Regulation
Stubben Edge sets new goal after hitting first year AR network target
Stubben Edge is eyeing up boosting its appointed representatives network to 40 after hitting its launch goals, network director Gemma Jarrett has revealed to Insurance Age.
Editor’s letter: Marking the FCA’s muted 10th birthday
However, perhaps they were so optimistic about them being successful they were confident that the date would ultimately never come back to haunt them in the shape of unpleasant headIf the government and law makers of the time could go back to 2013, they…
FCA proposes 10.4% hike to broker fees block
The Financial Conduct Authority is poised to raise fees for the general insurance mediation pot where brokers sit to £34.7m for 2023 to 2024, as its budget rises to £684.2m, including a £5.3m Consumer Duty cost.
FCA cracks down on MGA for unfair fees
The Financial Conduct Authority cracked down on an MGA with contract wordings that would have allowed it to charge a fee to customers for not renewing.
The FCA: 10 years on has it been a success, failure – or somewhere in between?
On 1 April 2013 insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age canvassed opinion throughout the market to find out views on how the first decade…
Government launches SMCR review and calls for insurance feedback
The government has launched its review of the Senior Managers and Certification Regime, part of a wide-ranging shake-up to make UK financial services more competitive post-Brexit.
FCA appoints two directors to co-lead enforcement and market oversight
The Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
FCA approval times worsen for new firms as overall picture improves
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
FOS compensation limit hiked to £415,000
The Financial Conduct Authority has raised the limit on complaints awards that the Financial Ombudsman Service can dish out to £415,000.
FCA opens survey on SME thresholds for FOS insurance complaints
The Financial Conduct Authority has launched a review on shifting the thresholds for SMEs to be able to refer complaints to the Financial Ombudsman Service, as it revealed there have been 1,835 insurance complaints since the rules came into force on 1…
FCA boss Brewis to address Consumer Duty concerns at Insurance Age event
Matthew Brewis, director of insurance at the Financial Conduct Authority, has been confirmed as the keynote speaker for the first Insurance Age Broker Breakfast event in Leeds next month.
Interview: Biba CEO Steve White - Leading from the front
To coincide with the 10th anniversary of his appointment as CEO of the British Insurance Brokers’ Association, Insurance Age takes Steve White on a trip down memory lane.
Opinion: How long have directly authorised independent brokers got left?
Lea Cheesbrough, managing director of Movo Partnership argues the appointed representative model is becoming the preferred choice for start-up brokers and increasingly popular among directly authorised firms looking to switch.
BoE warns of 20% hike in insurer failure risk from Solvency II reforms
The governor of the Bank of England, Andrew Bailey, has warned that proposed Solvency II reforms to loosen capital requirements will increase the risk of life insurer failure by 20%.
Long awaited regulator D&I consultation due in first half of 2023
Financial regulators have set a target of the first half of 2023 to publish the repeatedly delayed consultation paper on improving diversity and inclusion across the financial sector, a year behind the original plan.
Code released to ease crisis in affordable premiums for tower block residents
The British Insurance Brokers’ Association and the Association of British Insurers have released a code for capturing risk information, one of the first steps in solving the crisis in affordable premiums for residents in tower blocks, Insurance Age can…
MGAA edges closer to membership milestone
The Managing General Agents’ Association’s CEO Mike Keating has revealed that the trade body is close to surpassing 200 full members in the next couple of months.
Minister concerned Consumer Duty could unleash claims farmers – report
City of London minister Andrew Griffith is concerned Consumer Duty could unleash spurious lawsuits from claims management companies, according to a report in the Financial Times.
‘Double standards’ – fed up brokers urge FCA to improve authorisation times
Brokers are urging the Financial Conduct Authority to improve its authorisation speeds, and stressing that the current performance is damaging the industry.
FCA details 16% staff turnover rate in response to Unite
The Financial Conduct Authority’s headcount grew to 4352 at the end of January, the regulator has confirmed in a letter to Unite.
FCA calls for firms to do more on ESG
The Financial Conduct Authority has stressed that businesses must continue to adapt their priorities to meet the changing environmental needs for a more sustainable world.
Brokers to settle ‘very little’ of £19m financial adviser claims amid latest FCA blow, legal expert says
The FCA’s hopes of getting insurers and brokers to settle £19.2m in IFA claims is in doubt, with a fresh legal challenge the latest blow to hit the regulator’s compensation scheme.
Biba demands FCA turn up the heat on authorisations ‘burndown’
The Financial Conduct Authority is taking “far too long” to authorise firms seeking to trade general insurance business for the first time and also needs to up its game on key c-suite broker approvals, executive director of the British Insurance Brokers’…
FCA broker c-suite volumes stable as decision delays tick down
The Financial Conduct Authority authorised 1129 general insurance intermediary CEOs in 2021 and a further 994 in the first 10 months of 2022, an Insurance Age Freedom of Information request to the regulator has revealed.