Regulation
Editor’s letter - July 2012
“Aviva, not content with changing its regional offering, again, has set tongues wagging with its abrupt departure from Broker Network”
Reportage: Tale of the red tape
The increasing burden of regulation and the investigation into the sale of add-ons could make the next few years very uncomfortable for brokers, writes Martin Friel
FSA insists regulatory overhaul remains on track
The Financial Services Authority (FSA) has insisted its regulatory overhaul remains on track for early 2013.
Hello and welcome
Well, in a flash of ATEs, D&Os and IMDs my first week as an insurance reporter is almost at an end.
MP slams medics assisting in false whiplash claims
Bradford East MP David Ward has stated the medical profession “must accept its role” in insurance fraud following reports that doctors are receiving payments to assist with false whiplash claims.
Editor’s letter - June 2012
“This is an industry that is full of human beings. I would like to thank you all for accepting me into your market”
FCA chairman named
The government has appointed John Griffith-Jones as the non-executive chair designate of the Financial Conduct Authority (FCA).
FSA approval times increasing
The amount of time taken by the Financial Services Authority (FSA) to approve new firms has risen for the third consecutive quarter.
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.