Regulation
Insurance industry needs to improve reputation, says ABI chief
The insurance industry has a key role to play in helping UK consumers manage their financial commitments, but first it needs to improve its reputation, ABI director general Otto Thoresen will say today at the ABI Biennial conference.
Government says yes to referral fees
As part of its new Justice Bill, unveiled today, the government has confirmed its intention to spare referral fees.
Appeal decision good news for surveyors
The Court of Appeal has unanimously agreed that surveyors did not owe a duty of care to a buy-to-let investor in the case of Scullion v Bank of Scotland Plc (t/a Colleys).
Ombudsman calls for more decisive action from FSA
One of the Financial Ombudsman Service’s (FOS) principal ombudsman, Tony Boorman, has questioned the benefits of a complaints-led strategy, calling for a more proactive approach from the regulator.
Creating FCA and PRA to cost up to £175m
The Treasury has estimated that the cost of establishing the Prudential Regulation Authority (PRA) and transforming the Financial Services Authority (FSA) into the Financial Conduct Authority (FCA) could be between £115m-£175m.
Government takes next step in reform of FSA
The government has published its financial regulation White Paper and draft Bill. These provide further detail on its proposed reforms to the financial regulatory regime within the UK.
FSA grilled over delayed FSCS review
The All Party Group on Insurance and Financial Services has expressed its disappointment that the regulator could miss the deadline for its review of the Financial Services Compensation Scheme (FSCS).
New product intervention approach could result in firm TCF rules
The Financial Services Authority (FSA) has revealed its intention to create a single set of rules for product intervention which could involve making all TCF material statutory.
FSA increases Sants’ car bill by £31,000
The Financial Services Authority (FSA) has admitted it under reported the cost of chief executive Hector Sants’ car benefits by £31,056 in 2010, according to The Times.
FSA publishes Annual Report for 2010/11
The Financial Services Authority (FSA) has published its annual report for 2010/11, outlining its performance against the priorities set out in its 2010/11 Business Plan and its statutory objectives.
Bottlenecking leads to PPI extension for top culprits
The Financial Services Authority (FSA) has agreed to temporary arrangements with extended timeframes for Barclays, Lloyds Banking Group and RBS to handle payment protection insurance (PPI) complaints.
FSA spends £763k on delayed FSCS review
The Financial Services Authority (FSA) spent £763,000 on a review of the Financial Services Compensation Scheme (FSCS) only to then shelve it in 2010, Insurance Age has learnt.
FSA review reveals TCF issues for aggregators
The Financial Services Authority (FSA) has deemed it necessary to issue proposed guidance on the selling of general insurance policies through price comparison websites.
Ombudsman's increased award limit will impact regulated firms
A professional indemnity expert has challenged the Financial Services Authority’s (FSA) claim that the Ombudsman’s increased award limit would not impact regulated firms.
Polly C – the hottest insurance gossip
Polly gets her red arm band on to relay this month's hottest gossip
Sign up now for the 2011 Prince's Trust Insurance Cup
With the 2010/11 football season over, whether your team finished top, rock bottom or stuck in mid-table obscurity, it’s time to start looking forward to The Prince's Trust Insurance Cup.
Knock-on effect
Solvency II and insurers’ need for high-quality information is beginning to impact on intermediaries, writes Ian Singer
Brokers call for clear risk transfer policy
Biba 2011 delegates demand FSA and ABI devise rules governing brokers’ handling of client money.
Clarification needed on credit write-backs
Insurer inconsistency over payment of credit write-backs is frustrating brokers
Market moves: Team players and fresh faces
They say a problem shared is a problem halved. And the same, elusive “they” also say that many hands make light work. Clearly the insurance community has been spending a lot of time with “they” as teamwork has been the buzz phrase in this month’s…
Groupama chief slams legal profession over referral fees
The chief executive of Groupama Insurances has blasted the “lobbying power” of the legal profession in preventing the introduction of an outright ban on the use of referral fees.
Insurance Age blog: Insurance isn't the problem says Galbraith
In a special guest blog, chief executive of the British Insurance Brokers' Association, Eric Galbraith, argues that the industry needs to work together to improve public perception.
Brokers must take heed of Bank of Scotland fine
Brokers have been urged to examine their own complaints procedures following the Bank of Scotland being dealt a £3.5m fine by the Financial Services Authority (FSA) for mishandling complaints.
Consumers urged to avoid claims managment companies in PPI cases
Consumers could lose out on over £2bn in payment protection insurance (PPI) redress by going to claims management companies according to consumer protection body, Which?