Regulation
Market moves: Ready for regime change
It was all about big names and big moves last month. The Financial Services Authority (FSA) lost two big players as it approaches the end of its reign as regulator.
Uncovering fraud
Everyone in the insurance industry is in the frontline in the fight against fraud, explains Simon Arundel
General insurance tops regulator's complaints table
General insurance is the most complained about financial service according to the latest complaints data published by the Financial Services Authority (FSA).
Claims management companies come under political scrutiny
The Ministry of Justice has launched an investigation into claims management companies following complaints that they are blocking up the compensation system for mis-sold payment protection insurance (PPI).
FSA vows to maintain intensive supervision in final year
The Financial Services Authority (FSA) has vowed to maintain its policy of intensive supervision and will continue to implement European regulatory directives as it releases its final business plan before it is disbanded.
Hector Sants - an appraisal
So Hector Sants is off. The man who ran the FSA during its most turbulent period is heading off into the regulatory sunset.
Hector Sants resigns as FSA chief
Hector Sants will step down as CEO of the Financial Services Authority (FSA) at the end of June 2012.
FSA warns of customer detriment in UK general insurance
The Financial Services Authority (FSA) has identified what it sees as three main risks of consumer detriment in the general insurance market and warned that it will not allow a repeat of the payment protection insurance mis-selling scandal.
Ratings agencies accept no blame for financial losses
Standard & Poor’s (S&P) head of financial services ratings has told the Treasury Select Committee (TSC) that people shouldn’t rely on their ratings when making financial decisions.
FSA issues PPI redress guidance
The regulator has published proposed guidance for firms contacting customers who they may have mis-sold payment protection insurance (PPI) to but have not yet complained.
FSA on tour
The FSA is touring the regions to ensure regulated firms are up-to-speed with governance and risk awareness, explains Barry Woodward
Market moves: Mad for it
Last month things went a bit mad in Manchester, with two insurers and an MGA creating brand new teams in the city. There were numerous other appointments across the insurance spectrum, and what most of them had in common was the city that gave us Oasis.
FOS reveals PPI complaints halved in H2 2011
The Financial Ombudsman Service (FOS) received a total of 106,193 complaints between 1 July and 31 December 2011, and figures show that Barclays Bank was by far the biggest culprit in terms of payment protection insurance (PPI) complaints.
Blackburn broker banned by FSA
The Financial Services Authority (FSA) has banned Mukhtar Khan, trading as United Finance and Insurance Services (UFIS), for not being fit and proper on competence and capability grounds.
Barclays' general insurance complaints double
Barclays has reported an increase in general insurance complaints, from 59,003 in the second half of 2010 to 122,992 in the second half of 2011.
PPI payouts hit new monthly high
Customers received £441m in payment protection insurance (PPI) payouts in December 2011, figures from the Financial Services Authority (FSA) have revealed.
Lloyds Bank claws back directors' bonuses due to PPI scandal
Lloyds Banking Group is to strip five directors of their bonuses, totalling over £1m, as a penalty for their role in the payment protection insurance (PPI) mis-selling scandal, the Daily Telegraph has reported.
PwC: Companies must adapt to changing market dynamics
Over two thirds (70%) of insurance CEOs are planning to change their strategy over the next 12 months as they tackle ongoing economic difficulties and increasing regulatory pressures.
FSA managing director to leave
The Financial Services Authority (FSA) has announced that managing director and board member Margaret Cole is to leave the organisation.
Insurers prosecuted for data protection breaches in Dublin
Zurich, Travelers and Irish insurer FBD have been prosecuted for breaching the Data Protection Act after pleading guilty to illegally using social welfare information on individuals at Dublin District Court.
PM to challenge industry to reduce cost of motor premiums
David Cameron will host a summit with insurance industry representatives, consumer bodies and business groups in a bid to bring down the cost of insurance premiums and tackle the country's growing compensation culture.
Whiplash summit called to tackle rising motor insurance costs
Cabinet ministers are set to discuss tactics to get a grip on the soaring number of whiplash claims as the government continues to look at ways to tackle rising motor insurance costs.
FSA ready for new regulation but at extra cost
Hector Sants, chief executive of the Financial Services Authority (FSA), has revealed that the the much-vaunted ‘twin peaks’ regulatory model will be up and running by April this year resulting in greater costs being imposed upon financial services.
So long, brave new dawn
The FSA is looking for nearly £580m in fees from the industry in its final year of existence, a 15% increase on the previous year.