Regulation
Elite Insurance goes into administration
The Gibraltar-based insurer closed to new business in July 2017.
Alpha, Enterprise and Gable failures set FSCS back £276m
Organisation also expects brokers to carry out the due diligence on replacement carriers.
FCA penalties bring in £227m as crackdown on misconduct grows
Data from the regulator shows a sharp increase in the number of warnings issued to the market.
Consumers expect action on dual pricing, reports CII
CII survey highlights there is more for the industry to do to tackle the loyalty penalty.
News analysis: Are brokers still in love with Gibraltar insurers?
The recent run of Gibraltar-based insurer insolvencies has made the headlines, but the low tax and light-touch regulations in the jurisdiction attract UK businesses and insurtech start-ups. Martin Friel investigates why brokers are still dealing with…
Drug-gang ghost broker sentenced
Fraudster sold insurance to an organised crime gang in a move which is thought to have helped them avoid police ANPR checks.
Two brokers on FSCS insolvency list
Strathearn Insurance Services and Bellfield Financial Services have been declared in default by the scheme.
Blog: Is your firm ready for the SMCR?
Nick Elwell-Sutton of Clyde & Co outlines the steps that brokers need to take to comply with the impending regulation.
FCA issues fresh warning on broker remuneration
Regulator issued new guidance on how brokers and providers can best serve customers.
FCA and PRA seek to ban and fine former insurance CEO
A joint investigation by the regulators found that between February 2010 and July 2016 Stuart Malcolm Forsyth transferred excessive amounts of his own salary to his wife, and as a result paid £18,000 less in income tax than he should have done.
FCA staff slammed for "shameful" behaviour
Watchdog responds to "unacceptable behaviour" as internal letter reveals "minority of colleagues" in the regulator's Olympic Park HQ have been defecating on the floor, stealing plants and abusing security and catering staff, according to reports.
Biba calls for government commitment to IPT flood spending
Broker trade body wants future government to promise that money raised from the increase in IPT remains earmarked for flood defence and resilience measures.
Lloyd’s to create single governing body
Decision follows consultations which saw over 90% of the market support the idea to merge its Board and Council.
GoCompare warns of ghost brokers on social media
Comparison site says young drivers aged 17 to 24 are most likely to fall victim to ghost broking.
Insurers most at risk from FCA pricing review named by analyst
Analyst firm Peel Hunt highlighted Direct Line, RSA and Saga as particularly vulnerable.
CMA’s investigation into Compare the Market sees timeline extended
Investigation centres on clause included in the aggregator’s home insurance contracts which may potentially cause consumers to miss out.
FCA warns of Broker Insurance Services clone
Regulator detailed that the clone has set up its own phone number, email address and is using a different address to the real firm but the 'clone' has refuted the warning.
FCA updates no deal Brexit guidance
EEA firms passporting into the UK must apply to the temporary permissions regime by 30 October.
Opinion: Ethics consultant Duncan Minty on the FCA's radical approach to regulation
Taking a radical approach: Duncan Minty asks if brokers are on the threshold of predictive supervision?
"Golden age for brokers" as FCA cracks down on dual pricing
Consumer Intelligence CEO Ian Hughes points to opportunities for brokers as the industry deals with the "crack cocaine" of insurance, dual pricing.
Blog: Next steps for the insurance sector as FCA cracks down
Former head of GI at the FCA, Michael Sicsic, reflects on the regulator’s interim report into dual pricing.
FCA denies dragging feet on dual pricing
Christopher Woolard outlined the findings of the regulator’s general market study into pricing and pledged to examine industry impact of the recommendations.
Market warns of "unintended consequences" following FCA dual pricing study
The sector has welcomed further consultation on the proposals which include a potential ban on dual pricing.
FCA considers ban on dual pricing practices
Regulator publishes interim findings in its general insurance pricing practices market study and states that the home and motor insurance markets are not working well for customers.