slow and can undermine firms’ confidence in the regulators’ operational efficiency.
Regulatory costs for brokers jump 40% in just three years
Regulatory costs for brokers are 40% higher than in 2019, British Insurance Brokers’ Association research has found.
FCA's Consumer Duty update is a ‘warning against complacency’ as firms fall behind
The Financial Conduct Authority has warned firms risk falling behind as the deadline for Consumer Duty looms.
FCA warns of Surrey broker clone
The Financial Conduct Authority has warned of a clone pretending to be Montgomery Kent Insurance Brokers.
Cost-of-living crisis to place additional regulatory focus on market
DAC Beachcroft has published its predictions for 2023, which touches on the impending implementation of the Consumer Duty and what the Financial Conduct Authority will expect of the insurance industry during the cost-of-living crisis.
Ignite launches start-up broker accelerator with gender balance target
Ignite Insurance Systems has launched Ignition, an accelerator programme to help start-up insurance brokers create and grow their own businesses.
Shock survey results reveal broker ignorance on Consumer Duty is ‘a big concern’
The findings of a survey, which revealed that nearly half of brokers interviewed were not aware of the Financial Conduct Authority’s Consumer Duty rules, is a ‘big concern’, according to compliance experts.
FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
Ecclesiastical survey finds half of brokers aren’t aware of FCA’s Consumer Duty rules
A survey of 250 brokers has found that only just over half (53%) are aware of the FCA’s new Consumer Duty rules. This raises concerns that a significant number of brokers are behind schedule with plans to implement them, Insurance Age can reveal.
FCA fines drop to £214.3m in 2022
The Financial Conduct Authority dished out £214,250,056 in fines in 2022, the fourth lowest on record since the FCA was formed in 2013.
Review of the Year 2022: Steve Wright and Bryan Banbury, Russell Scanlan
In the latest part of Insurance Age's review of the year Russell Scanlan's managing director Bryan Banbury, and claims director Steve Wright offer their reflections on 2022 and predictions for the next 12 months.
Review of the Year 2022: Nick Houghton, CEO, JMG Group
In the latest part of Insurance Age's review of the year Nick Houghton, CEO, JMG Group offers his reflections on 2022 and predictions for the next 12 months.
Review of the Year 2022: John Warburton, Konsileo CEO
In the latest part of Insurance Age's review of the year John Warburton, Konsileo CEO offers his reflections on 2022 and predictions for the next 12 months.
FCA warns of broker clone
The Financial Conduct Authority has warned of a clone claiming to be independent broker Stonebridge Corporate.
Blog: Keeping on with the Broker Diversity Push
In his opinion piece in October 2016, Insurance Age’s columnist Tony Cornell asked why do so few women get to the top in broking?
Trade bodies back broker diversity campaign’s drive
The leaders of Biba, the MGAA and Liiba have reaffirmed their commitment to support increasing diversity in the market as Insurance Age launches the Broker Diversity Push – Gender Leadership Gap campaign.
Insurance Age makes benchmark and backing call to trade bodies in Broker Diversity Push campaign
Insurance Age has urged the British Insurance Brokers’ Association, the Managing General Agents’ Association and the London & International Insurance Brokers’ Association to investigate creating a broking industry benchmark and ways of working together…