Regulation
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.
Entertainment broker banned for £89,000 overcharge attempt
The Financial Services Authority has banned Paul Cable, director of Media and Entertainment Insurance Services, from acting as an FSA approved person for at least two years for attempting to overcharge a client by £89,000.
LMA warns on proposed regulatory system
The Lloyd’s Market Association has argued that the proposed regulatory system for the UK is being created around the banks which will make it over-engineered, unsuitable and unjustifiably costly for the general insurance industry with Lloyd’s brokers…
Opinion: Editor's comment
We're all fully aware the Financial Services Authority (FSA) is getting tough. Both the trade press and the business pages of the national press are full of stories about the regulator fining and banning financial services practitioners. And this is very…
Reportage - start-ups: Branching out
Starting your own business is exciting but deciding between autonomy and a helping hand can be tough. Edward Murray looks at what to consider to get what you want and make sure your venture flourishes.
Broker Expo 2010: The Expo experience
It's that time of year again - the Insurance Age Broker Expo is fast approaching - so here's a rundown of what to expect. As usual we have the excellent, interactive workshops and nearly 100 exhibitors but this year we have introduced one-to-one broker…
Government urged to cut red tape for SMEs ahead of spending review
The Forum of Private Business is calling on the Government to reform tax and red tape for small business ahead of the Comprehensive Spending Review.
FSA revokes regulatory permission for two brokers
The Financial Services Authority (FSA) has cancelled regulatory permission for Cheshire-based Right Deal Insurance Services and Kent-based A2b Commercial Insurance Services.
Brokers urged to ensure clients sign up to climate change scheme
Allianz Engineering said it is reminding brokers of the 30 September deadline for businesses to sign up to a Government-backed climate change and energy-saving scheme.
Lloyds TSB tops FOS general insurance complaint table
Lloyds TSB Bank has received more Financial Ombudsman Service (FOS) general insurance complaints than any other individual financial business - with 8,474 new cases during H1 2010.