Regulation
Market moves: The shareholder spring
Without a doubt the biggest management change last month, indeed of the year so far, was that of former Aviva group CEO Andrew Moss who fell on his sword following a shareholder revolt over executive pay. There is no word as to what he will be doing next…
Brokers call for level playing field from Europe over commission disclosure
Brokers back transparency over commission fees but demand equal footing with insurers on disclosure
Broker bans reveal regulator’s tough new stance on compliance
FSA bans two brokers sending strong message to non-compliant brokers
OFT competition decision on motor market divides opinion
The news that the Office of Fair Trading (OFT) is considering referring the private motor insurance market to the Competition Commission has been met with a range of different reactions.
"Dysfunctional" motor market referred to Competition Commission
The Office of Fair Trading (OFT) has provisionally decided to refer the private motor insurance market to the Competition Commission.
FSA to increase regulatory fees once again
The Financial Services Authority (FSA) is to increase the level of fees firms will be required to pay for 2012/13 under its annual funding requirement (AFR).
Trade body demands greater clarity over new regulators
The International Underwriting Association (IUA) has called for greater clarity on how the two new insurance regulators are going to cooperate.
Three arrests in Liverpool over cash for crash fraud
Three people have been arrested in Liverpool as part of an on-going investigation into a suspected cash for crash fraud operation estimated to be worth more than £1m.
Scottish referral fee ban produces UK's lowest rate of whiplash claims
A ban on referral fees under Law Society of Scotland rules of practice has resulted in the country recording the lowest rate of whiplash claims in the UK.
HomeServe suffers blow to UK revenue following regulatory problems
HomeServe has reported improved revenue of £534.7m for the year ended March 2012, but regulatory difficulties in the UK business made an impact.
FSA bans broker for client money breaches
The Financial Services Authority (FSA) has banned Essex-based insurance broking director Derek Wright from performing any FSA-regulated functions.
Record number of complaints to Ombudsman as PPI continues to dominate
The Financial Ombudsman Service has received a record number of complaints for the fifth year in a row as complaints about the selling of payment protection insurance (PPI) continue to pour in.
Robert Hiscox slams "feeble" ABI
The outgoing chairman of Hiscox, Robert Hiscox, has hit out at the lack of expertise in the incoming regulator and lack of strength among industry representatives at a recent industry conference.
Insurers have still not embedded risk management in their own boards
The boards of insurance companies have still not implemented a fully effective risk culture in their organisations despite significant investment since the financial crisis of 2008.
Biba 2012: FCA uncertainty could damage broking sector
Uncertainty around what the incoming Financial Conduct Authority (FCA) wants from the broking industry is causing the greatest concern in the market and greater clarity must be given before damage is done.
Biba 2012: survey reveals broker regulation fears
Three quarters of brokers claim regulation is the main issue facing their business.
Biba 2012: Biba calls in Deloitte to conduct strategic review
The British Insurance Brokers' Association (Biba) has appointed Deloitte to undertake a strategic review of the organisation as it looks to position itself for the next five years.
Broker Network member fined and banned for fraud
A former Broker Network member has been banned and fined by the Financial Services Authority (FSA) for committing insurance fraud.
New IMD clause brings threat of compulsory commission disclosure
Brokers face the threat of mandatory commission disclosure if a proposed revision of the Insurance Mediation Directive (IMD) is accepted, the British Insurance Brokers' Association (Biba) has warned.
New D&O and HNW insurer enters UK market
XN Financial Services (UK), a subsidiary of Montreal-based XN Holdings, has received UK accreditation from the Financial Services Authority authorising it to operate in the UK.
AA calls for less talk, more action on whiplash claims
The AA has called for the government to take action on whiplash, and said it hopes the second insurance summit will be the “last talking shop”.
ABI accused of playing 'cynical and duplicitous game' over portal fees
The Association of British Insurers (ABI) has reportedly advised members to start negotiating with offers of £150 for legal fees in low value claims.
Command and conquer
The industry’s barbarians or, as they are known, consolidators have to change their ways to survive in the current climate, says Tony Cornell
You’re fired
Changes to employment law swing the balance of power back towards the employer, but there are still pitfalls to avoid, explains Peter Done