Regulation
FOS insurance backlog stretched to over 9000 cases
Across financial services the ombudsman had nearly 5000 cases open for more than two years.
FCA warns of Direct Line clone
Regulator flags Direct Line Sustainability to customers.
Regulatory changes set to bite
Former FCA insider, Michael Sicsic, highlights that developments from the watchdog will hit home in 2022.
Doing nothing on ESG is the biggest risk, brokers warned
Broker Summit attendees also hear from keynote speaker on leadership and resilience.
Experts respond to “disturbing” motor insurance ethnicity penalty report
Insurers face challenging questions but the Association of British Insurers insists “insurers never use ethnicity as a factor” to price cover.
GAIN Q&A with Johnny Timpson
The committee and team member of the Group for Autism, Insurance, Investment and Neurodiversity tackles why GAIN was set up, why addressing neurodiversity should matter to brokers and whether insurance is behind other sectors.
ICO cracks down on firms’ nuisance ‘appliance insurance’ calls
Five companies were collectively fined £405,000 by the Information Commissioner's Office for over 755,000 unsolicited marketing calls.
Marsh McLennan to exit Russia
Businesses to be transferred to local management who will operate independently.
Government sets 28 March deadline for Russian aviation insurance ban
The UK government revealed the insurance sanctions on 3 March in response to the invasion of Ukraine by Russia.
Industry braces for "very active few weeks" following Axa vs Wolseley BI ruling
Market experts think the Axa and Corbin & King verdict could spark a chain reaction in the insurance industry, leading to a reopening of claims and renegotiated settlements.
Hiscox chair calls for more consistency and less bureaucracy in regulation
Non-executive chairman Robert Childs has called on regulators to be more flexible, offer more consistency, and prioritise a competitive edge.
FCA cap on CMC fees comes into force
Regulator claims consumers are expected save £9.6m a year.
FCA confirms scrapping bonuses
The regulator has unveiled a new pay deal against a backdrop of potential strike action.
FCA dual pricing rules drive biggest monthly premium jump in eight years, says Consumer Intelligence
Average premiums for home insurance rose 9.1% in January while motor was up 4.9%, according to the specialists.
FCA supports long-term economic growth objective
Regulators quizzed by Treasury Select Committee.
ICO fines Tempcover £85,000
The regulator said the penalty was for a “serious contravention” of the Privacy and Electronic Communications Regulations.
Insurer payments for settled BI claims top £1bn
Providers have also made £307.9m in initial payments, according to the latest figures from the Financial Conduct Authority which is set to end its data releases next month.
FSCS confirms broker as failed
The compensation body has updated on the status of former broking firm Perry Prowse and released details of 12 companies that have gone out of business.
FCA appoints interim chair
Richard Lloyd will take up the position while a permanent replacement for Charles Randell is found.
In Depth - How brokers can still succeed in personal lines
Martin Friel explores how brokers in the personal lines space can gain the upper hand over direct writers and learns how technology and, surprisingly, regulation are creating fresh opportunities for intermediaries
Brokers urged to engage with Lords' Committee's insurance market regulation inquiry
Biba confirms it will be will be putting in a response to the consultation which closes on 11 February as compliance experts discuss whether the inquiry could have an effect on the regional broker market.
Opinion: Survival of the regulatory-fittest
Former FCA insider Michael Sicsic considers how regulatory reform will hit the broker market
FCA staff vote in favour of industrial action
A ballot saw 87% support strike action against proposed cuts to pay and conditions as Unite accuses CEO Rathi of “waging war” on staff.
Regulation roundup: So much to do, so little time
David Sparkes, head of compliance and training at Biba, explains why 2022 will be a year where brokers must wrangle a number of sizeable regulatory beasts.