The regulator also brought clarity on the number of interviews conducted ahead of its appointment of Nikhil Rathi.
The economic secretary to the Treasury tackled insurance premium tax, broker Financial Services Compensation Scheme levies, cladding, Brexit and more in his keynote address to the British Insurance Brokers’ Association’s 2021 conference yesterday.
The sale includes Willis Re and is intended to address questions raised by regulators including the European Commission.
In a quarterly series, the team at PKF Littlejohn consider the impact of Brexit on UK insurance. In this first post, Howard Jones takes stock of where we are now.
Experts warn that a proposed £250 AR fee by the FCA could leave many brokers out of pocket
The fee relates to legal costs following the BI test case and is part of a raft of proposed changes relating to fees and levies ahead of publication of the watchdog's budget for 2021/22.
Sicsic Advisory says that only 1% of brokers reported conduct rule breaches in the last year and warns they may not have robust processes in place to capture and report issues.
The watchdog is encouraging financial services staff to report issues as part of the ‘In confidence, with confidence’ push.
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
The administrator’s report also showed £27.7m in claims since they were appointed.
Which topics have been sparking brokers’ interest?
Manifesto includes a number of commitments from the broker trade body, covering areas including underinsurance as a result of the pandemic, IPT, cyber insurance and signposting to help customers access insurance.
Specialists outline worries for insurance space following FCA survey which showed 4,000 financial services firms are at risk, but Biba flags vaccine as a reason for hope.
Aon confirms the European watchdog has launched a Phase II review of the merger but insists it is still "on track" to close the combination in the first half of 2021.
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
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.
The FCA warned insurers and brokers that any assessments must be completed by 3 December.
The deal is still underway but Gary Humphrey's shares his expert view on some of the challenges of the acquisition.
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.
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.
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.
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…
The regulator has published a consultation paper on amending its rules in the wake of coronavirus.
Scheme says it has started paying out on new failures including to customers of Elite Insurance, Lamp Insurance, Quick-Sure Insurance and CBL Insurance.