Regulation
Top three crash for cash hotspots maintain position in Q2
The Insurance Fraud Bureau (IFB) has released its second quarter 2011 statistics pinpointing the top 20 areas of the UK affected by crash for cash activity.
FSA to apologise over "bullying" TCF assessors
The Financial Services Authority (FSA) has said it will apologise to a firm's compliance officer for the conduct of two treating customers fairly (TCF) assessors during a supervisory visit after an official complaint was upheld.
Regulator warns of bogus firm offering motor cover for young drivers
The Gibraltar Financial Services Commission (GFSC) has issued a warning to the public regarding Unique Car Insurance.
PPI complaints against banks continue to rise
Payment protection insurance (PPI) complaints at Barclays and Lloyds Banking Group rose by up to 30% in the first half of this year compared to the previous six months and may yet rise further.
SRA to crackdown on ARP
The Solicitors Regulation Authority (SRA) has claimed it is taking strong enforcement measures against firms in the Assigned Risks Pool (ARP) insurance scheme that are failing to pay their premiums.
FSA threatens action against small brokers over add-ons
Small brokers are not treating their customers fairly and are not even sure whether they are conducting an advised or non-advised sale when selling add-ons according to a report from the regulator.
Editor’s letter - August 2011
“My guess is that although there will be further high-profile examples made, this type of practice will continue unfettered”
Confidence in insurance sector drops as losses, regulation and soft market bite
The latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM) has revealed that a year of catastrophic losses, on-going soft pricing and regulatory uncertainty has hit confidence in the insurance sector hard.
Regulator puts TCF on the backburner
The Financial Services Authority (FSA) has cancelled its programme of regional workshops on treating customers fairly to concentrate its resources on the move to the new regulatory restructure and the RDR.
FSA chiefs claimed over £60K in expenses last year
Financial Services Authority (FSA) bosses Hector Sants, Adair Turner and Margaret Cole claimed over £60,000 of expenses in 2010.
SRA issues ABS guidance ahead of 2012 licences
The Solicitors Regulation Authority (SRA) has published a guide to help prospective owners of alternative business structures (ABS) understand what steps they will need to take to earn an operating licence.
Brokers suing clients over contested complaints could breach TCF
Brokers that sue clients for complaining could be in breach of Treating Customer Fairly (TCF) principles.
PPI mis-selling crisis strikes Ireland
The Irish Central Bank has launched an investigation into the mis-selling of payment protection insurance on loans.
What the Papers Say - August 2011
In this month's What the Papers say, senior reporter at Insurance Age Liz McMahon, is joined by fellow senior reporter Emmanuel Kenning to discuss the latest top topics in insurance with principal of Bellingham Communications Ben Welsh.
Riots covered but claim extension unlikely, says Questgates
QuestGates has said that the local police authority has a legal responsibility to reimburse persons who sustain damage to property as the result of a riot under the Riot Damages Act 1886.
Biba calls for more intrusive regulation of comparison sites
Comparison sites must be recognised by the regulator as more than just introducers, according to The British Insurance Brokers’ Association (Biba).
New quarterly FOS data indicates PPI complaints set to double
The Financial Ombudsman Service’s (FOS) data for the first quarter of the financial year 2011/2012 has revealed that it received over 81,000 complaints – more than double the number received in the same period last year.
UK firms feel FSA scrutiny puts them at a disadvantage
The Financial Services Authority’s (FSA) post-crisis clampdown may be harming the UK’s international competitiveness, according to research among senior financial services executives.
Market moves: Underwriting boost and a nod to brokers
An interesting month saw ongoing developments on commercial business with personal lines remaining steadfastly silent. Insurers looked to boost their underwriting and pricing capabilities while keen to highlight they were reaching out to brokers. Axa…
See you in court?
The demise of no-win no-fee could leave many SMEs unable to pursue claims in court
UK plc disadvantaged by bribery crackdown
If the FSA pursues firms over bribery it could lead to UK companies losing business abroad
Pointing the finger
What exactly does the FSA do to warrant all the cash it takes from brokers and tax payers? Our anonymous columnist would love to find out
Fighting for justice
It is time for the insurance industry to show some courage and take a moral stand against referral fees, says Tony Cornell
Jersey will not implement Solvency II
Jersey’s Financial Service Commission has issued a statement clarifying that it does not intend to implement Solvency II.