Regulation
FCA fines Lloyds Bank £90.7m for failings in home insurance renewal letters
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
Client money rules 'too complicated to understand', say compliance experts
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.
FCA puts diversity under the microscope
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”.
FCA warns of Beagle Insurance clone
The watchdog said scammers were using the details of an authorised firm to defraud customers.
Brokers ordered to review client money arrangements
The Financial Conduct Authority has written to intermediaries to remind them it will fine businesses if misconduct occurs as it highlights key failings.
Opinion: The bad behaviour of the few is heavily borne by the many
The Financial Services Compensation Scheme is unfair and discriminates against best practice says Mike Cranny
FCA's product governance rules to have "significant ramifications" for commercial brokers
Compliance expert Branko Bjelobaba urges commercial lines brokers to pay attention as the FCA zones in on fair value across the whole of the insurance sector.
Hiscox agrees settlement with business interruption action group
Hiscox and the Hiscox Action Group said the arbitration proceedings have been resolved "to the mutual satisfaction of all parties".
US DoJ files lawsuit to block Aon/WTW merger
The two brokers have said they disagree with the move after the DoJ warns merger would “create a broking behemoth” and “threatens to eliminate competition, raise prices and reduce innovation”.
Analysis: Gefion collapse highlights risks of unrated capacity
Niche brokers say they have no choice but to use unrated insurers as compliance experts call for a change of the "unfair" FSCS levy system after the scheme steps in to pay claims following Gefion's bankruptcy.
In-depth - regulation: Doing the right thing
New rules and the threat of reputational damage from public outcries are pushing brokers and clients to re-evaluate how they approach environmental, social and governance issues, writes Edward Murray
In-depth - regulation: Brexit begins to bite
While many brokers have prepared for the impact of Brexit, some clients are still struggling. Edward Murray reports
In-depth - regulation: Under scrutiny
Aviva’s James Johnston explains how changing attitudes and new corporate governance measures could affect companies
Opinion: Taxing problem
James Sharp on why a proposed annual levy on ARs amounts to a tax on small brokers
News analysis: A question of fair value
Brokers and insurers could face increased scrutiny as the Financial Conduct Authority zones in on fair value. Martin Friel investigates what this means for insurance businesses
Industry warned of "bumpy ride" ahead after FCA confirms dual pricing ban
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.
FCA wraps up rules on dual pricing ban
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
Insurance Hound: Most read by brokers in March and April 2021
Which topics have caught brokers’ eyes this spring?
FCA reveals measures to increase consumer protection in retail markets
Regulator proposes to enhance existing rules around treating customers fairly with the aim to drive a shift in culture and behaviour for firms.
FCA reveals CEO recruitment spending
The regulator also brought clarity on the number of interviews conducted ahead of its appointment of Nikhil Rathi.
Biba 2021: The impact of Covid-19 on regulation
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.
FSCS reduces broker levy for 2021/22
Biba welcomes the move to slash the total broker contribution by half, as it brands the original forecasted levy as "grossly unfair".
“Wake-up call” for brokers as FCA zones in on fair value
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.
FCA spent almost £7m on BI court case
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.