Regulation
FCA opens discussion on commercial insurance regulation
The Financial Conduct Authority has launched a discussion paper on the regulation of commercial and bespoke insurance business.
Evolving the insurance claims supply chain
Insurers and brokers are re-evaluating their supply chain strategies in the face of ongoing resource scarcity, and outsourcing is becoming more prevalent in today’s claims management world.
Whistleblowing to FCA slips back
The Financial Conduct Authority received 253 reports from whistleblowers between April and June, down on the same period of last year and the first quarter of 2024.
Former Premium Credit bosses resurrect ‘tifco’ brand for new venture
The Insurance Finance Consultants (tifco) has formally launched today with the aim of supporting all firms, including brokers, that offer insurance premium finance.
Interview: Addept Group managing director Richard Finan
Addept MD Richard Finan gives Insurance Age the lowdown on his return to the market; his thoughts on changes to the MGA market in the wake of Consumer Duty; and the challenges of creating ancillary products in a post-FCA GAP intervention world.
FCA head warns firms about “abdicating responsibility” by outsourcing claims
Lisa Sturley head of department of market interventions, insurance at the Financial Conduct Authority, has warned insurance firms about outsourcing claims to third parties.
CII: Brokers outscoring insurers and aggregators over customer loyalty
New data published by the Chartered Insurance Institute today has revealed that professional brokers are doing more to build consumer loyalty and confidence than price comparison sites, banks and building societies, or insurers themselves.
Biba calls on Labour government to act on broker commissions and fees
The British Insurance Brokers’ Association has called on the new Labour government to introduce secondary legislation in relation to the Leasehold Reform Act to allow for broker commissions and fees to be deemed permitted insurance payments as they are…
Former broker Tracey loses seat as ex-Erskine Murray boss unsuccessful in bid to be MP
Former insurance broker and chair of the All-Party Parliamentary Group on Insurance and Financial Services, Craig Tracey, has lost his seat at the 2024 General Election.
FCA trims broker fees hike to 9.3%
The Financial Conduct Authority has confirmed it is raising the financial contribution of the general insurance mediation fee block by 9.3% for 2024/25, down from its initial projection of a 9.8% increase.
Delivering better justice
The spring is always a busy time for ARAG, but this year has been exceptional.
FCA encourages monitoring review ahead of first Consumer Duty annual report deadline
The Financial Conduct Authority has found many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers, as required by the Consumer Duty.
Broking Success: Right opportunity
Matthew Collins, founder and managing director of Ascend Broking, targets growing from £14m to £50m gross written premiums in five years as the firm positions itself as a viable alternative to larger brokers.
Whistleblowing to FCA increases
The level of whistleblowing to the Financial Conduct Authority increased in the first quarter of the year, reversing previous declines.
Aviva’s Blanc: UK insurance industry needs to start planning for a post-Flood Re world
Amanda Blanc, group CEO at Aviva, claimed the UK must be cautious about what happens in a post-Flood Re world come 2039.
Interview: Sabre CEO Geoff Carter
Sabre boss Geoff Carter tells Insurance Age about the upsides for brokers from its IHP rollout, growing in motorbikes after the collapse of MCE and profitable expansion plans in taxi.
Broadstone launches insurance, regulatory, and risk advisory division
Independent consultancy Broadstone has launched a standalone insurance, regulatory, and risk advisory division to sit alongside its existing Pensions Advisory and Administration and Employee Benefits Consulting units.
FOI confirms broker S166s including one financial crime review
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has confirmed four broker S166s, indicated they were most likely smaller-sized firms, and revealed one of the reviews fell into the category of financial crime.
Four insurers able to restart selling GAP insurance – FCA
The Financial Conduct Authority has confirmed that four insurers can restart selling guaranteed asset protection insurance after it took action in February and March to halt sales across the market.
FSCS confirms zero levy for brokers in 2024/25
The Financial Services Compensation Scheme has confirmed the brokers will not have to pay a levy this financial year.
FCA improves all broker-impacting authorisation metrics
The Financial Conduct Authority has built on its steady progress in delivering authorisations with an across-the-board improvement in the areas affecting brokers.
Biba 2024: Experts have mixed outlook on UK economy
In the Biba 2024 conference session ‘What’s next for the economy?’, hosted by Clive Myrie, the panel expressed mixed views on the outlook for the UK, focusing on productivity, regulation and the election.
Biba 2024: FCA to take its time on transparency proposals
Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator was “overwhelmed” at the response and amount of feedback to its transparency proposals, and that it is going to “really take our time” when considering any…
FCA chair admits surprise at “stern reaction” to name-and-shame proposals
The chair of the Financial Conduct Authority has admitted that it was not expecting such a “stern reaction” to its consultation on its “name-and-shame” proposals.