Treating customers fairly (TCF)
Brokers still not Consumer Duty ready despite survey boost – compliance experts
Compliance experts have issued warnings to brokers still not ready for the fast-approaching Consumer Duty deadline.
FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
Ecclesiastical survey finds half of brokers aren’t aware of FCA’s Consumer Duty rules
A survey of 250 brokers has found that only just over half (53%) are aware of the FCA’s new Consumer Duty rules. This raises concerns that a significant number of brokers are behind schedule with plans to implement them, Insurance Age can reveal.
Review of the Year 2022: Steve Wright and Bryan Banbury, Russell Scanlan
In the latest part of Insurance Age's review of the year Russell Scanlan's managing director Bryan Banbury, and claims director Steve Wright offer their reflections on 2022 and predictions for the next 12 months.
FCA to release crucial personal lines value data ‘imminently’
The Financial Conduct Authority is set to release value measures data ‘imminently’ that will play a crucial role in helping brokers benchmark whether their products offer value.
Atlanta claims UK first with Plain Numbers roll out
Atlanta, claims to have become the first organisation in the UK to have key customer high volume communications certified by social enterprise, Plain Numbers.
Trade bodies battle to trim FCA fair value paperwork ‘crippling’ small firms
Trade bodies are working with the Financial Conduct Authority to narrow down the focus of its fair value assessments which comes with a huge regulatory burden.
Biba vows to fight for brokers in FCA meeting on fair value assessments
The British Insurance Brokers' Association has vowed to fight for brokers in a key meeting with the Financial Conduct Authority over fair value assessments.
News analysis: Would a merged FCA/PRA make brokers’ lives any easier?
Team Truss have financial regulation in their sights… but just how far could they go? It’s mooted there are plans to create a single super regulator by merging the Financial Conduct Authority, the Prudential Regulatory Authority and the Payment Systems…
Analysis: Brokers, insurers and the FCA’s product governance - confusion reigns
The FCA's new rules on product governance come into force on 1 October. But as Rachel Gordon discovers even with a three month extension or ‘forbearance,’ brokers are still in the dark about what is expected from them.
News analysis: Is it time for a regulatory rethink?
Regulation is stifling broker competition and innovation according to Biba, as regulators now face a House of Lords inquiry.
FCA urges brokers to help leaseholders in response to Gove request
The FCA's Sheldon Mills fires warning shot on broker commission transparency and adds the regulator will "use its powers to intervene" as he issues 'Dear CEO' letter amid review of the insurance market for multiple-occupancy homes.
Blog: What are the FCA Value Measures?
Underwriting data expert, Jeremy Keating, outlines key actions for brokers under the newly implemented fair value regime.
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
Insurance trade associations create fair value template
In an attempt to help firms better prepare for the Financial Conduct Authority's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
FCA reveals measures to increase consumer protection in retail markets
Regulator proposes to enhance existing rules around treating customers fairly with the aim to drive a shift in culture and behaviour for firms.
Insurance Covid Cast – episode one: How has the industry’s reputation been impacted by its handling of the coronavirus epidemic?
In the first of a new series of video casts brought to you by Insurance Age and Insurance Post whilst our journalists are in isolation lockdown we discuss the sector’s response to the Covid-19 pandemic and what lasting impact it might have on its…
The Blog Spot: First impressions
Commissioning editor Laurence Eastham reflects on his first month in the insurance industry.
FCA re-examines duty of care as report warns customers at risk of harm
The regulator published a feedback statement which revealed most respondents believe there needs to be change to better protect financial services customers.
FCA bares teeth at GI firms over treatment of customers
A "dear CEO" letter warned the GI market that the regulator will be monitoring firms to ensure they are conforming to relevant rules and meeting its expectations.
The Blog Spot: Should insurance go back to its coffee shop roots?
Insurance Age content director Jonathan Swift mulls whether insurance broking needs to go back to its beginnings to find the right blend for future success.