Regulation
FSA consults on FSCS funding model
The Financial Services Authority (FSA) has confirmed new funding rules for the Financial Services Compensation Scheme (FSCS).
Teen ghost broker handed 12-month sentence
A teenager who tried to sell worthless vehicle insurance policies has been given a 12-month conditional discharge at City of London Magistrates.
FSA in talks with banks over PPI claims deadline
The Financial Services Authority (FSA) is reported to be in talks with the banking industry to set a deadline for customers being able to claim for mis-sold payment protection insurance (PPI).
Banned broker faces bankruptcy over £200,000 FSA fine
A South Wales-based insurance broker has been banned from working in the financial services industry and fined £212,237 by the Financial Services Authority (FSA).
Editor’s letter - January 2013
“Brokers need to be shouting louder about their role in the economy and the essential service they provide”
Perfect storm
Brokers face a volatile year of regulatory change
Banks' PPI costs could double to £25bn
Banks may be forced to pay £25bn in repayments for payment protection (PPI) mis-selling, according to The Times.
An honour to the profession
There comes a point over the festive period when the magic wears off. You’ve eaten too much turkey, ham and chocolate, seen a bit too much of certain family members, and Love Actually is on TV for the 243rd time.
Libor scandals drive record FSA fines of £312m
The Financial Services Authority (FSA) handed down a record-breaking £312m in fines in 2012.
FSA confirms extra packaged accounts proposals
The Financial Services Authority (FSA) has confirmed it will be implementing two further proposals to its packaged bank account rules.
Queen labels FSA "toothless"
The Queen has blamed the Financial Services Authority (FSA) for lacking "teeth" ahead of the 2008 financial crisis.
Allanfield suspends trading on AIM
Allanfield Group has been suspended from trading on AIM.
Editor’s letter - December 2012
“Innovation, professionalism and sheer determination are just some of the qualities that have helped brokers turn the threats in 2012 into opportunities”
Regulation worries
One year on since the merger of Biba and the IIB, Barbara Bradshaw details her travels to the regions and the concerns over regulation
Brokers face £20m hike in FSCS levy
The Financial Services Compensation Scheme (FSCS) has indicated that it will demand a further levy of £21m from the insurance intermediary sub-class in the first quarter of 2013.
Biba urges government to re-think regulatory approach
The British Insurance Brokers’ Association (Biba) has called on the government to address regulation issues and to provide more support for the general insurance broking sector in the upcoming Autumn Statement.
Compliance pay costs soaring
Research by recruitment firm Robert Half has pinpointed the soaring costs of compliance experts on the City of London.
MASS calls for better resources to tackle crash for cash fraud
Crash for cash figures released by the Insurance Fraud Bureau (IFB) have been branded “astonishing” by the Motor Accident Solicitors Society (MASS).
Broker reveals revenue and profit overstated by over £800,000
Allanfield Group has overstated its revenue and profit before tax for the financial periods ended December 2010 and 2011, and the six months ended June 2012.
HomeServe profits rise but falling customers impact revenue
HomeServe has reported an operating profit of £27.1m for the six months ended September 2012.
CASS changes boost broker interest in Bluefin network
Bluefin Insurance Group has added five new brokers to its broker network, Bluefin Partnership Services (BPS).
FSA hits CPP with joint-largest retail fine of £10.5m
The Financial Services Authority (FSA) has fined Card Protection Plan (CPP) £10.5m for mis-sellling insurance products, the joint largest retail fine ever.
Insurer regulation costs hit £730m
The UK general insurance sector is now paying well over £730m a year to cover the direct costs of regulation and compliance, according to research from Reynolds Porter Chamberlain RPC).
Broker Expo: Learn what the FCA will mean for brokers
With the Broker Expo in Coventry only three days away Terence Clark, compliance director at RWA, has revealed what attendees will hear about in the company’s workshop on The Financial Conduct Authority (FCA).