Regulation
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”.
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