Regulation
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
Market moves: The moves merry-go-round
The insurance recruitment gene pool has long required dilution but it still seems to be the same names popping up going to new jobs at new companies. Which wouldn’t be so bad if so many of them didn’t end up going back to the company they originally left…
Sentiment Survey Spring 2012
The latest Sentiment Survey covers market hardening expectations, increasing broker engagement with social media and the priorities for Biba, all according to brokers
Referral fee ban lacks definition and will "damage access to justice"
The LASPO Bill represents “a litany of missed opportunities for the personal injury system” according to John Spencer, director of Spencers Solicitors.
Campaign to cut claims management companies out of PPI
Consumer groups, the regulator, banks and credit card providers are to come together to cut claims management companies (CMCs) out of the payment protection insurance (PPI) compensation process.
Homeserve fined £750,000 over abandoned calls
Homeserve has been fined £750,000 by Ofcom for making an excessive number of silent and abandoned calls to UK consumers.
Almost 20% of CMCs closed by MoJ last year
The Ministry of Justice (MoJ) closed down around one in five claims management companies in the past year, according to figures obtained by the Law Society Gazette.
Which? accuses insurers of taking consumers for a ride
Consumer watchdog Which? has accused several insurers of charging customers exorbitant hidden fees for basic policy changes and renewals.
Regulation moving too fast for financial services
Regulatory developments are coming too fast to allow financial services companies to react effectively according to a report from regulatory analysts, JWG.
Editor’s letter - April 2012
“It’s fair to say that old Hector didn’t have the easiest of rides”
FSA warns brokers over mis-selling of add-ons
Regulator claims customers may have been sold add-ons and extras they neither want nor need
Sants departure gets mixed reaction
Hector Sants has announced his intention to leave the Financial Services Authority (FSA) for the second time, and this time it looks like it is actually going to happen.