Crane said failing to follow the rules exposes brokers to "significant risks", including reputational damages and fines.
The trouble with client money: One Call’s fine has put the rules back in the spotlight and brokers should be ready for scrutiny, says Ann Peel
UK brokers did not know what the rules would look like until January this year
Chief underwriting officer for Hiscox Retail, Joanne Musselle, commits to investing technology and innovation across all channels including broker.
Turning back time: Brokers should use the delay in IDD implementation to review compliance
FCA figures show that cyber incidents reported by general insurance firms went up from 1 to 11 in just 12 months.
Watchdog believes accuracy of data submissions could be improved and costs reduced.
Research by Ecclesiastical also shows lack of knowledge in the broker sector about the incoming legislation.
EU ambassadors confirmed that the council has agreed to delay transposition of the Insurance Distribution Directive.
Bailey, a non-executive director at Chubb European Group, succeeds Lawrence Churchill.
The ABI has also responded to the FCA's consultation on the levy, arguing that insurers should not have to pay for "adviser failures".
Emmanuel Kenning and Siân Barton discuss the key points from the week's news.
Test your knowledge of the week's news with our topical quiz.
She argued that the sector is in a “chronic state of uncertainty” and criticised the “inaction” of the government for failing to provide answers.
Regulator follows up on Treasury announcement.
Move follows the European Commission’s proposal to push back the application date to 1 October 2018.
Delays are not often welcome, but in the case of implementing the Insurance Distribution Directive it’s the best possible outcome, explains David Sparkes
If you can’t, won’t or don’t play by the rules expect to see money fly out of your wallet, writes Siân Barton
Brokers have reacted to the huge penalty and renewal restriction that the FCA placed on One Call following client money mistakes.
Brokers still facing a 2019 implementation date.
One Call and Radford express regret for client money “miscalculation” and insist their intention was to help consumers.
Emmanuel Kenning asks if the FCA will be looking at the concept of brokers owning MGAs.
Biba calls for stability in rate of regulatory change, proportionate supervision and a global competition objective for the FCA
Consultation runs until April with rules set to be announced this summer.