Regulation
FCA orders insurers to pay claims swiftly following Supreme Court ruling
In a letter to insurers, FCA executive director Sheldon Mills, urges firms to reassess and settle valid BI claims.
BI test case: Brokers buried under avalanche as clients clamour to claim
Brokers say national press coverage has led to confusion and a massive increase in client calls as they await communication from insurers on how to proceed.
Test case insurers promise action after Supreme Court defeat
Providers pledge to review claims and contact customers after the Supreme Court sided with the FCA and policyholders in the final verdict over payment of BI claims arising from Covid-19.
Supreme Court rejects insurers' appeals in BI test case judgment
The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled.
Covid-19: Experts concerned about financial resilience of brokers
Specialists outline worries for insurance space following FCA survey which showed 4,000 financial services firms are at risk, but Biba flags vaccine as a reason for hope.
FCA reveals financial resilience of brokers amid Covid-19
Survey shows that 43% of brokers used furlough scheme while 19% accessed other forms of government support when coronavirus pandemic hit.
Brexit deal “no use” to brokers
As expected the thin agreement offers very little clarity for the UK broker space.
FCA bares teeth on insurance product value as it launches thematic review
Brokers have just three weeks to respond to the watchdog as it zones in on Covid-19 response, product value and customer service.
BI test case Supreme Court judgment expected next year
The FCA has said that no judgment will be handed down before January 2021.
Orbit Underwriting goes into voluntary liquidation
Three directors have been disqualified following an investigation by the Insolvency Service.
Blog: The five unintended consequences of price-walking
Ignite Systems MD Toby MacLachlan discusses what can go wrong after the FCA signalled its intent to ban dual pricing practises in the home and motor insurance markets earlier this year.
Broker Exchange: Regulation deluge impacting some brokers’ survival chance
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
Broker Exchange: Hard market issues exacerbated by "rowing back"of local decision making
Local decision making is being eroded as a result of the hard market, viewers of the first panel session of Broker Exchange heard.
Kingfisher hits Fresh sellers with allegations of deceit
Kingfisher detailed misuse of the Motor Insurance Bureau’s MyLicence platform and suggested it may not have bought the broker as it seeks to claim millions in damages.
Brokers to bear brunt of £51m additional FSCS levy
The body will take £51m from its retail pool and more cash from other classes to plug a £92m gap in life and investment space and brokers may have to cough up £29m.
Blog: Fair pricing and rebuilding trust
Why a robust complaints process from brokers and insurers could help restore trust in the home and motor markets following the dual pricing review.
HAG says Hiscox policies are "complex and unworkable" in Supreme Court appeal
The action group put forward its arguments on the last day of the Supreme Court BI test case hearing.
CMA fines ComparetheMarket £17.9m
The watchdog says the comparison website breached competition law by using clauses prohibiting home insurers to offer lower prices on other aggregator sites, resulting in higher premiums.
FCA counsel argues "insurers took the plunge" on disease clause
The Superme Court hearing of the business interruption test case continued for the third day as lawyers compared coronavirus to the Great Storm of 1987.
Aon seeks European Commission approval for $30bn WTW deal
The EU watchdog is to make a decision by 21 December 2020.
Insurers launch their appeals as FCA BI Supreme Court battle begins
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on 16 November as insurers began their appeal of the September judgment handed down in the FCA’s business interruption test case.
FOS: Covid complaints continue
But PPI remains the most complained about product as body highlights proposed fee structure in wake of coronavirus.
Industry reminded of Covid-19 product value review deadline
The FCA warned insurers and brokers that any assessments must be completed by 3 December.
FCA raps Aviva on the knuckles over share announcement
Insurer apologises over 2018 announcement with the potential to mislead the market in a “serious but not intentional” breach.