Regulation
ABI register to provide insurers with details of known fraudsters
The Association of British Insurers (ABI) has launched the Insurance Fraud Register, to make details of all known insurance fraudsters in the UK available to insurers.
Barclays overtakes Lloyds as biggest PPI offender
Barclays Bank has overtaken Lloyds TSB as the source of the most payment protection insurance (PPI) complaints, according to figures from the Financial Ombudsman Service (FOS).
FSA approval waiting times at record high of 23 weeks
Regulatory approval waiting times for financial service start-up companies has reached a record high of 22.9 weeks.
Biba calls for ban on banks selling insurance
Banks should be banned outright from directly selling general insurance products, according to the British Insurance Brokers’ Association (Biba).
FCA boss to clamp down on commission-led sales
Commission payments on all financial products are to be severely curtailed by the new financial regulator.
Reportage: Tipping the scales
Brokers face a huge change in the way legal expenses insurance is sold and could lose out if they can’t tap into before-the-event products and add-ons, writes Martin Friel
Compensating for compensation
Proposed changes to the way the FSCS is funded are causing concern, says Steve White
Countdown to commission disclosure
As mandatory commission disclosure rears its head again, Tony Cornell asks what effect it could have on the general insurance market
Upside down
New laws will turn the rules governing how personal lines brokers deal with consumers on their head, explains Stephen Netherway
CMCs warned they could face closure over compliance failures
Claims management companies (CMC) must comply with regulation or risk being shut down, the Ministry of Justice (MoJ) has warned.
Quinn Insurance bill could rise to €1.65bn
The estimated bill for the administration of Quinn Insurance has risen to €1.65bn (£1.3bn), administrators appointed to the insurer have told the High Court in Dublin.
Editor’s letter - August 2012
“The non-stop rain, rain, rain – with the exception of a few days at the end of July – has seen insurance leading the news”
Out with the old
Brokers need to check all Tobas to be ready for new client asset rules, says David Roberts
Biba reports improved turnover but schemes income drops
The British Insurance Brokers’ Association (Biba) has reported a turnover of £3.2m for 2011.
FSA cancels broker's permission
The Financial Services Authority (FSA) has cancelled the permission granted to Castle Grove Insurance Services.
FSA publishes new rules on packaged accounts
Banks and building societies will have to check whether customers are eligible to claim on insurance cover before selling them a packaged bank account under new rules published by the Financial Services Authority (FSA).
FSA reveals £404m payout for Independent claims
The Financial Services Authority (FSA) has revealed that since Independent Insurance went into liquidation in 2001, £500m of assets have been realised for the benefit of the creditors.
FSA consults on new funding model review for the FSCS
The Financial Services Authority (FSA) has proposed changes to the funding of the Financial Services Compensation Scheme (FSCS) which it claimed could reduce the likelihood of interim levies and offer firms more certainty in the level of fees they pay.
Homeserve rejects buyout offer
Homeserve has reportedly rejected a private equity approach from groups Cinven, KKR and Apax.
FSCS reduced payouts by £188m in 2011/12
The Financial Services Compensation Scheme (FSCS) paid out £347m in compensation in the year 2011/2012.
MASS "disappointed" by bodily injury claims findings
The Motor Accident Solicitors Society (MASS) has said it is "very disappointed with, but not surprised" at the findings reported by The Institute and Faculty of Actuaries.
CMCs singled out for "staggering" rise in accident claims
Claims management companies (CMCs) have been condemned for the "staggering" increase in bodily injury accidents, according to a report published today by the Institute and Faculty of Actuaries.
Industry backs OFT’s move to refer motor
OFT chief executive refers “dysfunctional” motor market to the Competition Commission
Market moves: Silly season for appointments
The summer ‘silly season’ is just around the corner, when pickings are thin for newspapers and trade magazines. However, in the run up, there has been no dearth of appointments with brokers seemingly hell-bent on outdoing each other in the recruitment…