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.
The watchdog said that it appears the business “acted dishonestly” and warned customers to decline to do business with the firm.
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.
Which trending topics have caught brokers’ eyes this summer?
News analysis: As the regulatory watchdog bares its teeth in its new business plan, are brokers ready to come to heel? Rachel Gordon investigates.
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
Specialists have discussed the issues surrounding client money handling, highlighting what the Financial Conduct Authority and brokers ought to do in order to avoid non-compliance.
The regulator is consulting on policy options to drive D&I in financial services as it warns lack of representation can “weaken the quality of decision-making”.
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.
Hiscox and the Hiscox Action Group said the arbitration proceedings have been resolved "to the mutual satisfaction of all parties".
The troubled Danish insurer, which sold motor policies via brokers and MGAs in the UK, went into liquidation last year after its insurance license was withdrawn by the Danish regulator.
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
Which topics have caught brokers’ eyes this spring?
Regulator proposes to enhance existing rules around treating customers fairly with the aim to drive a shift in culture and behaviour for firms.
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.