News/Regulation
FOS insurance complaints rise 19.9%
The Financial Ombudsman Service opened 39,730 new insurance cases in 2022/23.
FSCS CEO Caroline Rainbird departs
Caroline Rainbird has left the Financial Services Compensation Scheme after four years as CEO.
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,…
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.
FCA sets out whistleblower commitments
The Financial Conduct Authority has unveiled a series of actions to boost whistleblowers’ confidence.
Ex-FCA leader Salter joins Sicsic Advisory
Former Financial Conduct Authority director Philip Salter has joined strategic risk and regulatory consultancy Sicsic Advisory as a senior adviser.
Biba defends broker earnings after FCA overhaul in property commissions
The British Insurance Brokers’ Association backed changes the Financial Conduct Authority wants to improve transparency for leaseholders, while also defending broker earnings.
Sicsic warns brokers leaseholder commission disclosure sets a ‘precedent’
Michael Sicsic, managing partner of Sicsic Advisory, urged brokers to review all their remuneration arrangements following the Financial Conduct Authority’s report today revealing incompetence and unjustifiable remuneration in the buildings’ insurance…
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.
Broker Diversity Push: Improved broking gender diversity across the leadership board in latest FOI data
New data from a Freedom of Information request to the Financial Conduct Authority has revealed an improvement in the shift to more gender diversity in broking leadership, although the figures remain stark.
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.
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 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.
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.
AIG strikes MGA deal to drive expansion in high-net-worth markets
AIG has not ruled out UK and European markets following a deal with private equity-focused reinsurer Stone Point Capital to create a new managing general agency for HNW markets.
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.
FCA's misleading ads block count rises 14 fold in a year
The Financial Conduct Authority forced firms to change or remove 8582 promotions in 2022 - 14 times more than 2021.
Sicsic Advisory urges treatment of vulnerable customers should be top priority
Associate director at Sicsic Advisory, Sue Mallender, has stressed that the treatment of vulnerable customers is seen by the Financial Conduct Authority as an integral part of how businesses should operate.
TheCityUK criticises regulators’ “slow, inefficient and unpredictable” authorisation processes
A report by TheCityUK has found that financial regulatory authorisations at the Financial Conduct Authority and the Prudential Regulation Authority can be slow and can undermine firms’ confidence in the regulators’ operational efficiency.
Biba eschews stuffing manifesto with simple, low hanging fruit, says White
The British Insurance Brokers’ Association’s manifesto is not a “bellyache” document but one full of solutions, CEO Steve White told Insurance Age.
Biba manifesto 2023 - cost-of-living crisis in depth
The British Insurance Brokers' Association has focused in on the role brokers can play to help the UK tackle the current cost of living pressures, as it launched its 2023 manifesto.
Regulatory costs for brokers jump 40% in just three years
Regulatory costs for brokers are 40% higher than in 2019, British Insurance Brokers’ Association research has found.
FCA's Consumer Duty update is a ‘warning against complacency’ as firms fall behind
The Financial Conduct Authority has warned firms risk falling behind as the deadline for Consumer Duty looms.