Regulation
Brokers split on benefits versus costs of Consumer Duty
Only 49% of brokers agree the long-term benefits to their firm of the Consumer Duty will outweigh the short-term costs, according to research by the Financial Conduct Authority.
FCA reveals 69% of brokers feel fully ready for Consumer Duty deadline
The Financial Conduct Authority has set out that 69% of brokers believe they will be ready to comply with all requirements of the Consumer Duty when it comes into force on 31 July.
FCA research shows brokers outperforming financial services on Consumer Duty understanding
Detailed research by the Financial Conduct Authority has revealed brokers are ahead of the financial services industry on almost all metrics of Consumer Duty understanding.
EY pegs UK motor NCR at decade worst 109.5%
The UK motor insurance market experienced its worst performing year in a decade in 2022, with further losses expected this year, according to EY’s latest UK Motor Insurance Results report.
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
Lemonade gets UK carrier licence from PRA
The Prudential Regulation Authority has granted insurtech Lemonade a UK carrier licence.
Academy Insurance updates on sale after deal fell through
Personal lines specialist Academy Insurance Services’ shareholders are going through due diligence in a sale process, according to a filing at Companies House.
Biba rolls out partnership to help brokers on Net Zero journey
The British Insurance Brokers’ Association has added Flotilla Group as an associate to help support members with their own sustainability ambitions.
FCA issues restrictions on four insurance ARs in 10-firm crackdown
The Financial Conduct Authority has put 10 firms under restrictions for failing to meet its expectations on overseeing appointed representatives including four in the insurance industry.
Sicsic Advisory teams up with software experts for fair value product
Regulation consultancy Sicsic Advisory has teamed up with lifecycle management experts Skyjed to launch a new all-in-one product oversight and governance solution.
Brokers waiting on insurers and tech vendors to demonstrate value of AI and ChatGPT
Brokers are unlikely to actively embrace artificial intelligence and explore the potential of ChatGPT until insurers and technology vendors have demonstrated their value, and none need fear that they will replace them in giving advice.
FCA issues warning on UKGlobal Broking Group clone
The Financial Conduct Authority has warned that fraudsters have been trying to scam people using a clone of Howden-owned UKGlobal Broking Group.
Brightstar launches insurance broker Solstar
The Brightstar Group, predominantly a mortgage intermediary business, has launched an insurance brokerage which offers advice direct to clients and a referral service for mortgage brokers.
In Depth: Building a USP to make a broker network stand out
Networks are playing an increasingly important role in helping build and grow the independent broking successes of the future. With so much competition to choose from though, how are these businesses looking to differentiate themselves? Martin Friel…
Cobra CEO Tedstone aims to hit £1bn by 2025
The boss of broking network Cobra has said that it has identified a pipeline of 700 potential ‘unicorns’ as it seeks new members to meet its target of £1bn of premium by the end of 2025.
FSCS CEO Caroline Rainbird departs
Caroline Rainbird has left the Financial Services Compensation Scheme after four years as CEO.
Blog: How email addresses can help the crackdown on ghost broking
Brokers have an important weapon in the fight against application fraud – the humble email address – as LexisNexis Risk Solutions director Louise Johnson explains.
Treasury Committee calls for consumer questions ahead of sector grilling
The Treasury Committee has called on the public to submit questions ahead of an evidence session with insurance bosses, as it warned of hearing ‘anecdotal evidence’ in recent months of premiums rising faster than inflation, insurers refusing to pay out,…
Interview: Paul Tasker, Reg Technologies
Paul Tasker spent his entire career working in broking, until he moved five years ago to insurtech Reg Technologies. Enjoying life in his new role, he talks about risks facing insurance firms and how Reg can help.
Applied approaching 100 Epic milestone
Applied Systems has 72 brokers live on Epic in the UK and is onboarding another 30 customers that have already been won, which will take the total to more than 100 by the end of the year, Europe CEO Tom Needs confirmed to Insurance Age.
FSCS slashes broker 2023/24 levy to zero
The Financial Services Compensation Scheme has dropped plans to charge general insurance brokers £5.3m in 2023/24 as it cut the contribution to nil.
FCA posts improved SMCR approval times but AR permissions still lagging
The Financial Conduct Authority has revealed the average days taken in 2022-23 to process five key authorisations that affect brokers were within its target timeframes, but there is further to go to hit the statutory requirement for 100% of cases.
Government planning to limit non-compete clauses to three months
The government has issued a policy paper setting out plans to bring in legislation limiting non-compete clauses in employment contracts to three months.
Binders could be next in FCA commissions crackdown - compliance experts
The Financial Conduct Authority crackdown on property commissions could be the 'tip of a very large iceberg', with binding authority arrangements next in line for a change, according to regulatory experts.