Compliance specialists have urged brokers to take heed of the Financial Conduct Authority’s latest pair of letters on fair value in general insurance.
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.
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.
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.
An expert has warned that despite the recent extension of the Consumer Duty implementation period firms must agree their own plans within three months.
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.
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.
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.
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out plans to oversee “critical third parties” in the financial services sector.
The current Chancellor of the Exchequer, Nadim Zahawi, has pledged that laws will be changed under the newly-published Financial Services and Markets Bill.
The Financial Conduct Authority only met its processing speed target for 44.7% of appointed representative notifications in 2021/22, the watchdog has revealed.
The Financial Ombudsman Service has highlighted a 33.4% fall in complaints about insurance pricing in 2021/22.
Compliance professionals have come out against any delay in the Financial Conduct Authority implementing Consumer Duty rules as the watchdog ponders switching to a phased implementation period.
Sicsic Advisory’s Hugh Savill says the FCA’s latest letters reveal a sceptical regulator and outlines what it means for brokers
Brokers have been urged to prepare for the April deadline as the Financial Conduct Authority ponders changes to the implementation period for Consumer Duty regulations.
The cost of car insurance has risen 7.8% since the start of the year after new rules came in to tackle the practice of “price walking”, research by Consumer Intelligence has revealed.
HM Treasury has appointed Ashley Alder as the new chair of the Financial Conduct Authority succeeding Charles Randell.
The Minister handed in his notice to Prime Minister, Boris Johnson, yesterday (6 July) stating that he “can no longer reconcile my commitment to the role and to the financial services sector with the complete lack of confidence I have in your continuing…
Few Inns has launched court proceedings against Towergate over a Gable policy which failed to pay out following a fire at one of its pubs in 2015.
Strikes at the Financial Conduct Authority due to take place today and tomorrow (5 and 6 July) have been paused after negotiations between disgruntled staff and the regulator re-opened.
Michael Sicsic addresses the key points in the regulator’s latest data missive flagging “there really are going to be very few places for bad operators left to hide”.
Compliance experts at the Managing General Agents' Association conference, on 29 June, have suggested insurtech and ESG as the next areas for regulatory focus by the Financial Conduct Authority.
CEO of Howden Group, David Howden, has insisted MGAs, underwriters and brokers must work harder on self-regulation and call out bad behaviour when they see it.
The Chancellor of the Exchequer Rishi Sunak told insurance executives at a meeting on Monday that Britain wants to reform its insurer solvency rules quickly.