Regulation
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.
FCA pledges to be tough and take action as it publishes 2021/22 Business Plan
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
Client money rules 'too complicated to understand', say compliance experts
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.
FCA puts diversity under the microscope
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”.
FCA's product governance rules to have "significant ramifications" for commercial brokers
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 agrees settlement with business interruption action group
Hiscox and the Hiscox Action Group said the arbitration proceedings have been resolved "to the mutual satisfaction of all parties".
FSCS declares unrated Gefion has failed
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sold motor policies via brokers and MGAs in the UK, went into liquidation last year after its insurance license was withdrawn by the Danish regulator.
FCA wraps up rules on dual pricing ban
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
Insurance Hound: Most read by brokers in March and April 2021
Which topics have caught brokers’ eyes this spring?
FCA reveals measures to increase consumer protection in retail markets
Regulator proposes to enhance existing rules around treating customers fairly with the aim to drive a shift in culture and behaviour for firms.
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.