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 improves all broker-impacting authorisation metrics
The Financial Conduct Authority has built on its steady progress in delivering authorisations with an across-the-board improvement in the areas affecting brokers.
Biba 2024: FCA to take its time on transparency proposals
Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator was “overwhelmed” at the response and amount of feedback to its transparency proposals, and that it is going to “really take our time” when considering any…
Biba publishes guide to help members demonstrate fair value when offering premium finance
The British Insurance Brokers’ Association has launched a guide for members that arrange premium finance for customers.
FCA chair admits surprise at “stern reaction” to name-and-shame proposals
The chair of the Financial Conduct Authority has admitted that it was not expecting such a “stern reaction” to its consultation on its “name-and-shame” proposals.
FCA warns on Tempcover clone
The Financial Conduct Authority has issued a warning of fraudsters trying to scam people by pretending to be short-term car insurance specialist broker Tempcover including on TikTok.
Committee calls out FCA response to concerns on investigation transparency proposal
The House of Lords Financial Services Regulation Committee has hit out at the Financial Conduct Authority, demanding a specific response to its request for a delay in proposals to name firms under investigation.
Motor still in spotlight as FOS confirms half-year GI complaints rise
The Financial Ombudsman Service has again flagged car and motorcycle insurance complaints as it calculated an 18% rise in general insurance cases.
ABI among trade bodies slamming FCA proposals to name firms under investigation
The Association of British Insurers and the London & International Insurance Brokers’ Association are part of a group of 16 trade bodies that have signed a letter to the Chancellor asking for help to push back against the Financial Conduct Authority’s…
Wakam receives PRA approval for new £500m GWP UK insurer
French insurance group Wakam has told brokers thinking of setting up their own managing general agents to consider it as a capacity partner after receiving regulatory approval for a new UK subsidiary.
FCA defends investigation transparency proposals
The Financial Conduct Authority has responded to concerns raised by the House of Lords Financial Services Regulation Committee on its proposal to name firms under investigation.
Biba responds to FCA’s travel insurance signposting review
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s post implementation review of travel insurance signposting.
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
FCA adds four more S166s to sector
The Financial Conduct Authority has slapped the general insurance and protection sector with another four skilled person reports as the crackdown continues.
FCA warns insurers, again, on undervaluing total loss motor claims
The Financial Conduct Authority has confirmed finding evidence that suggests motor insurers are offering customers less than the full value of written-off or stolen vehicles and, in some cases, only increasing offers when a customer complains.
FCA to raise budget by 10.7%
The Financial Conduct Authority has set its annual funding requirement for 2024/25 at £755m, an increase of 10.7%.
Fair value not a Trojan Horse for price regulation, says FCA boss Nikhil Rathi
The onus on firms to satisfy themselves about fair value under the Consumer Duty is “not a Trojan horse for price regulation”, according to Nikhil Rathi, CEO of the Financial Conduct Authority.
FCA warns of Admiral clone
The Financial Conduct Authority has warned of a clone claiming to be Admiral Insurance.
FOI request pulls back the curtain on FCA’s broker S166s
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has revealed further details on the spike in insurance skilled persons reports.
FCA reveals slight decline in whistleblowing
The Financial Conduct Authority received 249 whistleblowing reports containing 649 allegations in the fourth quarter of last year.
Select Committtee slams lack of progress on sexual harassment and bullying
A House of Commons Treasury Select Committee has released its ‘Sexism in the City’ report revealing a lack of progress on sexual harassment and bullying, including serious sexual misconduct in financial services.
Buying or selling an intermediary: Lessons from the front line part 3 – Technology
In the final instalment of a three-part series on broker M&A, Phil Broadbery, a partner and head of PKF’s technology team, examines some of the most common IT and data-related pitfalls that broker leaders should look out for during the acquisition…
FCA’s Mills commits to using all regulatory tools in flats insurance update
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority, has promised to use all regulatory tools at the watchdog’s disposal in an update on progress for multi-occupancy buildings insurance.