The regulator's plan to ban the loyalty penalty is met with approval from the industry, but some criticise the FCA's approach as firms still do not know what the final rules are.
The CEO describes the experience, which saw the deal divested following CMA interventions, as an "extraordinary waste of money" as Ardonagh publishes 2020 results.
Ross says an industry working group was “on the cusp” of solving the issue around Covid-19 BI claims, when the opportunity was “taken out of our hands” due to the FCA’s test case.
The watchdog is encouraging financial services staff to report issues as part of the ‘In confidence, with confidence’ push.
Regulator says providers have paid out £192.1m in interim payments for unsettled claims and £279.8m in final settlements at it reiterates order to pay out quickly.
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
PKF Littlejohn's Chris Riley considers some of the wider implications of this week's Budget and flags that Capital Gains Tax remains a target despite staying unchanged for now.
The Budget swerves IPT rise and Entrepreneurs’ Relief escapes for now but Corporation Tax increases to 25%.
Biba’s Steve White considers if regulators have gone too far in terms of the fees and levies they are asking for from insurance brokers
The regulator highlights that 27.7m UK adults could be categorised as vulnerable as it promises to hold firms to account for failures.
With the Budget looming, PKF Littlejohn’s tax lead, Chris Riley, gives Insurance Age readers a first look at his predictions and considers the tax threats to brokers including IPT, VAT, corporation tax and the EIS scheme.
UK CEO Jon Dye discusses the business interruption test case and why communication with brokers is critical, after Allianz revealed its total impact of Covid-19 BI claims in 2020 was £175m, net of reinsurance.
The broker, now known as Somerset Bridge, still faces a fine of £60,000 and the Leave organisation, which campaigned for Brexit, faces a £45,000 fine.
Regulator says Supreme Court decision gives insurers the clarity they need to conclude their claims processes with most of their BI customers but a few issues still remain as parties make written submissions to the Supreme Court.
The “soft target” tax is under threat amid economic uncertainty but the sector is still arguing for a cut or a freeze.
In a letter to insurers, FCA executive director Sheldon Mills, urges firms to reassess and settle valid BI claims.
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.
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.
The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled.
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.
Survey shows that 43% of brokers used furlough scheme while 19% accessed other forms of government support when coronavirus pandemic hit.
As expected the thin agreement offers very little clarity for the UK broker space.
Brokers have just three weeks to respond to the watchdog as it zones in on Covid-19 response, product value and customer service.
The FCA has said that no judgment will be handed down before January 2021.