Regulation
FCA reveals CEO recruitment spending
The regulator also brought clarity on the number of interviews conducted ahead of its appointment of Nikhil Rathi.
Biba 2021: MP John Glen’s keynote speech
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.
Aon/WTW to divest $3.6bn of assets to Gallagher ahead of merger
The sale includes Willis Re and is intended to address questions raised by regulators including the European Commission.
Post Brexit dispatches - What have we learnt so far?
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.
News analysis: Counting the cost of appointed representatives
Experts warn that a proposed £250 AR fee by the FCA could leave many brokers out of pocket
FCA proposes £7.5m BI special fee for insurers in levy consultation
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.
Brokers may be failing to report misconduct
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.
FCA targets wrongdoing with whistleblower campaign
The watchdog is encouraging financial services staff to report issues as part of the ‘In confidence, with confidence’ push.
FCA extends dual pricing timetable
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
Staveley Head: £9.9m owed to unsecured creditors
The administrator’s report also showed £27.7m in claims since they were appointed.
Insurance Hound: Most read by brokers in February 2021
Which topics have been sparking brokers’ interest?
Biba zones in on resilience in 2021 manifesto
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.
Covid-19: Experts concerned about financial resilience of brokers
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.
European Commission to review $30bn Aon/WTW deal
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.
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
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.