News/Regulation
FCA staff vote to strike
Unite the union representing staff at the Financial Conduct Authority (FCA), announced yesterday (12 April) that staff at the regulator had voted in favour of industrial action.
FCA warns on broker clone
Colin Halliday, managing director of Trade and Commercial Broking Services, has praised the work of the Financial Conduct Authority and Ten Insurance after being targeted by a clone website.
Blog: Sanctions screening and responsibilities of UK insurance brokers
It’s critical for brokers to understand and manage sanctions screening and anti-money laundering compliance to avoid possible penalties, including fines, reputational damage and potential imprisonment for senior decision makers, says Paul Tasker CEO of…
Experts dissect FCA three-year strategy
The Financial Conduct Authority’s three-year strategy has “a number of headlines for all financial services firms” according to Michael Sicsic, managing director of Sicsic Advisory.
Lords Committee calls for “a broader reassessment of regulatory culture”
The Industry and Regulators Committee has outlined concerns about proportionate regulation in the London Market in a letter written to the Economic Secretary to the Treasury, John Glen MP.
Taking the temperature of the electric vehicle market
With the Financial Conduct Authority’s price walking ban coming into force and customers transitioning from internal combustion engines to electric and hybrid vehicles, the motor insurance industry is currently in a state of flux. Eleanore Robinson…
Brokers facing 3.2% FCA fee rise as regulator budget grows to £640.1m
The Financial Conduct Authority has proposed that the general insurance mediation pot where brokers sit will pay £31.4m towards its annual funding requirement in 2022/23.
FCA to add 80 jobs focused on shutting down problem firms
The Financial Conduct Authority will focus resources on preventing serious harm, setting higher standards and promoting competition the watchdog detailed as it revealed its three-year strategy to improve outcomes.
FCA puts broker commission under the spotlight in multi-occupancy property insurance review
The regulator’s survey includes asking if brokers have a bribery and corruption policy and a request for a copy.
FCA bolsters authorisations team
The watchdog has added two senior directors, a finance director and filled a further 95 authorisation roles.
Lawyers reveal record levels of fines for companies let down by their directors and officers
SMEs racked up over £60m in D&O fines in 2021, compared to £120m between 2016-2020, according to law firm BLM.
FOS insurance backlog stretched to over 9000 cases
Across financial services the ombudsman had nearly 5000 cases open for more than two years.
FCA warns of Direct Line clone
Regulator flags Direct Line Sustainability to customers.
Regulatory changes set to bite
Former FCA insider, Michael Sicsic, highlights that developments from the watchdog will hit home in 2022.
Doing nothing on ESG is the biggest risk, brokers warned
Broker Summit attendees also hear from keynote speaker on leadership and resilience.
Experts respond to “disturbing” motor insurance ethnicity penalty report
Insurers face challenging questions but the Association of British Insurers insists “insurers never use ethnicity as a factor” to price cover.
GAIN Q&A with Johnny Timpson
The committee and team member of the Group for Autism, Insurance, Investment and Neurodiversity tackles why GAIN was set up, why addressing neurodiversity should matter to brokers and whether insurance is behind other sectors.
ICO cracks down on firms’ nuisance ‘appliance insurance’ calls
Five companies were collectively fined £405,000 by the Information Commissioner's Office for over 755,000 unsolicited marketing calls.
Marsh McLennan to exit Russia
Businesses to be transferred to local management who will operate independently.
Government sets 28 March deadline for Russian aviation insurance ban
The UK government revealed the insurance sanctions on 3 March in response to the invasion of Ukraine by Russia.
Hiscox chair calls for more consistency and less bureaucracy in regulation
Non-executive chairman Robert Childs has called on regulators to be more flexible, offer more consistency, and prioritise a competitive edge.
FCA cap on CMC fees comes into force
Regulator claims consumers are expected save £9.6m a year.
FCA confirms scrapping bonuses
The regulator has unveiled a new pay deal against a backdrop of potential strike action.
FCA dual pricing rules drive biggest monthly premium jump in eight years, says Consumer Intelligence
Average premiums for home insurance rose 9.1% in January while motor was up 4.9%, according to the specialists.