Regulation
Internal audit good practice guide launched for brokers
The Society of Insurance Broking has developed the guide which outlines regulatory rules.
Brexit: FCA confirms extension of the Temporary Permissions Regime deadline
The deadline has been revised after originally being set for 28 March 2019.
Brokers warned over admin fees and commission
DAC Beachcroft said analysis of FCA studies found that firms do not have sufficient focus on customers.
Three insurance firms on FSCS insolvency list
List includes payment protection specialist British Insurance which was bought by Towergate in 2008, but stopped trading in 2011.
FSCS confirms final levy for 2019/20 at £532m
The amount is £16m more than the organisation forecast it would be back in January and relates partly to “continuing costs in some historic insurance failures”.
Gefion ordered to publish supplementary corrective accounts
The Danish regulator has told Gefion to restate its 2017 results and half-year report for 2018 but Gefion insists the business is healthy.
Research shows 50% of motorists think dual pricing should be illegal
A survey by Go Compare show half of the drivers surveyed felt it should be illegal for insurers to reserve best prices for new customers.
FCA re-examines duty of care as report warns customers at risk of harm
The regulator published a feedback statement which revealed most respondents believe there needs to be change to better protect financial services customers.
FCA data reveals fall in complaints in second half of 2018
Regulator says total amount of complaints about financial services reached 3.91m, with PPI making up 40%.
Brexit and customer fairness dominate FCA 2019/20 plans
The regulator’s Business Plan revealed a focus on “fair treatment for existing customers” amid dual pricing investigation and warned orderly transition post-Brexit is an “immediate priority”.
Experts urge brokers to look over remuneration after FCA warning on GI distribution failings
Compliance specialists say brokers need to look at the distribution chain and make sure they act in the best interest of the customer.
FCA proposes £537.7m fee budget for 2019/20
The figure is a 2% increase on last year’s with £29m to come from general insurance mediation.
FSCS names Caroline Rainbird as new CEO
She replaces Mark Neale who announced last year that he was to leave in May after nine years in the role.
FSCS further extends CRL's Alpha deadline
FSCS "hopeful" 30 April deadline could lead to a deal being agreed as CRL continues to look for replacement cover following unrated insurer Alpha's bankruptcy last year.
FCA warns brokers to be ready for SM&CR
The regulator urged brokers to prepare early for the regime which comes into force on 9 December this year.
Podcast: The top five news stories of the week
Which articles were brokers most interested in for the week commencing 8 April 2019?
CRL responds to FSCS Alpha deadline extension
CEO Steve Mansour says the broker has been working with the FSCS for some months in order to help transfer policies affected by Alpha’s bankruptcy last year.
Flaxmans launches ombudsman SOS service for brokers
The service has been designed to help brokers assist clients when claims are refused.
Brokers and FSCS step in for Qudos customers following unrated insurer's collapse
The FSCS named Adrian Flux and Tobell Insurance Services as it detailed the transfer of 165,000 policies from the bust Danish provider.
FCA bares teeth at GI firms over treatment of customers
A "dear CEO" letter warned the GI market that the regulator will be monitoring firms to ensure they are conforming to relevant rules and meeting its expectations.
FCA warns firms to take action on GI distribution failings
Regulator will "not hesitate to intervene" where brokers and insurers are failing to consider value to customers.
Insurance Cares: Biba supports FCA’s update on extended travel signposting
Regulator updates guidance in terms of travel insurance for individuals with pre-existing medical conditions.
Quizzical questions: 5 April 2019
Test your knowledge of the week's news with our topical quiz.
CRL has deadline to replace Alpha policies extended
FSCS says the broker is "making progress" in finding replacement cover after unrated Danish insurer Alpha collapsed last year.