Regulation
Brokers under fresh attack due to “huge conflict of interest” over commission
Report claims brokers receive up to 80% of their remuneration from insurers with Mactavish saying more businesses are “questioning the role their brokers play" as coronavirus crisis "brutally exposes" problems in the market.
FSCS broker fees £5m lower than predicted
The levy will be £18m falling from the indicated £23m, however, it is still more than the £12m collected last year.
Brokers warned to keep eye on Brexit as transition looms
There is no provision for equivalence in the IDD and this means brokers with EU clients need to set up EU entities to trade in the bloc.
Covid-19: FCA seeks broker feedback ahead of BI court action
Regulator issues call for more information as it puts together its High Court test case with the aim to resolve uncertainty for businesses making claims.
Covid-19: FCA confirms measures to help financially strained insurance customers
Move requires firms to consider payment deferrals, premium reductions and waiving cancellation fees.
Blog: Why brokers need to get behind the FCA on BI
Romero and NDML’s Simon Mabb says why he believes brokers must unite with the regulator to overcome the current Covid-19 business interruption dispute.
FCA set to take a keen interest in vulnerable customers
Insurance Cares: Report by Consumer Intelligence and Sicsic Advisory shows number of people in the vulnerable customer category has hit 13m.
Brokers under threat in Covid-19 BI dispute
Experts have warned that business interruption could be “the next PPI for brokers “as FCA seeks legal clarity on BI wordings.
Covid-19: Product value under FCA microscope
Providers urged to consider how value of products has changed as customers alter behaviours during coronavirus with product refunds proposed.
Covid-19: FCA urges firms to consider premium reductions and payment holidays
The regulator issued a raft of measures today (1 May) for how financial services firms should behave while coronavirus grips the nation.
Covid-19: FCA bares teeth as BI dispute hots up
Regulator seeks court action to resolve uncertainty on business interruption cover and bring clarity on specific policy clauses.
Insurance Covid-Cast episode seven: Empathetic, sympathetic and offering strategic guidance – how brokers are managing clients in lockdown
In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we discuss how brokers maintain their ‘trusted adviser’ status during these difficult time.
Broker featured on FSCS insolvency list
A.J. Cook Insurance Brokers has been declared in default by the scheme.
FCA zones in on client money amid Covid-19
The FCA has asked up to 300 firms to provide financial information on client money, staff furlough, debt and cash.
FCA Schwarzenegger PPI campaign reaches 32m
Watchdog says the two year project led to 6.2m visiting its dedicated PPI website.
Covid-19: Industry welcomes "firm and pragmatic" FCA message on BI claims
Sector responds to the regulator's Dear CEO letter calling on insurers to pay valid claims quickly.
FCA data reveals complaints numbers soared in H2 2019
Regulator reports 75% increase in PPI complaints ahead of 29 August 2019 deadline.
Covid-19: FCA calls on insurers to pay valid claims quickly
Regulator tells firms who refuse to pay out to explain why and how they believe it represents a fair outcome for customers.
Premium finance not affected by FCA relief measures, says Biba
Trade body said it lobbied the regulator to exclude premium finance arrangements as payment deferrals would have left many brokers at greater risk.
Insurance Covid Cast – episode one: How has the industry’s reputation been impacted by its handling of the coronavirus epidemic?
In the first of a new series of video casts brought to you by Insurance Age and Insurance Post whilst our journalists are in isolation lockdown we discuss the sector’s response to the Covid-19 pandemic and what lasting impact it might have on its…
FCA warns of Tasker and QIC Europe clone
Regulator said fraudsters had used the details of authorised firms Tasker Insurance Brokers and QIC Europe to attempt to scam customers.
FCA to hit brokers with 3% rise in fees
Regulator also wants to increase the authorisation application fee for brokers from £1,500 to £2,500.
Danish regulator orders Gefion to stop writing business
The unrated Danish motor provider says it "strongly disagrees" with the order and adds it has continued its capital raising efforts as it seeks to comply with its solvency capital requirement.
Covid-19: Six month MOT exemption announced
The AA said it had raised MOT concerns with transport ministers last week.