commission
FCA launches review into premium finance “fair value” and barriers to competition
The Financial Conduct Authority has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.
Experts say industry is improving on fair value despite FCA criticism
The Financial Conduct Authority’s findings that brokers are still struggling to provide evidence that their remuneration is consistent with fair value rules has sparked mixed reactions among people working in the sector. Ida Axling explores the fallout…
Market Movement Index: Smaller insurers gain market share from re-broking
New research from Broker Insights shows brokers are placing more business with smaller players, resulting in a changing landscape where competition can thrive. Rachel Gordon reports.
FCA: brokers struggling to marry remuneration with evidence of fair value assessment
Brokers are still struggling to provide adequate evidence they are appropriately assessing whether their remuneration is consistent with the fair value of the product they are selling.
Interview: Addept Group managing director Richard Finan
Addept MD Richard Finan gives Insurance Age the lowdown on his return to the market; his thoughts on changes to the MGA market in the wake of Consumer Duty; and the challenges of creating ancillary products in a post-FCA GAP intervention world.
Biba calls on Labour government to act on broker commissions and fees
The British Insurance Brokers’ Association has called on the new Labour government to introduce secondary legislation in relation to the Leasehold Reform Act to allow for broker commissions and fees to be deemed permitted insurance payments as they are…
CGI leader Andy Jones on transforming the market and the data standards vision
Creating a data standard is “the real utopia vision”, Andy Jones, director for consulting services in insurance at CGI in the UK, told Insurance Age.
Four insurers able to restart selling GAP insurance – FCA
The Financial Conduct Authority has confirmed that four insurers can restart selling guaranteed asset protection insurance after it took action in February and March to halt sales across the market.
Biba 2024: FCA to take its time on transparency proposals
Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator was “overwhelmed” at the response and amount of feedback to its transparency proposals, and that it is going to “really take our time” when considering any…
‘Not right’: Biba CEO Trudgill reveals sad letter of small broker crushed by regulation
In his inaugural conference speech as Biba CEO Graeme Trudgill has vowed to fight the onslaught of regulatory workload being imposed on brokers.
Biba launches guide on commissions
The British Insurance Brokers’ Association has launched a guide at its 2024 conference designed to help demystify the commission model.
FCA’s Mills commits to using all regulatory tools in flats insurance update
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority, has promised to use all regulatory tools at the watchdog’s disposal in an update on progress for multi-occupancy buildings insurance.
Review of the Year 2023: Sicsic Adivsory’s Nadege Genetay
Nadege Genetay, partner at Sicsic Advisory, risks hate mail by citing the FCA action on multi-occupancy building insurance as her highlight of 2023 and predicts some brokers might move away from commission to remuneration based on work performed.
Review of the Year 2023: Brown & Brown Europe’s Chris Sime
Chris Sime, group markets director at Brown & Brown Europe, reflects on why AI is the 'new black in insurance' and his surprise at the amount of broker M&A still being done
The stats: Q3 hit by rocketing property owners and fleet rates
The latest figures from Acturis show that commercial insurance premiums continue to rise, resulting in an increasingly challenging environment for brokers and their clients, reports Rachel Gordon.
Biba delivers fair value assessment framework
The British Insurance Brokers’ Association has launched a fair value assessment framework, after the Financial Conduct Authority took aim at brokers in its review of flat insurance costs.
Interview: CEO Phil Barton on why Partners& is an “antidote to the worst practices in the market”
Having posited the notion that it was an ‘anti-consolidator’ on launch in 2020, Partners& CEO Phil Barton puts forward the case to Jonathan Swift that it has lived up to its lofty ambition.
FCA not banning commission for brokers, says Sheldon Mills
The Financial Conduct Authority is not looking to ban or set commission levels, but brokers have more work to do in valuing their services, according to executive director of consumers and competition Sheldon Mills.
Biba welcomes FCA flat insurance reforms
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s rule changes on residential multi-occupancy buildings insurance.
FCA confirms start date for leasehold buildings insurance reforms
The Financial Conduct Authority has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market will come into force on 31 December which for brokers will mean being transparent on commission and a near ban on paying…
FCA ready to swoop on ‘outliers’ amid concerns on cyber insurance
The Financial Conduct Authority has warned the cyber insurance market over its concerns on policy wordings.
FCA hammers GAP insurance as it issues general warning on high commission levels
The Financial Conduct Authority has written to insurers, calling on them to take action, as it released the latest set of fair value data and again brought the spotlight onto the issue of high commission levels.
Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic
Insurance is facing a ‘big, big bombshell’ on commissions, as the shockwaves reverberate from the Financial Conduct Authority’s property buildings’ investigation, according to regulatory consultant Michael Sicsic.
Barry Fehler - 60 years on the broking frontline
SEIB founder Barry Fehler reflects on his six decades in broking, covering everything from regulation to consolidation, as well as his support for the Institute of Insurance Brokers and the decline in market personalities. David Worsfold was there to…