Regulation
BI test case Supreme Court judgment expected next year
The FCA has said that no judgment will be handed down before January 2021.
Orbit Underwriting goes into voluntary liquidation
Three directors have been disqualified following an investigation by the Insolvency Service.
Blog: The five unintended consequences of price-walking
Ignite Systems MD Toby MacLachlan discusses what can go wrong after the FCA signalled its intent to ban dual pricing practises in the home and motor insurance markets earlier this year.
Broker Exchange: Regulation deluge impacting some brokers’ survival chance
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
Broker Exchange: Hard market issues exacerbated by "rowing back"of local decision making
Local decision making is being eroded as a result of the hard market, viewers of the first panel session of Broker Exchange heard.
Kingfisher hits Fresh sellers with allegations of deceit
Kingfisher detailed misuse of the Motor Insurance Bureau’s MyLicence platform and suggested it may not have bought the broker as it seeks to claim millions in damages.
Brokers to bear brunt of £51m additional FSCS levy
The body will take £51m from its retail pool and more cash from other classes to plug a £92m gap in life and investment space and brokers may have to cough up £29m.
Blog: Fair pricing and rebuilding trust
Why a robust complaints process from brokers and insurers could help restore trust in the home and motor markets following the dual pricing review.
HAG says Hiscox policies are "complex and unworkable" in Supreme Court appeal
The action group put forward its arguments on the last day of the Supreme Court BI test case hearing.
CMA fines ComparetheMarket £17.9m
The watchdog says the comparison website breached competition law by using clauses prohibiting home insurers to offer lower prices on other aggregator sites, resulting in higher premiums.
FCA counsel argues "insurers took the plunge" on disease clause
The Superme Court hearing of the business interruption test case continued for the third day as lawyers compared coronavirus to the Great Storm of 1987.
Aon seeks European Commission approval for $30bn WTW deal
The EU watchdog is to make a decision by 21 December 2020.
Insurers launch their appeals as FCA BI Supreme Court battle begins
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on 16 November as insurers began their appeal of the September judgment handed down in the FCA’s business interruption test case.
FOS: Covid complaints continue
But PPI remains the most complained about product as body highlights proposed fee structure in wake of coronavirus.
Industry reminded of Covid-19 product value review deadline
The FCA warned insurers and brokers that any assessments must be completed by 3 December.
FCA raps Aviva on the knuckles over share announcement
Insurer apologises over 2018 announcement with the potential to mislead the market in a “serious but not intentional” breach.
ICO confirms investigation into Ardonagh cyber incident
Ardonagh says it has found no evidence of customer, carrier, or broker data leaving its estate as the Towergate website remains unavailable.
Pressure groups’ fury at Supreme Court BI appeals
Eight parties in the FCA business interruption court case have been allowed to leapfrog appeals to the Supreme Court as QIC Europe is denied right to join the test case and Ecclesiastical withdraws.
Brokers on alert as FCA puts client money under the microscope
In a fresh dear CEO letter to brokers, interim CEO Christopher Woolard warns that the regulator is assessing firms’ arrangements and tells brokers it is imperative to safeguard the client money they hold for customers.
FCA prepares appeal after it fails to reach agreement with insurers in BI test case
Regulator says it will continue discussions with insurers and action groups to find a solution for the outstanding issues as soon as possible.
Blog: How to access the European Market after Brexit as an MGA or broker
Nikolaus Suehr, of KASKO, and David Goodley, of City Compliance share advice on setting up in the EU as the risk of a no-deal Brexit draws closer.
FCA and insurers apply to leapfrog appeals to Supreme Court in BI test case
Regulator says discussions between the parties involved in the case continue ahead of the next hearing on 2 October, as the watchdog along with seven insurers file "precautionary" applications to skip Court of Appeal.
FCA warns brokers to "pay close attention" after dual pricing ban
Regulator to collect data from any firms setting prices, including brokers, as it calls on the industry to co-operate to tackle the loyalty penalty.
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.