Regulation
CMA fines ComparetheMarket £17.9m
The watchdog says the comparison website breached competition law by using clauses prohibiting home insurers to offer lower prices on other aggregator sites, resulting in higher premiums.
Industry reminded of Covid-19 product value review deadline
The FCA warned insurers and brokers that any assessments must be completed by 3 December.
Blog: Inside Markerstudy's Co-op deal
The deal is still underway but Gary Humphrey's shares his expert view on some of the challenges of the acquisition.
Brokers on alert as FCA puts client money under the microscope
In a fresh dear CEO letter to brokers, interim CEO Christopher Woolard warns that the regulator is assessing firms’ arrangements and tells brokers it is imperative to safeguard the client money they hold for customers.
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.
Brokers under attack as FCA identifies "risks of harm" in sector
In a Dear CEO letter, Roma Pearson, head of retail GI, calls on brokers to address their strategies and improve their governance and warns the watchdog will take action.
Unprecedented challenge for broker PI as prices double and exclusions threaten non-compliance
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
FCA seeks views on SM&CR following deadline extension
The regulator has published a consultation paper on amending its rules in the wake of coronavirus.
FSCS reports surge in broker-related claims
Scheme says it has started paying out on new failures including to customers of Elite Insurance, Lamp Insurance, Quick-Sure Insurance and CBL Insurance.
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: A roadmap for brokers through Covid-19
The regulator exclusively spoke to Insurance Age for the Broker Extra event.
BI Test Case: Hiscox argues business hardship likely even without lockdown
Hiscox aims to compare Covid-19 economic hit to Sweden and ‘draconian’ UK in Financial Conduct Authority BI test case.
FCA zones in on broker resilience amid Covid-19 outbreak
Watchdog surveys 13,000 firms as it seeks to understand the effect Covid-19 is having on the finances of regulated firms and guide its supervisory actions.
News analysis: Brokers hit back after Mactavish stokes remuneration debate
Commission and transparency row rears its head just as brokers feel the pinch amid market hardening
Brokers warned to keep eye on Brexit as transition looms
There is no provision for equivalence in the IDD and this means brokers with EU clients need to set up EU entities to trade in the bloc.
FCA zones in on client money amid Covid-19
The FCA has asked up to 300 firms to provide financial information on client money, staff furlough, debt and cash.
Premium finance not affected by FCA relief measures, says Biba
Trade body said it lobbied the regulator to exclude premium finance arrangements as payment deferrals would have left many brokers at greater risk.
Blog: How liable are brokers under Covid-19?
Tim Bull and Richard Booth of RPC discuss whether claims may be brought against brokers for providing inadequate advice under the Covid-19 pandemic.
Brokers challenge FCA over proposed fee hike amid Covid-19 pandemic
Insurance Age found that brokers are disappointed by the timing of the 3% rise, as well as anticipating an impact on the bottom line.
FCA to hit brokers with 3% rise in fees
Regulator also wants to increase the authorisation application fee for brokers from £1,500 to £2,500.
Covid-19: Six month MOT exemption announced
The AA said it had raised MOT concerns with transport ministers last week.
Covid-19: Are you a key worker?
Biba's Graeme Trudgill outlines the relevant areas for brokers as the FCA tells firms how to identify key workers in financial services.
CMA slaps Ardonagh’s Paymentshield over PPI
The “significant” breaches meant some customers did not get annual review statements for up to six years.
Government consults on UK market access for Gibraltar-based firms
The legal framework previously in place needs to be changed due to Brexit, with firms having until 11 May to respond.