The regulator also brought clarity on the number of interviews conducted ahead of its appointment of Nikhil Rathi.
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.
Biba welcomes the move to slash the total broker contribution by half, as it brands the original forecasted levy as "grossly unfair".
The regulator sends a shot across the bow to brokers about leaseholder buildings insurance as the sector is warned to look at the wider picture.
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
In a quarterly series, the team at PKF Littlejohn consider the impact of Brexit on UK insurance. In this first post, Howard Jones takes stock of where we are now.
Staff costs made up most of the total spend as the FCA also reveals it received 101 responses to its consultation paper outlining proposed remedies, which included a ban on dual pricing practices.
Keating discusses the business interruption test case and the FCA's £7.5m special levy to recover the costs as he urges brokers, MGAs and insurers to pull together and rebuild trust in the sector.
Experts warn that a proposed £250 AR fee by the FCA could leave many brokers out of pocket
The regulator has reissued its consultation paper on fee rates for 2021/22 after the initial document wrongly said that MGAs were expected to contribute.
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.
The watchdog said the broker did not have adequate oversight and warned that it is increasingly seeing examples of “misconduct” stemming from principals’ failure to monitor their appointed representatives appropriately and flags AR fee consultation.
Sicsic Advisory says that only 1% of brokers reported conduct rule breaches in the last year and warns they may not have robust processes in place to capture and report issues.
The regulator's plan to ban the loyalty penalty is met with approval from the industry, but some criticise the FCA's approach as firms still do not know what the final rules are.
The CEO describes the experience, which saw the deal divested following CMA interventions, as an "extraordinary waste of money" as Ardonagh publishes 2020 results.
Ross says an industry working group was “on the cusp” of solving the issue around Covid-19 BI claims, when the opportunity was “taken out of our hands” due to the FCA’s test case.
The watchdog is encouraging financial services staff to report issues as part of the ‘In confidence, with confidence’ push.
Regulator says providers have paid out £192.1m in interim payments for unsettled claims and £279.8m in final settlements at it reiterates order to pay out quickly.
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
PKF Littlejohn's Chris Riley considers some of the wider implications of this week's Budget and flags that Capital Gains Tax remains a target despite staying unchanged for now.
The Budget swerves IPT rise and Entrepreneurs’ Relief escapes for now but Corporation Tax increases to 25%.
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
The regulator highlights that 27.7m UK adults could be categorised as vulnerable as it promises to hold firms to account for failures.
With the Budget looming, PKF Littlejohn’s tax lead, Chris Riley, gives Insurance Age readers a first look at his predictions and considers the tax threats to brokers including IPT, VAT, corporation tax and the EIS scheme.