Regulation
FSCS levy hike reignites call for separate broker pot
Expected broker levy rose to £23m for 2020/21 after spike in PPI complaints.
FSCS hikes broker levy up by £11m for 2020/21
Organisation says indicative levy for general insurance distribution is £23m and publishes Plan and Budget for the next financial year as total levy goes up by £87m.
Gefion ordered not to expand its scope of business
The Danish regulator says the unrated provider has “serious liquidity problems” as Gefion says it is in progressed discussions with potential capacity providers.
Former FCA insider develops compliance platform for brokers
Industry veteran Michael Sicsic partners with Governor Software to help brokers and insurers digitalise key compliance processes in a changing regulatory environment.
Danish regulator orders Gefion to correct information
Gefion has disagreed with the decision, as the regulator points to issues with one of the provider's reinsurance contracts.
Strategy reform reveals FCA data drive
The watchdog wants to use automation to deepen understanding of markets but has been warned against developing an over-simplified view of the market.
FCA warns insurance managers to tackle misconduct
Not addressing non-financial misconduct may lead managers to fail the SM&CR.
Gefion meets €5m liquidity deadline
The Danish provider has complied with the order from a regulator to have liquid assets of at least €5m by the end of 2019, after further investment from shareholders.
Blog: Is insurance picking up the bill for outdated building regulations?
Alison Whittington, head of housing at Zurich, discusses the hazards of modern properties and how insurers are getting involved.
Whistleblowing failures prompt regulatory intervention at Lloyd’s
PRA has laid down new rules after the Society of Lloyd’s disclosed that it had not maintained an anonymous whistleblowing channel for 16 months.
FCA head Andrew Bailey named as Bank of England governor
He will take over the position from Mark Carney on 16 March 2020.
FCA posts fresh clone broker warning
Regulator says fraudsters are using details of authorised firm MEM Insurance Brokers to target people in the UK.
FCA launches call for input on open finance
Regulator is looking to extend the principles of open banking to other sectors including general insurance.
Blog: Is it curtains for net-rated products?
Ann Peel, technical consultant at Insurance Compliance Services, discusses the potential impact of the FCA's latest interventions.
Elite Insurance goes into administration
The Gibraltar-based insurer closed to new business in July 2017.
Alpha, Enterprise and Gable failures set FSCS back £276m
Organisation also expects brokers to carry out the due diligence on replacement carriers.
FCA penalties bring in £227m as crackdown on misconduct grows
Data from the regulator shows a sharp increase in the number of warnings issued to the market.
Consumers expect action on dual pricing, reports CII
CII survey highlights there is more for the industry to do to tackle the loyalty penalty.
News analysis: Are brokers still in love with Gibraltar insurers?
The recent run of Gibraltar-based insurer insolvencies has made the headlines, but the low tax and light-touch regulations in the jurisdiction attract UK businesses and insurtech start-ups. Martin Friel investigates why brokers are still dealing with…
Drug-gang ghost broker sentenced
Fraudster sold insurance to an organised crime gang in a move which is thought to have helped them avoid police ANPR checks.
Two brokers on FSCS insolvency list
Strathearn Insurance Services and Bellfield Financial Services have been declared in default by the scheme.
Blog: Is your firm ready for the SMCR?
Nick Elwell-Sutton of Clyde & Co outlines the steps that brokers need to take to comply with the impending regulation.
FCA issues fresh warning on broker remuneration
Regulator issued new guidance on how brokers and providers can best serve customers.
FCA and PRA seek to ban and fine former insurance CEO
A joint investigation by the regulators found that between February 2010 and July 2016 Stuart Malcolm Forsyth transferred excessive amounts of his own salary to his wife, and as a result paid £18,000 less in income tax than he should have done.