Regulation
Brokers urged to take action after FCA calls for clarity on remuneration
Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
Peril in product governance – who you gonna call?
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
FCA issues warning over broker Professional Construction Risks
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
Post Brexit dispatches – a taxing time for brokers
In his second article for Insurance Age, PKF Littlejohn tax partner, Howard Jones looks at the impact of Brexit on UK insurance.
FCA urges insurers to take action on BI claims payments
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
FCA slams firms for “weakness” over fair value rules
The watchdog highlighted broker remuneration as an issue and said that many firms might not be ready to implement incoming product governance rules.
FCA updates dual pricing rules
Regulator releases policy statement with updates and clarifications to its GI pricing rules following feedback, but highlights that the changes do not affect its desired outcomes.
Former Allianz employee sentenced for stealing £67,000 from insurer
The man, who fled to the United States while the case was under investigation, was sentenced to two years imprisonment, suspended for two years and community service.
The FCA piles on the pressure
News analysis: As the regulatory watchdog bares its teeth in its new business plan, are brokers ready to come to heel? Rachel Gordon investigates.
Ghost broker sentenced for selling fraudulent Esure policies
The fraudster had previously pleaded guilty in June this year to fraud by false representation, money laundering, forgery and to the offence of being an unauthorised broker.
Firms must respond to FCA pricing reform survey by 9 August
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
FCA fines totalled £189.8m in 2020/21
The total amount fell by 15% from £224.4m in 2019/20 as the regulator also outlines its response to the pandemic and other actions taken last year in its annual report for 2020/21.
FCA Business Plan a "significant change of tone"
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
FCA pledges to be tough and take action as it publishes 2021/22 Business Plan
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
European Commission clears Aon/WTW merger
But the deal is still on hold as a November trial looms in the United States and the New Zealand Commerce Commission also raises competition concerns.
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”.