Financial Services Compensation Scheme (FSCS)
FSCS postpones retail pool contribution in levy update
Biba welcomes the move as brokers were previously expected to contribute £60.9m to the retail pool for the financial year 2021/22.
People Moves: 9 - 13 August 2021
The latest job moves in the world of insurance a broking.
FCA Business Plan a "significant change of tone"
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
FCA pledges to be tough and take action as it publishes 2021/22 Business Plan
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
Opinion: The bad behaviour of the few is heavily borne by the many
The Financial Services Compensation Scheme is unfair and discriminates against best practice says Mike Cranny
Analysis: Gefion collapse highlights risks of unrated capacity
Niche brokers say they have no choice but to use unrated insurers as compliance experts call for a change of the "unfair" FSCS levy system after the scheme steps in to pay claims following Gefion's bankruptcy.
FSCS declares unrated Gefion has failed
The troubled Danish insurer, which sold motor policies via brokers and MGAs in the UK, went into liquidation last year after its insurance license was withdrawn by the Danish regulator.
Biba 2021: The impact of Covid-19 on regulation
The FCA’s Matt Brewis discusses product value, business interruption insurance and the test case, challenges around PI and why the time is right to focus on cyber insurance.
FSCS reduces broker levy for 2021/22
Biba welcomes the move to slash the total broker contribution by half, as it brands the original forecasted levy as "grossly unfair".
FCA proposes £7.5m BI special fee for insurers in levy consultation
The fee relates to legal costs following the BI test case and is part of a raft of proposed changes relating to fees and levies ahead of publication of the watchdog's budget for 2021/22.
East West collapse: Administrator report shows £164.7m deficit
The building guarantee specialist insurer was forced into administration in 2020.
Opinion: Fees but not as we’ve known them
Biba’s Steve White considers if regulators have gone too far in terms of the fees and levies they are asking for from insurance brokers
Prometheus Insurance falls into administration
The Gibraltar-based insurer, also known as Tradewise Insurance Company, which went into run-off last year, cannot meet claims in full.
Brokers to bear brunt of £51m additional FSCS levy
The body will take £51m from its retail pool and more cash from other classes to plug a £92m gap in life and investment space and brokers may have to cough up £29m.
UK insurance firm goes into administration
East West Insurance Company was forced into administration following a Court of Appeal ruling on a claim.
FSCS reports surge in broker-related claims
Scheme says it has started paying out on new failures including to customers of Elite Insurance, Lamp Insurance, Quick-Sure Insurance and CBL Insurance.
FSCS "standing ready" to deal with customer impact from Gefion
COO Jimmy Barber discusses Gefion's solvent run-off, previous insurer failures including Alpha and Enterprise, and why he believes brokers are integral to the Scheme.
FSCS broker fees £5m lower than predicted
The levy will be £18m falling from the indicated £23m, however, it is still more than the £12m collected last year.
Broker featured on FSCS insolvency list
A.J. Cook Insurance Brokers has been declared in default by the scheme.
People Moves round-up: 13 - 17 April 2020
Keep up to date with the latest market moves.
Government consults on UK market access for Gibraltar-based firms
The legal framework previously in place needs to be changed due to Brexit, with firms having until 11 May to respond.
FSCS to pay out on four more insurance firms
The failed firms are JB Wilcock Insurance, Benson McGarvey Murdoch, Elite Insurance Company, and Quick-Sure Insurance.
FSCS declares CBL Insurance Europe has failed
The Ireland-based insurer was placed in administration in 2018 and was ordered to stop paying claims last December.
Gibraltar regulator sheds 22 staff in cost-cutting drive
The GFSC has also restructured its management team to be “flatter, wider and more inclusive”.