Regulation
Regulators consult on measures to boost D&I in financial services
The Financial Conduct Authority and the Prudential Regulation Authority have released consultation papers setting out proposals to boost diversity and inclusion to support healthy work cultures, reduce groupthink and unlock talent.
FCA ready to swoop on ‘outliers’ amid concerns on cyber insurance
The Financial Conduct Authority has warned the cyber insurance market over its concerns on policy wordings.
FCA hammers GAP insurance as it issues general warning on high commission levels
The Financial Conduct Authority has written to insurers, calling on them to take action, as it released the latest set of fair value data and again brought the spotlight onto the issue of high commission levels.
Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic
Insurance is facing a ‘big, big bombshell’ on commissions, as the shockwaves reverberate from the Financial Conduct Authority’s property buildings’ investigation, according to regulatory consultant Michael Sicsic.
Direct Line customers in line for £30m refund as insurer reviews past pricing in regulatory first
Direct Line has agreed to a voluntary review of previous home and motor insurance pricing having charged some customers more for their renewal than they would have done if they were a new customer, the Financial Conduct Authority has confirmed.
Motor broker Verex Insurance Services enters into administration
Car Care Plan has bought the assets of both Verex Insurance Services and its appointed representative Verex Assistance.
FCA authorisation service improvements continue
The Financial Conduct Authority has improved its authorisations performance in four out of five categories affecting brokers, with none of these service levels now in the red.
Markerstudy investor Pollen Street gets PRA approval for Tradex deal
Markerstudy’s owner Pollen Street Capital has completed the delayed purchase of motor trade and taxi specialist insurer Tradex after getting the greenlight from the Prudential Regulation Authority, Insurance Age can reveal.
Verlingue boosts employee benefits division with Brunsdon buy
Verlingue has snapped up Gloucester-based Brunsdon Employee Benefits, extending its sector capabilities in the SME and mid-corporate market.
Biba adds Sparkes and Chapman to board
The British Insurance Brokers’ Association has unveiled a pair of appointments to its main board and broadened access to it.
Gauntlet launches ‘try before you fly’ AR option
The Gauntlet Group has launched a new ‘try before you fly’ option for people looking to become an appointed representative of the network, Insurance Age can reveal.
FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
Editor's letter: Consumer Duty – maybe not so 'Mission Impossible' after all?
I am really looking forward to the film 'Mission Impossible Seven', or to give it it’s exact title: ‘Mission Impossible – Dead Reckoning Part One’.
Former CII COO Bissell appointed Cila executive director
The Chartered Institute of Loss Adjusters has appointed John Bissell as executive director. He will take on the leadership role in September 2023.
Graeme Trudgill succeeds Steve White as Biba CEO
The British Insurance Brokers’ Association has appointed Graeme Trudgill, its current executive director, as CEO taking over from Steve White.
Zurich UK CEO Bailey takes over as ABI president
Tim Bailey, UK CEO at Zurich, is the new president of the Association of British Insurers.
FCA cracking down on home and motor insurers
The Financial Conduct Authority has warned insurers about the support provided to struggling customers.
Brokers split on benefits versus costs of Consumer Duty
Only 49% of brokers agree the long-term benefits to their firm of the Consumer Duty will outweigh the short-term costs, according to research by the Financial Conduct Authority.
FCA reveals 69% of brokers feel fully ready for Consumer Duty deadline
The Financial Conduct Authority has set out that 69% of brokers believe they will be ready to comply with all requirements of the Consumer Duty when it comes into force on 31 July.
FCA research shows brokers outperforming financial services on Consumer Duty understanding
Detailed research by the Financial Conduct Authority has revealed brokers are ahead of the financial services industry on almost all metrics of Consumer Duty understanding.
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
Lemonade gets UK carrier licence from PRA
The Prudential Regulation Authority has granted insurtech Lemonade a UK carrier licence.
Biba rolls out partnership to help brokers on Net Zero journey
The British Insurance Brokers’ Association has added Flotilla Group as an associate to help support members with their own sustainability ambitions.
FCA issues restrictions on four insurance ARs in 10-firm crackdown
The Financial Conduct Authority has put 10 firms under restrictions for failing to meet its expectations on overseeing appointed representatives including four in the insurance industry.