Regulation
FCA signs death warrant for dual pricing
The regulator outlines proposals for a “significant reform” of the motor and home insurance markets and slams "complex and opaque" pricing practices.
Staveley Head collapsed owing almost £10m
The administrator’s progress report said the business was later sold to One Sure for £75,000 as fitness of former directors is investigated as statutory measure.
FCA orders insurers to take action on BI claims
Interim CEO Christopher Woolard sets out the regulator's expectations after the High Court handed down its judgment in the BI test case last week.
Biba urges industry to be mindful of its reputation after BI judgment
Broker trade body says it hopes the industry can move on following the High Court's decision yesterday and that any appeal will be “sorted out quickly” for the sake of policyholders.
CMA: Ardonagh’s Bennetts buy raises competition concerns
Government body says Ardonagh and Bennetts have five working days to address the CMA’s concerns, after it found that the merged company would face “only little competition” from other much smaller motorcycle insurance specialists.
BI ruling welcome news for policyholders but result differs by wordings
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court judgment today in the FCA's BI test case and those with prevention of access wordings may also find they have cover, law firm…
Broker NDML pledges to “continue to fight” for QBE clients after judgment
MD Simon Mabb, along with the Night Time Industries Association, says he is both “pleased and frustrated” at the ruling from the High Court, as he notes Hiscox claims have been deemed legitimate, but the QBE result is “still unclear”.
High Court finds in favour of small businesses and the FCA on majority of issues in BI case
The High Court has ruled that the majority of businesses who held business interruption insurance and were forced to close could be entitled to be compensated by the insurers.
CII calls on sector to act now to avoid future FCA test cases
Body urges industry to work on product governance, improving advice processes and establishing an approach to pandemics.
Brokers urged to take FCA letter on "risks of harm" in sector seriously
Compliance specialists say brokers should make sure their procedures are in line with the expectations of the FCA.
Brokers under attack as FCA identifies "risks of harm" in sector
In a Dear CEO letter, Roma Pearson, head of retail GI, calls on brokers to address their strategies and improve their governance and warns the watchdog will take action.
Opinion: Michael Sicsic on protecting vulnerable customers
Recognising vulnerability: Putting vulnerable customer guidance into practice will give a boost to customer retention and help build a stronger brand, says Michael Sicsic
FCA warns of Saga Services clone
Regulator says fraudsters are giving out details of the authorised company as part of their tactics to scam people in the UK.
FCA extends measures to help insurance customers under Covid-19 financial strain
The temporary rules and guidance will now be in place until 31 October, while the FCA notes it is looking at making aspects of the measures permanent.
CMA orders Ardonagh to keep Bennetts separate as deal completes
Ardonagh’s £26m purchase of the motorcycle specialist approved by the FCA, but the ongoing CMA inquiry looking at how the transaction impacts competition in the market continues.
FCA threatens intervention over BI claim deductions
The #justpayit campaign has highlighted that some providers are reducing BI payouts to businesses which have received government support grants.
FCA reveals vulnerable customer guidelines
Insurance Cares: The watchdog has called on financial services firms to do more to ensure vulnerable customers receive positive outcomes as it consults on guidance.
Insurers’ QC claims FCA is “forcing a square peg into a round hole” in BI test case
Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions.
Unprecedented challenge for broker PI as prices double and exclusions threaten non-compliance
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
Hiscox QC accuses FCA of “tearing up the rule book on causation”
Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case.
Covid-19: FCA seeks to extend measures to help insurance customers who are struggling financially
The regulator wants the measures, which require firms to consider premium reductions and payment deferrals, to be extended to 31 October.
FCA seeks views on SM&CR following deadline extension
The regulator has published a consultation paper on amending its rules in the wake of coronavirus.
Insurers argue FCA victory would lead to ‘injustice’
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
Liquidators appointed for Gefion Insurance
The unrated provider recently went into solvent liquidation after the Danish regulator withdrew its insurance license.