Dual pricing
FCA fines Lloyds Bank £90.7m for failings in home insurance renewal letters
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
UK boss Middle lifts lid on Ageas's restructure and job cuts
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.
Aviva to invest millions in GI growth
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.
Opportunity for brokers to drive change in motor insurance
By Bits' Callum Rimmer encourages brokers to step in after survey reveals gap between what motor insurers are offering and what their customers want.
FCA's product governance rules to have "significant ramifications" for commercial brokers
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.
Brokers urged to take action to tackle reputational damage
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.
Industry warned of "bumpy ride" ahead after FCA confirms dual pricing ban
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.
FCA wraps up rules on dual pricing ban
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
CII New Generation group warns on customer trust as report highlights barriers
The report said the insurance sector could refocus its efforts towards building trust with its customers, particularly SMEs.
FCA spent nearly £4m on dual pricing market study
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.
Motor premiums see biggest drop since 2014
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.
Call for clarity on final rules amid FCA dual pricing extension
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.
FCA extends dual pricing timetable
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
Blog: The five unintended consequences of price-walking
Ignite Systems MD Toby MacLachlan discusses what can go wrong after the FCA signalled its intent to ban dual pricing practises in the home and motor insurance markets earlier this year.
Broker Exchange: Regulation deluge impacting some brokers’ survival chance
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
Blog: Fair pricing and rebuilding trust
Why a robust complaints process from brokers and insurers could help restore trust in the home and motor markets following the dual pricing review.
Polaris urges brokers to get involved with setting standards
Standards manager Steve Waller discusses which issues are affecting the broking market at the moment and explains why the organisation wants brokers of all sizes to share their views.
Brokers welcome FCA's crackdown on dual pricing
Experts predict the regulator's proposals to ban dual pricing will have "unintended consequences" and lead to reduced competition for new business, but agree the measures are a positive outcome for consumers.
FCA warns brokers to "pay close attention" after dual pricing ban
Regulator to collect data from any firms setting prices, including brokers, as it calls on the industry to co-operate to tackle the loyalty penalty.
FCA signs death warrant for dual pricing
The regulator outlines proposals for a “significant reform” of the motor and home insurance markets and slams "complex and opaque" pricing practices.
Biba says members are taking action to tackle dual pricing
A report from the trade body shows brokers are engaging with its Guiding Principles and Action Points to address dual pricing practices in the home and motor insurance sectors.
FCA sounds alarm over Brexit, misconduct, and data usage
The regulator examined several areas of potential harm in its annual review of the general insurance sector.
Saga looking at performance and cost efficiencies
Provider states 60% of new customers are choosing its three-year fixed price product as it publishes trading update for the last six months.
The Blog Spot: Breaking barriers to insurance
As Biba focuses on improving access to insurance in its manifesto, commissioning editor Laurence Eastham considers where changes will occur in 2020.