Regulation
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.
Insurance to pay majority of £221m FSCS levy
The Financial Services Compensation Scheme (FSCS) has estimated the levy on financial services firms for 2012/13 will be £221m, up from £217m in April 2011.
FSA seeks £578.4m from financial services in final year
The Financial Services Authority (FSA) has requested £578.4m in funding for 2012/13, a 15.6% increase on this year.
APPG calls for more guidance on EU gender ban
Concerns over the implementation of the gender ban in insurance pricing have been raised by the All Party Parliamentary Group (APPG) on Insurance and Financial Services at a recent meeting.
Lessons to learn from FSA
That broker favourite, the Financial Services Authority (FSA), has taken a bit of a pasting from the Treasury Select Committee which described the soon to depart regulator as too expensive, aloof, bureaucratic and unable to protect customers.
Straw vows to continue pushing on motor insurance premiums
Transport Select Committee calls for multi-government department approach
The truth about redundancy
Is making redundancies always the best option for coping with financial pressure? Peter Done explores the problems and alternatives
Protecting clients’ assets
The industry needs to get up-to-speed over new rules governing client assets, explains David Roberts
Laspo bill delayed until April 2013
The Jackson reforms will not be implemented until April 2013, the government has announced.
AA warns homes may become uninsurable against flood risk
AA Insurance has called on the government to take “decisive action” before homes in flood-prone areas of the UK become uninsurable.
Sants claims he was talked into taking top job
Hector Sants, chief executive of the Financial Services Authority (FSA), claims he was talked into taking the job and that he would never let the former management of RBS work in finance again.
FSCS spent nearly £400m on management expenses last year
The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.
FCA chief vows to end laid back regulation
The Financial Conduct Authority (FCA) needs to make better, bolder, faster decisions and will not lie back and let financial markets run themselves.
Zurich wins Chartered Insurer status
Zurich has been granted Chartered Insurer status by the Chartered Insurance Institute (CII).
Ex-Groupama claims chief appointed as IFB director
Phil Bird has been appointed full-time director of the Insurance Fraud Bureau (IFB) on a six month secondment.
Jack Straw to "push on" with motor reform
Jack Straw has vowed to fight on in his bid to reform the UK motor insurance market despite his Motor Insurance Regulation Bill hitting the wall.
Jubilee calls for clarification on PPI
Jubilee has called upon government and regulator to address the uncertainty surrounding regulation of payment protection insurance (PPI) in order to let the industry grow.