Financial Services Authority (FSA)
Former Mitsui chairman banned as insurer is hit with huge fine
The Financial Services Authority (FSA) has fined Mitsui Sumitomo Insurance Company (Europe) £3.5m for serious corporate governance failings, and banned its former executive chairman, Yohichi Kumagai.
Campaign to cut claims management companies out of PPI
Consumer groups, the regulator, banks and credit card providers are to come together to cut claims management companies (CMCs) out of the payment protection insurance (PPI) compensation process.
Editor’s letter - April 2012
“It’s fair to say that old Hector didn’t have the easiest of rides”
FSA warns brokers over mis-selling of add-ons
Regulator claims customers may have been sold add-ons and extras they neither want nor need
Sants departure gets mixed reaction
Hector Sants has announced his intention to leave the Financial Services Authority (FSA) for the second time, and this time it looks like it is actually going to happen.
Uncovering fraud
Everyone in the insurance industry is in the frontline in the fight against fraud, explains Simon Arundel
General insurance tops regulator's complaints table
General insurance is the most complained about financial service according to the latest complaints data published by the Financial Services Authority (FSA).
FSA vows to maintain intensive supervision in final year
The Financial Services Authority (FSA) has vowed to maintain its policy of intensive supervision and will continue to implement European regulatory directives as it releases its final business plan before it is disbanded.
Mondial Assistance in partnership with luxury travel company
Mondial Assistance has struck a deal to sell travel insurance via Voyage Privé’s website.
Hector Sants - an appraisal
So Hector Sants is off. The man who ran the FSA during its most turbulent period is heading off into the regulatory sunset.
Hector Sants resigns as FSA chief
Hector Sants will step down as CEO of the Financial Services Authority (FSA) at the end of June 2012.
FSA warns of customer detriment in UK general insurance
The Financial Services Authority (FSA) has identified what it sees as three main risks of consumer detriment in the general insurance market and warned that it will not allow a repeat of the payment protection insurance mis-selling scandal.
Biba urges Chancellor not to raise IPT in the Budget
The British Insurance Brokers’ Association (Biba) has called on the Chancellor not to raise Insurance Premium Tax (IPT) above its current level of 6% in the upcoming Budget on 21 March.
FSA issues PPI redress guidance
The regulator has published proposed guidance for firms contacting customers who they may have mis-sold payment protection insurance (PPI) to but have not yet complained.
FSA on tour
The FSA is touring the regions to ensure regulated firms are up-to-speed with governance and risk awareness, explains Barry Woodward
FOS reveals PPI complaints halved in H2 2011
The Financial Ombudsman Service (FOS) received a total of 106,193 complaints between 1 July and 31 December 2011, and figures show that Barclays Bank was by far the biggest culprit in terms of payment protection insurance (PPI) complaints.
Blackburn broker banned by FSA
The Financial Services Authority (FSA) has banned Mukhtar Khan, trading as United Finance and Insurance Services (UFIS), for not being fit and proper on competence and capability grounds.
Credit card insurer faces multi million pound bill over sales process
The credit card insurer CPP, which has been under investigation from the Financial Services Authority (FSA) for the past year, could face a £15m bill as part of a committment to review past sales.
Lloyds Bank losses hit £3.5bn after PPI mis-selling
Lloyds Bank has confirmed that it made a loss of £3.54bn in 2011 the vast majority of which it attributed to the mis-selling of payment protection insurance (PPI).
CCV on acquisitions drive with operations hire
CCV has appointed David Bruce as operations director.
PPI payouts hit new monthly high
Customers received £441m in payment protection insurance (PPI) payouts in December 2011, figures from the Financial Services Authority (FSA) have revealed.
Lloyds Bank claws back directors' bonuses due to PPI scandal
Lloyds Banking Group is to strip five directors of their bonuses, totalling over £1m, as a penalty for their role in the payment protection insurance (PPI) mis-selling scandal, the Daily Telegraph has reported.
MGAA unveils first elected board
The Managing General Agents Association (MGAA) has announced the members of its first elected board at its inaugural AGM.
FSA managing director to leave
The Financial Services Authority (FSA) has announced that managing director and board member Margaret Cole is to leave the organisation.