Regulation
Treasury delays IDD transposition into national law
Move follows the European Commission’s proposal to push back the application date to 1 October 2018.
Opinion: David Sparkes on why delaying the Insurance Distribution Directive is a good thing
Delays are not often welcome, but in the case of implementing the Insurance Distribution Directive it’s the best possible outcome, explains David Sparkes
The Blog Spot: Brexit, client money and embarrassment
If you can’t, won’t or don’t play by the rules expect to see money fly out of your wallet, writes Siân Barton
One Call fine “a shot across the bow”
Brokers have reacted to the huge penalty and renewal restriction that the FCA placed on One Call following client money mistakes.
Insurers given December start date for Senior Managers and Certification Regime
Brokers still facing a 2019 implementation date.
One Call responds to huge FCA costs and £4.6m renewal hit
One Call and Radford express regret for client money “miscalculation” and insist their intention was to help consumers.
The Blog Spot: From the Mob to the FCA – the law of unintended consequences
Emmanuel Kenning asks if the FCA will be looking at the concept of brokers owning MGAs.
Biba manifesto 2018: Push to prevent regulation stifling productivity
Biba calls for stability in rate of regulatory change, proportionate supervision and a global competition objective for the FCA
FCA consulting on widening access to FOS for SMEs
Consultation runs until April with rules set to be announced this summer.
Brokers face another FSCS hike and situation could yet get worse
Levy set to jump from £18m to £23m in 2018/19 despite shortening of the accounting period.
Podcast: The top five stories of the week
Emmanuel Kenning and Siân Barton discuss the key points from the week's news.
Blog: Despite the IDD delay brokers have a lot of work to do
Ann Peel, technical consultant at Insurance Compliance Services, urges brokers to take action ahead of the implementation of the Insurance Distribution Directive.
FCA fines totalled £229.5m in 2017
Compliance experts warn that regulator still has appetite for issuing fines.
Charles Randell to replace John Griffith-Jones as chair of the FCA
Randell to take up role on 1 April.
Review of the year: December 2017
Bluefin being fined £4m by the FCA dominated the interest of Insurance Age’s readers in the final month of there year. There were two stories in the top five but there was also room for a new MGA, a fraud court case and another look at Amazon’s insurance…
Biba welcomes proposed delay to IDD as good news for brokers
David Sparkes calls potential delay a “great” and “sensible” step.
European Commission seeks to postpone IDD until October 2018
New proposals could see seven month delay.
Travelers Europe opts for Dublin in response to Brexit
Insurer joins XL Group in choosing the Republic of Ireland.
FCA warns of unauthorised firm targeting the UK
Regulator urges insurance industry and clients to be wary of "bogus entity" Bulwark Insurance.
The Blog Spot: A holiday warning
Bluefin's £4m FCA fine has shaken the market and Ida Axling wonders whether this is just the first of many similar stories to come.
FCA reveals transition proposals for Senior Managers Regime
The regime replaces Approved Persons and the regulator advised it wanted most transitions to take place automatically.
FCA report reveals Bluefin's targets to place business with Axa
Last week the regulator fined Bluefin £4m for misleading its customers.
Bluefin’s £4m fine should serve as “wake-up call” for brokers, say experts
Compliance specialists say brokers need to ensure there are no conflicts of interest.
The FCA fines Bluefin £4m
Regulator says broker failed to manage conflict arising from being owned by Axa in 2011 to 2014.