Compliance
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.
FCA head warns firms about “abdicating responsibility” by outsourcing claims
Lisa Sturley head of department of market interventions, insurance at the Financial Conduct Authority, has warned insurance firms about outsourcing claims to third parties.
How specialist incubators are helping fuel MGA growth
The managing general agent sector is booming, creating increased demand for specialists who can help would-be MGAs get set up. Edward Murray explores this world of ‘incubators’, and highlights how they can help fledging businesses.
FCA trims broker fees hike to 9.3%
The Financial Conduct Authority has confirmed it is raising the financial contribution of the general insurance mediation fee block by 9.3% for 2024/25, down from its initial projection of a 9.8% increase.
Avid targets £100m GWP by end of 2025
Managing director of Avid Insurance Services, Stephen Gibson, is targeting £100m of gross written premium by the end of 2025, growing from around £75m to £80m this year.
FCA encourages monitoring review ahead of first Consumer Duty annual report deadline
The Financial Conduct Authority has found many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers, as required by the Consumer Duty.
Gallagher arm swoops for London-based advisory firm
Arthur J Gallagher’s captive and alternative risk transfer solutions subsidiary, Artex, has acquired London-based Implement Compliance Solutions & Resources.
Whistleblowing to FCA increases
The level of whistleblowing to the Financial Conduct Authority increased in the first quarter of the year, reversing previous declines.
FCA cancels Northern Ireland broker’s regulatory permission
The Financial Conduct Authority cancelled Down Insurances’ Part 4A permission on 7 June, confirming it “no longer has permission to carry on any regulated activity”.
Welsh broker strikes another deal
Abergavenny-headquartered FR Ball Insurance has acquired Howells Insurance in Llantwit Major.
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.
Broadstone launches insurance, regulatory, and risk advisory division
Independent consultancy Broadstone has launched a standalone insurance, regulatory, and risk advisory division to sit alongside its existing Pensions Advisory and Administration and Employee Benefits Consulting units.
FOI confirms broker S166s including one financial crime review
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has confirmed four broker S166s, indicated they were most likely smaller-sized firms, and revealed one of the reviews fell into the category of financial crime.
FCA improves all broker-impacting authorisation metrics
The Financial Conduct Authority has built on its steady progress in delivering authorisations with an across-the-board improvement in the areas affecting brokers.
Ecclesiastical seeks further schemes growth with new broker tool
Ecclesiastical has launched a digital portal, Schemes+, for brokers to help them manage their schemes more effectively, Insurance Age can reveal.
FCA defends investigation transparency proposals
The Financial Conduct Authority has responded to concerns raised by the House of Lords Financial Services Regulation Committee on its proposal to name firms under investigation.
Blog: Does size matter when it comes to complaining about the regulator?
With the Consumer Duty kicking in under a year ago, regulation continues to be at the forefront of everyone’s minds, with the cost of compliance comparably hitting smaller firms the most, argues Rosie Simms.
In Depth: Managing cyber risk in an ever-changing security landscape
In today’s interconnected digital landscape, cyber threats are becoming more sophisticated, posing serious risks to organisations and their partners. Aviva’s cyber senior risk consultant, Oliver Osei-Ofosu, explains the importance of cyber security can…
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
Momentum to increase funding to help members acquire and recruit
Momentum Broker Solutions is looking to provide more financial support for its appointed representative partners, according to founder and managing director Howard Pepper.
FCA adds four more S166s to sector
The Financial Conduct Authority has slapped the general insurance and protection sector with another four skilled person reports as the crackdown continues.
Biba appoints Julie Comer as head of compliance
The British Insurance Brokers’ Association has recruited Julie Comer from Lloyd & Whyte as head of compliance.
Fair value not a Trojan Horse for price regulation, says FCA boss Nikhil Rathi
The onus on firms to satisfy themselves about fair value under the Consumer Duty is “not a Trojan horse for price regulation”, according to Nikhil Rathi, CEO of the Financial Conduct Authority.