Regulation
FCA non-financial misconduct survey leads to call for action and benchmarking
The Financial Conduct Authority has released the findings from its non-financial misconduct survey as a benchmark for firms to reflect on whether their own processes, procedures and controls provide both robust detection and appropriate outcomes.
Premium finance review welcomed as EY warns of ‘heightened regulatory scrutiny’
Industry practitioners have broadly welcomed the Financial Conduct Authority launching a review into premium finance.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
FCA launches review into premium finance “fair value” and barriers to competition
The Financial Conduct Authority has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.
Government announces motor insurance task force to tackle “spiralling costs”
The Government has announced a new cross-government motor insurance task force, supported by industry experts, to tackle what it claims is “the spiralling costs of car insurance”.
Broker Expo 2024: Biba encouraged by ‘step-change’ in FCA’s approachability
Head of regulation for the British Insurance Brokers’ Association David Sparkes told delegates at Insurance Age’s Broker Expo yesterday that he is encouraged by the fact that the Financial Conduct Authority is being more receptive to feedback.
Experts say industry is improving on fair value despite FCA criticism
The Financial Conduct Authority’s findings that brokers are still struggling to provide evidence that their remuneration is consistent with fair value rules has sparked mixed reactions among people working in the sector. Ida Axling explores the fallout…
Navigating a tight budget
With the new Chancellor putting her first budget before Parliament this month, it's unclear how much of the financial burden businesses will have to bear.
FCA: Reducing rulebook would lead to boost in international competitiveness
The Financial Conduct Authority believes sharing more information on good practice and its expectations will benefit the industry and help drive better outcomes, according to Graeme Reynolds, director of competition.
Elizabeth Passey appointed FSCS chair
Elizabeth Passey has been appointed chair of the Financial Services Compensation Scheme, taking up the role today succeeding Marshall Bailey.
FullCircl SmartBroker & Acturis forge a path in the digital era
In an insurance landscape reshaped by AI, machine learning and Consumer Duty, FullCircl introduces its latest innovation: the Acturis integrated SmartBroker.
FCA still undecided on taking GAP-like action over premium finance fair value
The Financial Conduct Authority “remains concerned” over the fair value of premium finance, it has revealed at a press conference after the regulator's annual public meeting yesterday.
PwC tips Northern Irish motor premium to drop 15% after Government review
Motor insurance premiums for Scottish and Northern Irish drivers have been tipped to decrease by an average of £60 (10%) in Scotland and £90 (15%) in Northern Ireland following a Government review.
Broker Expo 2024 Countdown: David Sparkes of Biba
As we count down to Insurance Age’s Broker Week, we asked our Broker Expo speakers to share some insights into the event, market issues and reveal their favourite chocolate bar. Today, we focus on the British Insurance Brokers’ Association regulation…
Regulatory compliance & Consumer Duty: Strategies for financial firms
The implementation of the Consumer Duty regulation in July 2023 ushered in a new era of consumer protection in the UK's financial services sector.
Blog: Are insurance add-ons still relevant in 2024?
Julian Tomlinson, chairman of Alps, argues some insurance add-ons are more vital for policyholders today than they’ve ever been.
Biba calls on FCA to remove large SMEs from scope of Consumer Duty
The British Insurance Brokers’ Association has called for larger commercial customers to be removed from the scope of the Consumer Duty
Biba calls for IPT cut in Autumn Budget
The British Insurance Brokers’ Association has urged the government to cut the headline rate of insurance premium tax from 12% to 10% in the Autumn Budget on 30 October.
Marsh and LMG leaders call for proportionate regulation at parliamentary session
Chris Lay, CEO of Marsh McLennan UK and of Marsh in the UK, and Caroline Wagstaff CEO of the London Market Group, have called for proportionate and agile regulation of insurance in an evidence session at Parliament.
FCA warns principals against ‘tick-box’ approach to ARs
A review by the Financial Conduct Authority of its rules on appointed representatives has found some firms taking a tick-box approach to compliance, relying on basic information like website checks, or using self-declarations from their ARs to…
New FCA S166 investigations into brokers drops to zero
The Financial Conduct Authority did not open any new S166 investigations into brokers in the first three months of the year, as the number issued across financial services hit a high of 27.
FCA warns it might repeat GAP intervention in other product sectors
The Financial Conduct Authority has said that it might need to repeat the intervention it has taken in the guaranteed asset protection [GAP] market in other sectors.
FCA: brokers struggling to marry remuneration with evidence of fair value assessment
Brokers are still struggling to provide adequate evidence they are appropriately assessing whether their remuneration is consistent with the fair value of the product they are selling.
FCA fines and bans broker who failed to pass premiums on to insurers
The Financial Conduct Authority has imposed a financial penalty of £5,021 and banned an insurance broker from performing any function in relation to any regulated activity carried on by any authorised person, exempt person, or exempt professional firm.