Regulation
Covid BI claims payments now at £1.3bn
FCA data shows providers have now made initial payments worth £329.4m and final settlements of £967.9m.
Blog: Top court cases that shaped the market
James Breese, senior associate at Fenchurch Law, lists the Covid-19 court cases that impacted the insurance industry in 2021 and discusses what lies ahead in 2022.
Mixed response to latest FCA AR review
Experts welcome oversight but some feel the focus on commercial broker ARs has “little relevancy” and call for a “proportionate” outcome.
News analysis: Regulation and Gibraltar - is it The Rock of vanities?
David Worsfold investigates how insurer regulation in Gibraltar has changed following ten years of insurer failures.
FOS plans to increase levy by £10m
The regulatory body will ask firms for £106m as it flags increase in motor and pet insurance complaints but PPI comes to a close.
Covid BI claims payments reach £1.2bn
FCA data reveals providers have now made initial payments worth £308.4m and final settlements of £916.7m.
The accidental insurance broker – Brokerbility boss Ashwin Mistry
Profile: How Ashwin Mistry took a wrong turn and ended up in insurance. Interview by Siân Barton
Opinion: Remote working – what the FCA expects
PKF Littlejohn’s Richard Willshire explores how Financial Conduct Authority rules could impact on home and hybrid working
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
Kroll reverses “reckless” MCE MTA decision
The administrator will now allow the provider to process mid-term adjustments.
FCA launches AR consultation to “address harm”
Regulator warns that there are “real risks of consumers being misled and mis-sold with little scope for recourse” as it proposes changes to the current model.
HMRC flags potential code of conduct for brokers in IPT consultation update
Government outlines the next steps and details responses from industry stakeholders, including brokers, insurers and trade bodies.
FCA reforms decision-making to tackle consumer harm
The “sensible streamlining” changes are designed to improve the speed and allow FCA senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
Gibraltar regulator denies accusations from MCE
MCE criticised the regulator earlier this week after its Gibraltar-based insurance arm went into run-off.
MCE cites Solvency II as reason for run-off of Gibraltar-based insurance arm
MCE boss Julian Edwards says Solvency II favours larger insurers as he discusses the broker's capacity deal with Sabre.
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.
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
Opinion: Fair value – fair play
The FCA’s rules on fair value have come at the right time, and those not ready to follow them may soon fall by the wayside, writes Partners& chairman Stuart Reid
Experts slam "badly worded" and "intrusive" FCA D&I survey
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
COP 26: Sunak will force UK firms to publish net zero plans
Financial institutions and companies listed in the UK will have to produce plans highlighting how they will transition to net zero.
John Lewis pulls controversial home insurance ad
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
IPT untouched in latest Budget
While the tax cut on flights ahead of COP26 grabbed headlines, brokers breathed a sigh of relief as hated insurance premium tax remained at 12%.
FCA warns brokers have "failed to understand" impact of product governance rules
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 stands down as FCA chair
Randell will exit in Spring 2022 and the government is now seeking a successor.