Regulation
Insurance ban on Russian oil ships - report
The UK and EU have teamed up to ban the insurance of ships carrying Russian oil, the Financial Times has reported.
Richard Lloyd steps up as interim chair at FCA
Richard Lloyd has become chair at the Financial Conduct Authority on an interim basis taking over from Charles Randell.
FCA reveals D&I and AR delays
The Financial Conduct Authority has delayed its consultation paper and policy statement on diversity in financial services as well as a policy statement on reviewing the appointed representatives regime.
Biba pushes back against FCA letter
The British Insurance Brokers’ Association has criticised the tone taken by the Financial Conduct Authority in its letter to brokers and promised to respond to the watchdog to defend the work done by the sector.
Disappointed FCA warns brokers on consumer harms
The Financial Conduct Authority has written to brokers warning there are significant risks of potential harm that both the market and individual firms need to address and that it will take action where needed.
Broker FSCS levy plummets to £5m for 2022/23 from expected £68m
The Financial Services Compensation Scheme has cut brokers’ levy contribution to £5.3m for 2022/23 as it cancelled a planned retail pool contribution.
FCA confirms 33 broker investigations
A Freedom of Information request by Insurance Age has revealed the Financial Conduct Authority is currently investigating 33 brokers.
FCA warns on Broker Express clone
The Financial Conduct Authority has warned of a clone of Broker Express with fraudsters using or giving out details as part of their tactics to scam people in the UK.
FCA speeds up permission removal process
The FCA has confirmed it will use new powers to cancel or change more swiftly the regulated activities firms are permitted to do as it bolsters its ‘use it or lose it’ initiative.
Michael Gove slams "neither fair nor decent" high premiums for leaseholders
Michael Gove, the Secretary of State for Levelling Up, Housing and Communities and Minister for Intergovernmental Relations has pledged to reduce premiums for leaseholders amid the Financial Conduct Authority’s study into the market.
FCA does not want to be a price regulator, says Sheldon Mills
Sheldon Mills, executive director – consumers and competition at the Financial Conduct Authority, has stressed to brokers that the watchdog does not want to be a price regulator.
Commission cut threat remains as FCA continues residential leaseholder insurance study
The Financial Conduct Authority has written to Michael Gove stating that limiting broker commissions is still under consideration as a method to reduce insurance costs for property leaseholders as it attempts to create a fairer market for consumers.
Biba urges FCA to step in as Lloyds moves to close undesignated client money accounts
The British Insurance Brokers’ Association has contacted the Financial Conduct Authority asking the regulator to intervene over Lloyds Bank’s move to close undesignated client money accounts for some members, Insurance Age can reveal.
Regulation round-up: An end to form over substance?
Biba’s David Sparkes considers recent developments at the Financial Conduct Authority
FCA staff go on strike with two more walkouts planned
Members of Unite have gone on strike at the Financial Conduct Authority today in a move the union said was the first industrial action taken since the regulator was created.
FCA adds to senior leadership team
The regulator has made two promotions and hired a fresh senior advisor as it bolsters the leadership team amid the threat of strike action.
FCA unveils enhanced oversight programme for newly authorised firms
The Financial Conduct Authority has revealed an expansion of its Early and High Growth Oversight offering with a commitment of providing closer support for 300 newly authorised businesses by the end of 2023.
Amanda Blanc to co-chair Treasury’s climate transition plan taskforce
Aviva boss Amanda Blanc has been named as the co-chair of the government’s UK Transition Plan Taskforce along with John Glen, economic secretary to the Treasury.
New Stubben Edge network appoints first AR
Stubben Edge has signed up The Verity Centre as its first appointed representative partner.
Car insurance prices up 4% in Q1
A 4% rise in average comprehensive car insurance premiums in the first quarter of the year has pushed the annual rate to a 2% increase, according to research by Confused and WTW.
Lloyd’s wholesale broker Corrie Bauckham Batts goes into liquidation
The Financial Conduct Authority has confirmed that Corrie Bauckham Batts went into liquidation on 20 April with John Dean Cullen and Rachel Helen Lai of Menzies appointed as joint liquidators.
FSCS pays out £7m in East West claims
Since East West Insurance Company went into administration the Financial Services Compensation Scheme has so far paid approaching £7m in valid claims costs.
Motor insurance premiums levelled off in February
The cost of car insurance has risen by 4.3% since the start of the year, Consumer Intelligence has calculated.
FCA staff vote to strike
Unite the union representing staff at the Financial Conduct Authority (FCA), announced yesterday (12 April) that staff at the regulator had voted in favour of industrial action.