Compliance
Government summons ABI to meeting on FCA tower block insurance report
The Secretary of State for Levelling up, Housing & Communities has written to Hannah Gurga, director general of the Association of British Insurers, telling the industry to accelerate its work on multiple occupancy buildings insurance and solve the…
Government writes to Biba slamming “amoral” flats insurance commission and demanding change
Government minister Simon Clarke has written to Steve White, CEO of the British Insurance Brokers’ Association, demanding immediate changes to unfair commissions and a plan to reform market culture and practice after the regulator’s report into multi…
Biba welcomes FCA tower blocks insurance report and flags commission rate fall
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s report on insurance for multi-occupancy buildings and broadly supported the key recommendations but warned of "unintended consequences".
The FCA argues back at financial inclusion being included in mandate
The Financial Conduct Authority has responded to a Treasury Select Committee report on the Future of Financial Services Regulation disagreeing with the recommendation that it should ‘have regard’ to financial inclusion.
Allianz snaps up chief compliance officer from Aviva
Allianz Holdings has appointed Alison Rayner to the newly created position of chief compliance and corporate affairs officer, effective from February 2023.
Lloyds Bank changes track on broker account options
Lloyds Bank is to expand the number of options on the table for brokers just months after the furore over its move to close undesignated client accounts, Insurance Age can reveal.
Experts warn of ‘huge threat’ and no ‘get out of jail’ card in FCA letters
Compliance specialists have urged brokers to take heed of the Financial Conduct Authority’s latest pair of letters on fair value in general insurance.
FCA letter sets out scale of watchdog’s fair value assessment frustrations
The Financial Conduct Authority has revealed one-in-three insurance manufacturers are leaving fair value assessments to the last minute causing a risk of harm to consumers.
News analysis: Should brokers have formal qualifications?
Qualified for the job? Fiona Nicolson asks if there should be mandatory qualifications for insurance brokers.
Compliance experts disagree with FCA's potential phased implementation period for Consumer Duty
Compliance professionals have come out against any delay in the Financial Conduct Authority implementing Consumer Duty rules as the watchdog ponders switching to a phased implementation period.
FCA says all options on table ahead of possible phased implementation period for Consumer Duty
Brokers have been urged to prepare for the April deadline as the Financial Conduct Authority ponders changes to the implementation period for Consumer Duty regulations.
Insurtech and ESG suggested to be FCA’s next regulatory focus
Compliance experts at the Managing General Agents' Association conference, on 29 June, have suggested insurtech and ESG as the next areas for regulatory focus by the Financial Conduct Authority.
Disappointed FCA warns brokers on consumer harms
The Financial Conduct Authority has written to brokers warning there are significant risks of potential harm that both the market and individual firms need to address and that it will take action where needed.
Blog: Nine ways to reduce risk in tech firm contracts
Technology firms thrive in fast-paced environments. But more time spent on customer contract T&Cs would be time well spent, says Travelers Europe’s Toby Harris
Acrisure lifts the lid on network rollout and broker buying plans
Acrisure is forming a network and its application to the Financial Conduct Authority is “going in now”, president of UK retail Mark McIlquham, has revealed.
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.
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.
Analysis: Network knowledge is key to opening the door to new start-ups
The network sector is in upbeat mood confident of growing with existing and new members as well as being keen to help new start-ups come into the insurance market, the leaders tell Emmanuel Kenning
Aviva reveals scale of broker recruitment ‘headache’ threatening growth
Almost all brokers – 98% – currently have job vacancies with more than half (53%) reporting a vacancy that had been open for four months or more, according to research by Aviva.
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.
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 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.
Stubben Edge launches AR network with target of up to 30 in first year
The business has calculated that 75% of ARs cease trading in the first four years as it stated more could be done to support growth and success.