Regulation
FSCS recovers £300m for levy payers
The money has been recovered from failed financial services firms and the watchdog claimed that these sums helped reduce FCSC fees.
EY report reveals £1 trillion Brexit exodus
The organisation has estimated that £1trn worth of financial services business across 23 companies has left the UK for the EU.
FCA fines The Carphone Warehouse £29m for mis-selling insurance
Huge penalty levied by the watchdog after a whistleblower sounded the alarm and the FCA launched an investigation which found firm failed to train staff to give suitable advice.
Dual pricing: Working group investigates loyalty penalty
The Competition & Markets Authority has set up a panel to explore how its recommendations are being implemented.
FCA increases Financial Ombudsman Service compensation limit to £350,000
The change will see the limit go up from £150,000 from 1 April and could keep going up annually.
Broker Summit 2019: FCA addresses “hideous” clone brokers
Economist Vicky Pryce also shared some insight around how the economy could perform following Brexit.
Industry urged to tackle dual pricing
Citizens Advice calls for dual pricing discussion to “begin from the assumption that pricing differences are unfair” at Parliamentary meeting of regulators and trade bodies.
FCA finalises no deal Brexit guidance
Regulator clarifies rules around Gibraltar-based firms.
FCA publishes Brexit guidance for general insurance firms
The regulator has issued the information for companies to use in the event of hard or soft Brexit and urged brokers to act “without delay”.
Germany extends passporting rights for UK insurers
The country has adopted some special provisions in case of a no deal Brexit.
“Surprise” at FCA clean bill of health for “unbalanced” wholesale market
The regulator said there was room for improvement and did not take action but expert suggests brokers expected the watchdog to intervene in what is seen as an “unbalanced market”.
FCA outlines “room for improvement” in £60bn wholesale market
However, the study into it did not identify “significant areas of harm” as Biba welcomes the final report.
FCA sounds latest clone broker alarm
A warning has been published by the regulator about a clone of Protect Your Bubble, which provides gadget and jewellery insurance.
Biba books Boris for 2019 conference
Event in Manchester on 15-16 May is themed as ‘Leading the Way’.
Biba maintains warning on FSCS levy
FSCS planning for £516m budget.
Podcast: The top five stories of the week
Ida Axling and Emmanuel Kenning share their view on the news behind the top five headlines of the week.
ICO fines Arron Banks' Eldon and Leave.EU £120,000
Regulator set to review how Eldon and Leave.EU are complying with data protection laws.
FCA takes regulatory control in event of no deal Brexit
The watchdog has been granted temporary transitional power to delay changes made under the EU Withdrawal Act.
Quizzical Questions: 1 February 2019
Test your knowledge of the week's news with our topical quiz.
FSCS to hit brokers with extra levy bill next month, warns Biba
Trade body also predicts 2019/20 levies will be higher.
PRA CEO letter warns action is needed on cyber
Regulator calls on providers to cover more ground on cyber in relation to risk management, risk appetite and strategy, and pledges to continue to keep cyber insurance underwriting risk under review.
FCA data shows rise in average home insurance payouts
Process piloted with 31 insurers is set to be made compulsory for all firms and most products.
FCA consults on making value data compulsory
Regulator proposing to extend pilot programme to all firms and to cover most general insurance products.
Broker MP Craig Tracey reflects on PM’s Brexit defeat
Tracey voted against Theresa May’s draft deal for the UK’s EU withdrawal last week.