Regulation
Insurance Age blog: The Bribery Act = end of corporate jollies?
Every man has his price, according to Sir Richard Walpole and maybe I'm cynical but I tend to agree with him. Most people like to believe that, if pushed, they would not take an option which benefited them more than the client they should be serving.
FSA to debate new interventionist strategies for the CPMA
The Financial Services Authority (FSA) has published a discussion paper to open a public debate about how it, and in future the proposed Consumer Protection and Markets Authority (CPMA), should best protect the consumer with a specific focus on product…
TEn Insurance commits to Aldermanbury Declaration
The network for independent commercial brokers has signed up to the Aldermanbury Declaration.
Biba launches 2011 manifesto
The British Insurance Brokers’ Association (Biba) has launched its 2011 manifesto outlining its priority lobbying issues for the year ahead.
LMA speaks out in car insurance investigation
The Lloyd’s Market Association (LMA) has warned MPs that a reduction in the price of motor insurance can only be achieved if the risks and costs borne by insurers are reduced.
PPI complaints hit FOS budget
The Financial Ombudsman Service (FOS) has published for public consultation its proposed budget for the next financial year (2011/2012) – together with an update on the numbers and workload for the current financial year (2010/2011).
FSA fines and bans broker for part in fraud scheme
The Financial Services Authority (FSA) has fined an intermediary £25,000 and banned him from working in regulated financial services for his part in a scheme that defrauded insurers of more than £2m.
Editor's comment - January 2011
Here we go again. Another year, another set of woes. The economy has only improved slightly, premium rates still show no sign of real hardening and insurers still seem hell bent on self-sacrifice in the name of growth. I feel for you brokers, I really do…
Fears trade bodies are on IMD2 collision course
The Association of British Insurers (ABI) and the British Insurance Brokers' Association (Biba) could be on a collision course over the revised Insurance Mediation Directive (IMD2).
FSA regulatory approach under threat as BBA launches review
The Financial Services Authority's (FSA) principles-based approach to regulation has come under threat from a legal challenge brought by the British Bankers' Association (BBA).
Brokers' expansion plans face lengthy delays
The Financial Services Authority (FSA) is taking more than twice as long to approve regulated firms' expansion plans, known as a variation of permission.
News review: December
A brief round-up of December's news.
Agenda: Hopes for the New Year
Ten years have passed since the dawn of the new millennium. The predictions of economic meltdown because of the millennium bug were false but we have seen crises that have had enormous impact on the global economy: 9/11, the crash of the dot-com bubble…
Solicitor watchdog's PI plans will create an 'uneven playing field'
A new proposal from the Solicitors' Regulation Authority (SRA) to shake up the rules around professional indemnity (PI) requirements could create an "uneven playing field" within the insurance broking community, experts have warned.
New regulatory bodies need more power, says Sants
If it is to succeed in its goals, the new UK financial regulatory system will need to wield more power than the existing regulator.
Your opinions: Consumer Credit Directive reaction
Insurance Age welcomes your opinions via email, Linked In, the Broker Forum, Twitter and good old fashioned letters.
FSA fines more than double to record £88m
The Financial Services Authority (FSA) handed down a record breaking £88.4m in fines in 2010 (to December 20), a growth of 154% from last year’s £34.8m, according to City law firm Reynolds Porter Chamberlain (RPC).
FSA confirms training and competence regime changes
The Financial Services Authority (FSA) has published final rules to strengthen training and competence requirements for all individuals carrying out customer facing regulated retail activities.
Bankers challenge FSA over PPI
The Financial Services Authority’s (FSA) principles-based approach to regulation has come under attack from the British Bankers Association (BBA).
FSA warned not to stifle innovation
The length of time it takes the Financial Services Authority (FSA) to grant financial services firms permission to expand their businesses has more than doubled in the last year, says City law firm Reynolds Porter Chamberlain (RPC).
Roger Carr appointed president of CBI
Roger Carr is to succeed Incisive Media’s non-executive chairman, Helen Alexander, as president of the Confederation of British Industry. Mrs Alexander has been in the role since 2009 and Mr Carr will take up the post at the end of her term of office in…
Brokers urged to push law firms to flag up ABS intentions to insurers
Brokers must push clients to alert their insurers if they are planning to become an Alternative Business Structure (ABS) or risk being drawn into claims for non-disclosure, according to legal experts.
Broker Expo 2010 review: Exceeding expectations
A record number of brokers flocked to Coventry's Ricoh Arena to attend last month's Broker Expo. Louise Meeson reports on why the event just keeps on getting better. If you weren't there, here's what you missed
Referral fee income to stay
Legal experts have predicted that referral fees in personal injury cases will continue to exist in some form even if the Government decides to implement an outright ban on their use.