Regulation
FCA recommends Biba works on risk pool “to limit commission costs” in flats insurance report
The Financial Conduct Authority has warned of “significant concern” over some broker commissions in the multi-occupancy buildings insurance market and taken aim at a lack of transparency by the insurance sector in its dealings with leaseholders as well…
FCA sets out pooling and lower commission in flats insurance review
The Financial Conduct Authority has delivered its recommendations and potential remedies to reform the multi-occupancy buildings insurance market including a cross industry pool and lowering commissions.
Former Sky executive Andrew Griffith named as financial secretary to the Treasury
Andrew Griffith, ex-Sky chief operating officer, has been appointed as financial secretary to the Treasury and City minister, succeeding John Glen.
Survey: How can brokers grow business in challenging times?
A recent broker barometer survey conducted by Insurance Age, in association with Close Brothers Premium Finance, explored current sentiment around business growth for insurance brokers in today’s environment, exploring current challenges and the expected…
Biba sets out top three broking wish list for new PM
The British Insurance Brokers’ Association is hoping for proportionate regulation, the introduction of an enhanced growth and competitiveness objective for regulators and changes to IPT, CEO Steve White told Insurance Age setting out its wish list for…
The FCA argues back at financial inclusion being included in mandate
The Financial Conduct Authority has responded to a Treasury Select Committee report on the Future of Financial Services Regulation disagreeing with the recommendation that it should ‘have regard’ to financial inclusion.
Opinion: New regulation for software houses will have unintended consequences
Ignite’s Toby MacLachlan considers how government plans to crackdown on software houses and third party financial services support partners could pan out.
Companies House says sorry and deletes Gallagher strike-off notice
Companies House has today (31 August) removed a listing of a First Gazette notice for compulsory strike-off against Arthur J. Gallagher Holdings (UK) Limited.
FCA warns of HDI Global clone firm
The Financial Conduct Authority has alerted the market and consumers to a clone of authorised insurer HDI Global SE.
Truss’s mooted regulation merger plan derided
Former business secretary, Vince Cable, has attacked Liz Truss’s rumoured plan to merge the Financial Conduct Authority, Prudential Regulation Authority and Payment Systems Regulator.
Truss could merge FCA, PRA and PSR if she becomes PM – reports
Reports have suggested that Liz Truss, the contender to win the current Conservative leadership race and become Prime Minister, may consider merging the UK’s financial regulator.
Jensten flags healthy acquisition pipeline
CEO Alistair Hardie said the organisation has a series of deals in play following its buy of J. Bennett & Sons but warned that the Financial Conduct Authority can be slow to approve acquisitions.
Top 5 read stories: 8-12 August 2022
The top five most read stories by brokers this week.
Tribunal overturns CMA Most Favoured Nation clauses ruling and £17.9m Compare The Market fine
A Competition Appeal Tribunal has overturned a decision by the Competition and Markets Authority which was set to fine Compare the Market £17.9m for breaking competition rules on use of Most Favoured Nation clauses.
Lloyds Bank changes track on broker account options
Lloyds Bank is to expand the number of options on the table for brokers just months after the furore over its move to close undesignated client accounts, Insurance Age can reveal.
FCA to open Leeds hub
The Financial Conduct Authority has announced that it is set to open a Digital Delivery Centre in Leeds and is in the process of recruiting 100 new staff members.
Experts warn of ‘huge threat’ and no ‘get out of jail’ card in FCA letters
Compliance specialists have urged brokers to take heed of the Financial Conduct Authority’s latest pair of letters on fair value in general insurance.
FCA letter sets out scale of watchdog’s fair value assessment frustrations
The Financial Conduct Authority has revealed one-in-three insurance manufacturers are leaving fair value assessments to the last minute causing a risk of harm to consumers.
Brokers given three months ‘forbearance’ as FCA hits out at insurer fair value delay failures
The Financial Conduct Authority has criticised insurers’ timings on product governance and fair value assessments ahead of the 30 September deadline for them to be in place as it gave brokers a three-month extension under specific circumstances.
Biba welcomes FCA’s decision on Consumer Duty timescale
The British Insurance Brokers’ Association has welcomed the decision to give firms a 12-month window to implement the requirements for the new Consumer Duty.
Consumer Duty implementation extension a “Trojan horse”
An expert has warned that despite the recent extension of the Consumer Duty implementation period firms must agree their own plans within three months.
Consumer Duty timeline ambitious but achievable, says FCA
The Financial Conduct Authority has explained its decision to switch from a proposed implementation period ending April 2023 to one ending July 2023 as it revealed the timetable for its new Consumer Duty regulations.
FCA confirms 12-month implementation for Consumer Duty
The Financial Conduct Authority has confirmed a 12-month implementation period for its new Consumer Duty which will come into force on 31 July 2023.
Concern raised over low rate of conduct reporting for GI staff
GI businesses in the UK reported just 662 staff, including three senior managers, to the regulator for conduct breaches in 2021 according to a Freedom of Information request by Sicsic Advisory.