Regulation
FCA does not want to be a price regulator, says Sheldon Mills
Sheldon Mills, executive director – consumers and competition at the Financial Conduct Authority, has stressed to brokers that the watchdog does not want to be a price regulator.
Commission cut threat remains as FCA continues residential leaseholder insurance study
The Financial Conduct Authority has written to Michael Gove stating that limiting broker commissions is still under consideration as a method to reduce insurance costs for property leaseholders as it attempts to create a fairer market for consumers.
Biba urges FCA to step in as Lloyds moves to close undesignated client money accounts
The British Insurance Brokers’ Association has contacted the Financial Conduct Authority asking the regulator to intervene over Lloyds Bank’s move to close undesignated client money accounts for some members, Insurance Age can reveal.
Regulation round-up: An end to form over substance?
Biba’s David Sparkes considers recent developments at the Financial Conduct Authority
FCA staff go on strike with two more walkouts planned
Members of Unite have gone on strike at the Financial Conduct Authority today in a move the union said was the first industrial action taken since the regulator was created.
FCA adds to senior leadership team
The regulator has made two promotions and hired a fresh senior advisor as it bolsters the leadership team amid the threat of strike action.
FCA unveils enhanced oversight programme for newly authorised firms
The Financial Conduct Authority has revealed an expansion of its Early and High Growth Oversight offering with a commitment of providing closer support for 300 newly authorised businesses by the end of 2023.
Amanda Blanc to co-chair Treasury’s climate transition plan taskforce
Aviva boss Amanda Blanc has been named as the co-chair of the government’s UK Transition Plan Taskforce along with John Glen, economic secretary to the Treasury.
New Stubben Edge network appoints first AR
Stubben Edge has signed up The Verity Centre as its first appointed representative partner.
Car insurance prices up 4% in Q1
A 4% rise in average comprehensive car insurance premiums in the first quarter of the year has pushed the annual rate to a 2% increase, according to research by Confused and WTW.
Lloyd’s wholesale broker Corrie Bauckham Batts goes into liquidation
The Financial Conduct Authority has confirmed that Corrie Bauckham Batts went into liquidation on 20 April with John Dean Cullen and Rachel Helen Lai of Menzies appointed as joint liquidators.
FSCS pays out £7m in East West claims
Since East West Insurance Company went into administration the Financial Services Compensation Scheme has so far paid approaching £7m in valid claims costs.
Motor insurance premiums levelled off in February
The cost of car insurance has risen by 4.3% since the start of the year, Consumer Intelligence has calculated.
FCA staff vote to strike
Unite the union representing staff at the Financial Conduct Authority (FCA), announced yesterday (12 April) that staff at the regulator had voted in favour of industrial action.
FCA warns on broker clone
Colin Halliday, managing director of Trade and Commercial Broking Services, has praised the work of the Financial Conduct Authority and Ten Insurance after being targeted by a clone website.
Blog: Sanctions screening and responsibilities of UK insurance brokers
It’s critical for brokers to understand and manage sanctions screening and anti-money laundering compliance to avoid possible penalties, including fines, reputational damage and potential imprisonment for senior decision makers, says Paul Tasker CEO of…
Experts dissect FCA three-year strategy
The Financial Conduct Authority’s three-year strategy has “a number of headlines for all financial services firms” according to Michael Sicsic, managing director of Sicsic Advisory.
Lords Committee calls for “a broader reassessment of regulatory culture”
The Industry and Regulators Committee has outlined concerns about proportionate regulation in the London Market in a letter written to the Economic Secretary to the Treasury, John Glen MP.
Taking the temperature of the electric vehicle market
With the Financial Conduct Authority’s price walking ban coming into force and customers transitioning from internal combustion engines to electric and hybrid vehicles, the motor insurance industry is currently in a state of flux. Eleanore Robinson…
Brokers facing 3.2% FCA fee rise as regulator budget grows to £640.1m
The Financial Conduct Authority has proposed that the general insurance mediation pot where brokers sit will pay £31.4m towards its annual funding requirement in 2022/23.
FCA to add 80 jobs focused on shutting down problem firms
The Financial Conduct Authority will focus resources on preventing serious harm, setting higher standards and promoting competition the watchdog detailed as it revealed its three-year strategy to improve outcomes.
FCA puts broker commission under the spotlight in multi-occupancy property insurance review
The regulator’s survey includes asking if brokers have a bribery and corruption policy and a request for a copy.
FCA bolsters authorisations team
The watchdog has added two senior directors, a finance director and filled a further 95 authorisation roles.
Lawyers reveal record levels of fines for companies let down by their directors and officers
SMEs racked up over £60m in D&O fines in 2021, compared to £120m between 2016-2020, according to law firm BLM.