Regulation
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.
FSCS review put on back burner
The Financial Services Authority (FSA) has put plans to overhaul the Financial Services Compensation Scheme (FSCS) on hold in the wake of this year's sharp levy hike.
PB December 2010: News round-up
Apple iPhone apps continue to be all the rage in the insurance industry. Aviva launched MyClaim, a free app enabling policyholders to file a motor insurance claim remotely from their iPhones.
Broker regulation - Viewpoint: Securing the future
John Greenway on how, after 23 years as an MP, he is now turning his attention to helping brokers with the new regulatory regime.
Management clinic - regulation: Conditional compliance
A number of our procedures are not compliant but I see little value in doing anything about it now because the Financial Services Authority will soon be gone. What is the point?
Legal - IMD2: Mediation directive is up for grabs
The Insurance Mediation Directive is set to be superseded. James MacNish Porter says now is the time to give the EU your input.
FSA takes firms to court
The Financial Services Authority (FSA) has obtained a High Court ruling appointing provisional liquidators over three firms that the regulator believes were engaged in insurance activities without authorisation.
Regulator puts brakes on FSCS review
The Financial Services Authority (FSA) has put on hold plans to overhaul the Financial Services Compensation Scheme (FSCS) in the wake of this year’s sharp levy hike.
Focus - Management Structures: Building a board
Without a great team in the boardroom, any broker, regardless of size, is missing a trick that can pay long-term dividends for their business, writes David Waller.
Legal - Compensation Claims: Seeing sense on compensation culture
The law regarding risk perception, negligence, responsibility and compensation is about to undergo a massive overhaul, writes Andrew Parker.
Management Clinic - Due Diligence: What's in the box?
We have the opportunity to make our first acquisition of any size and it looks like a good fit. How can we be sure of what we are buying?
E-commerce: Solvency II to make brokers more accountable for data
Brokers with delegated authority may face increasing pressure from insurers to account for the whereabouts of data as the industry prepares to meet Solvency II regulations.
Upping FOS compensation could ruin small brokers
The Financial Services Authority's (FSA) proposal to increase the maximum level of Financial Ombudsman Service (FOS) compensation to £150,000 may force small brokers out of business, legal experts have warned.
Reportage - Coping with regulation: A regulatory health check
Whether they choose to call in a consultant, turn to their network or go it alone, brokers have a few options available to them when it comes to handling the pressures of regulation. Edward Murray explores the pros and cons of the different approaches.
Staff 'haemorrhaging' could leave FSA unable to cope with reform
Doubts have been raised over whether the Financial Services Authority (FSA) has the resource to cope with impending regulatory reform as the consultation period for the plans came to an end.
Risk management/claims: Brokers warned: enforce EL or risk legal action
Brokers that fail to advise clients about environmental liability risks could face legal action following a government crackdown.
Select commission uplifts risk breaking new bribery laws
Insurers offering brokers increased commission rates for new business must ensure they have adequate procedures in place or they could risk breaching the Bribery Act 2010, according to legal experts.
Reportage - Future of regulation: Predicting the future
Everyone is aware the FSA is on its way out but what is less certain is how the new regulatory structure will operate. Liz McMahon explores what brokers can expect in the medium to long-term future.
Risk management/claims: Lord Young slams 'unnecessary' low-hazard risk assessments
Lord Young has called for a stop to low-hazard health and safety risk assessments as part of his review into UK compensation culture.
Editor's comment - November 2010
Brokers love a bit of commission don't they? And why not? They work hard and put up with a lot of hassle and jumping through insurer hoops to get it. It's how the market is geared to remunerate brokers, but outsiders have always looked upon the structure…
Spending Review 2010: ABI and Biba disappointed over flood defence cuts
The Department for Environment, Food and Rural Affairs (Defra) has seen its budget cut from £2.9bn this financial year to £2.2bn in 2014-15. The settlement provides for £2bn to be spent on flood and coastal defences over the Spending Review period,…
FSA revokes regulatory permission for underwriting agency
The Financial Services Authority (FSA) issued a final notice dated 19 October, 2010, to Essex-based Ferryman Underwriting Agency, about a decision to cancel the permission granted to carry on regulated activities.
IUA warns of insurance regulation challenge
A lack of qualified staff threatens to undermine government plans to reform financial regulation in the UK, the International Underwriting Association (IUA)has warned.
Biba calls for "appropriate and proportionate" regulation
The British Insurance Brokers’ Association (Biba) has formally responded to the HM Treasury consultation paper on a new approach to regulation.