Regulation
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…
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