Body urges industry to work on product governance, improving advice processes and establishing an approach to pandemics.
Compliance specialists say brokers should make sure their procedures are in line with the expectations of the FCA.
In a Dear CEO letter, Roma Pearson, head of retail GI, calls on brokers to address their strategies and improve their governance and warns the watchdog will take action.
Recognising vulnerability: Putting vulnerable customer guidance into practice will give a boost to customer retention and help build a stronger brand, says Michael Sicsic
Regulator says fraudsters are giving out details of the authorised company as part of their tactics to scam people in the UK.
The temporary rules and guidance will now be in place until 31 October, while the FCA notes it is looking at making aspects of the measures permanent.
Ardonagh’s £26m purchase of the motorcycle specialist approved by the FCA, but the ongoing CMA inquiry looking at how the transaction impacts competition in the market continues.
The #justpayit campaign has highlighted that some providers are reducing BI payouts to businesses which have received government support grants.
Insurance Cares: The watchdog has called on financial services firms to do more to ensure vulnerable customers receive positive outcomes as it consults on guidance.
Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions.
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case.
The regulator wants the measures, which require firms to consider premium reductions and payment deferrals, to be extended to 31 October.
The regulator has published a consultation paper on amending its rules in the wake of coronavirus.
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
The unrated provider recently went into solvent liquidation after the Danish regulator withdrew its insurance license.
The Financial Conduct Authority has alleged that insurers’ approach to causation in the business interruption test case is “legally flawed” and the defendants have “overlooked” contractual contexts.
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
The business interruption test case policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the…
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
A report from the trade body shows brokers are engaging with its Guiding Principles and Action Points to address dual pricing practices in the home and motor insurance sectors.
Broker Extra 2020: The UK insurance sector is mired in a public relations disaster after its wide-scale rejection of many business interruption claims connected to the Covid-19 pandemic. An expert panel discussed whether reputations can be restored and…
The regulator exclusively spoke to Insurance Age for the Broker Extra event.
The government body is seeking comments on the deal in order to decide whether it "may be expected to result in a substantial lessening of competition" in the market.