Regulation
Gibraltar regulator denies accusations from MCE
MCE criticised the regulator earlier this week after its Gibraltar-based insurance arm went into run-off.
MCE slams Gibraltar regulator after insurer arm goes into run-off
MCE condemns GFSC for applying capital add-ons on its Gibraltar-based insurance company, which went into run-off on 5 November.
FSCS confirms MCE Insurance Company has failed
The Gibraltar-based business went into run-off on 5 November, citing difficulties with Solvency II, while the UK-headquartered division of the company has signed a fresh capacity deal with Sabre.
FSCS postpones retail pool contribution in levy update
Biba welcomes the move as brokers were previously expected to contribute £60.9m to the retail pool for the financial year 2021/22.
Regulation roundup: Fair’s fair
Biba’s David Sparkes shines the spotlight on fair value and vulnerable customers in our new quarterly examination of the regulatory landscape
Broker Expo: How to tackle PI
Panelists shared their views on increased regulation, getting adequate cover, and the difficulties and future of the PI sector.
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
Insurance trade associations create fair value template
In an attempt to help firms better prepare for the Financial Conduct Authority's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
Opinion: Fair value – fair play
The FCA’s rules on fair value have come at the right time, and those not ready to follow them may soon fall by the wayside, writes Partners& chairman Stuart Reid
Interview: Adrian Saunders, Ecclesiastical
The commercial director tells Insurance Age about the insurer's developments, its relationship with brokers throughout the pandemic, and its plans for the coming year.
Experts slam "badly worded" and "intrusive" FCA D&I survey
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
John Lewis pulls controversial home insurance ad
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell stands down as FCA chair
Randell will exit in Spring 2022 and the government is now seeking a successor.
FCA focus on fair value causes confusion for brokers
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
FCA signals litigation threat as it highlights priorities
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
Brokers urged to take action after FCA calls for clarity on remuneration
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.
Peril in product governance – who you gonna call?
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 issues warning over broker Professional Construction Risks
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
FCA updates dual pricing 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.
Insurance Hound: Most read by brokers in June and July 2021
Which trending topics have caught brokers’ eyes this summer?
The FCA piles on the pressure
News analysis: As the regulatory watchdog bares its teeth in its new business plan, are brokers ready to come to heel? Rachel Gordon investigates.
Firms must respond to FCA pricing reform survey by 9 August
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
FCA Business Plan a "significant change of tone"
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.