In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell will exit in Spring 2022 and the government is now seeking a successor.
Police are now using the Proceeds of Crime Act to recover funds which were illegally obtained.
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
New research from European provider of cloud infrastructure and cloud services, Ionos Cloud, has found that 38% of insurance IT decision makers (IT DMs) admit to their business having a cyber security skills gap, with a third saying this is putting their…
Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
In his second article for Insurance Age, PKF Littlejohn tax partner, Howard Jones looks at the impact of Brexit on UK insurance.
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
The watchdog highlighted broker remuneration as an issue and said that many firms might not be ready to implement incoming product governance rules.
Regulator releases policy statement with updates and clarifications to its GI pricing rules following feedback, but highlights that the changes do not affect its desired outcomes.
The man, who fled to the United States while the case was under investigation, was sentenced to two years imprisonment, suspended for two years and community service.
News analysis: As the regulatory watchdog bares its teeth in its new business plan, are brokers ready to come to heel? Rachel Gordon investigates.
The fraudster had previously pleaded guilty in June this year to fraud by false representation, money laundering, forgery and to the offence of being an unauthorised broker.
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
The total amount fell by 15% from £224.4m in 2019/20 as the regulator also outlines its response to the pandemic and other actions taken last year in its annual report for 2020/21.
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
But the deal is still on hold as a November trial looms in the United States and the New Zealand Commerce Commission also raises competition concerns.
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
Specialists have discussed the issues surrounding client money handling, highlighting what the Financial Conduct Authority and brokers ought to do in order to avoid non-compliance.
The regulator is consulting on policy options to drive D&I in financial services as it warns lack of representation can “weaken the quality of decision-making”.