Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
The watchdog highlighted broker remuneration as an issue and said that many firms might not be ready to implement incoming product governance rules.
Regulator releases policy statement with updates and clarifications to its GI pricing rules following feedback, but highlights that the changes do not affect its desired outcomes.
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Provider points to continued impact from Covid-19 as well as competitive market conditions and the run-off of certain portfolios as it also reports a COR of 91.7%.
Results for H1 show GWP drop as motor specialist prioritises profitability over volume, joins Saga panel and flags creation of temporary insurance product in H2.
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
The total amount fell by 15% from £224.4m in 2019/20 as the regulator also outlines its response to the pandemic and other actions taken last year in its annual report for 2020/21.
Data from Consumer Intelligence also suggested the FCA dual-pricing regulation would see the industry experience a hard market once more.
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
Ageas's Ant Middle and Adam Beckett discuss the provider's strategy change in response to shifts in customer behaviour, and the FCA's dual pricing ban, as the insurer aims to hit £1.5bn in GWP.
The new UK GI CEO, Adam Winslow, highlights broker support as he flags “millions” in investment going forward as the insurer focuses on growing GI’s role within the group.
By Bits' Callum Rimmer encourages brokers to step in after survey reveals gap between what motor insurers are offering and what their customers want.
Compliance expert Branko Bjelobaba urges commercial lines brokers to pay attention as the FCA zones in on fair value across the whole of the insurance sector.
Panellists at this year's CII Conference discuss the need to build public trust in insurance after the expectation gap between consumers and the industry has widened as a result of the pandemic.
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
The report said the insurance sector could refocus its efforts towards building trust with its customers, particularly SMEs.
Staff costs made up most of the total spend as the FCA also reveals it received 101 responses to its consultation paper outlining proposed remedies, which included a ban on dual pricing practices.
The pandemic along with pricing action needed to meet the FCA's crackdown on dual pricing is expected to cause continued uncertainty in the motor market, according to Confused/Willis Towers Watson.
The regulator's plan to ban the loyalty penalty is met with approval from the industry, but some criticise the FCA's approach as firms still do not know what the final rules are.