Regulation
Investments bring downward pressure on profits at Bridge for 2024
Bridge Insurance Brokers has reported a drop in profits for the year ended 31 March 2024 as turnover fell 3% year-on-year.
MPs and peers slam “incompetent at best, dishonest at worst” FCA
A cross-party group of MPs and peers has hit out at the Financial Conduct Authority and demanded substantial changes after its call for evidence found the regulator “is seen as incompetent at best, dishonest at worst”.
Blog: What implications could the motor finance scandal have on insurance brokers?
As the industry shoots itself in the foot. Again. Matthew Maxwell Scott, founder and executive director of the Association of Consumer Support Organisations explores how the motor finance scandal fallout might see brokers caught in the cross-fire.
Government to consult on leasehold commission ban “very shortly”
The Government has revealed it plans to consult on a proposed ban on leasehold insurance commission next year.
FSCS gives first insight on increasing levy to £394m
The Financial Services Compensation Scheme has indicated its levy for 2025/26 will rise to £394m from £265m this financial year as it cited having lower surpluses to carry forward and offset bills – a factor that has benefited brokers for two years in a…
Broking Success: Insight in niche areas
Tim Sydenham, managing director of County Insurance Services, looks to grow policy count in niche areas, as the business celebrates 40 years.
FCA promises reframed and revised ‘name and shame’ plans but no decision until early next year
In a House of Lords Financial Services Regulation Committee evidence session earlier today, Financial Conduct Authority CEO Nikhil Rathi said no decision will be made on its investigation transparency proposals consultation until early next year.
FCA closes in on authorisation targets as performance rises again
The Financial Conduct Authority has improved its delivery on the two broker-related authorisation metrics that remain in the ‘amber’ zone as it hones in on delivering a ‘green’ performance in all five relevant categories.
FCA bans broker and issues £1.1m fine for misusing insurer funds
Leigh Mackey, formerly sole director of closed broker Inspire Insurance Services, has been banned by the Financial Conduct Authority and fined £1.1m after using insurer funds to support the firm’s operating costs and pay for personal living expenses.
FCA reopens parts of commercial and bespoke insurance discussion paper for feedback
The Financial Conduct Authority has reopened parts of its discussion paper on commercial and bespoke insurance business in response to demand.
FCA non-financial misconduct survey leads to call for action and benchmarking
The Financial Conduct Authority has released the findings from its non-financial misconduct survey as a benchmark for firms to reflect on whether their own processes, procedures and controls provide both robust detection and appropriate outcomes.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
Broker Expo 2024: Biba encouraged by ‘step-change’ in FCA’s approachability
Head of regulation for the British Insurance Brokers’ Association David Sparkes told delegates at Insurance Age’s Broker Expo yesterday that he is encouraged by the fact that the Financial Conduct Authority is being more receptive to feedback.
Broker stress levels hit six-year high
Two in five brokers have reported stress levels as high or very high, the record since Ecclesiastical’s annual Broker Wellbeing Survey was launched in 2019.
Experts say industry is improving on fair value despite FCA criticism
The Financial Conduct Authority’s findings that brokers are still struggling to provide evidence that their remuneration is consistent with fair value rules has sparked mixed reactions among people working in the sector. Ida Axling explores the fallout…
FCA: Reducing rulebook would lead to boost in international competitiveness
The Financial Conduct Authority believes sharing more information on good practice and its expectations will benefit the industry and help drive better outcomes, according to Graeme Reynolds, director of competition.
Elizabeth Passey appointed FSCS chair
Elizabeth Passey has been appointed chair of the Financial Services Compensation Scheme, taking up the role today succeeding Marshall Bailey.
FCA still undecided on taking GAP-like action over premium finance fair value
The Financial Conduct Authority “remains concerned” over the fair value of premium finance, it has revealed at a press conference after the regulator's annual public meeting yesterday.
Broker Expo 2024 Countdown: Biba CEO Graeme Trudgill
As we count down to Insurance Age’s Broker Week, we asked our Broker Expo speakers to share some insights into the event, market issues and reveal their favourite chocolate bar. Today, we focus on the British Insurance Brokers’ Association CEO Graeme…
Broker Expo 2024 Countdown: David Sparkes of Biba
As we count down to Insurance Age’s Broker Week, we asked our Broker Expo speakers to share some insights into the event, market issues and reveal their favourite chocolate bar. Today, we focus on the British Insurance Brokers’ Association regulation…
Blog: Are insurance add-ons still relevant in 2024?
Julian Tomlinson, chairman of Alps, argues some insurance add-ons are more vital for policyholders today than they’ve ever been.
Biba calls on FCA to remove large SMEs from scope of Consumer Duty
The British Insurance Brokers’ Association has called for larger commercial customers to be removed from the scope of the Consumer Duty
Blog: Questions need to be asked around solar panel fire risks
With reports of the number of solar panel fires rising six-fold in recent years, RiskSTOP’s head of technical risk engineering & surveys, Paul Farmer, suggests insurers and brokers need to start asking questions around maintenance, inspections and more.
Claims – are brokers confident in insurers, MGAs and TPAs to deliver at the moment of truth?
Both the Financial Conduct Authority and Financial Ombudsman Service have recently highlighted issues around insurers and managing general agents outsourcing claims to third party administrators. Siân Barton examines whether brokers hold similar concerns…