Regulation
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.
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.