News/Regulation
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.
FCA supports long-term economic growth objective
Regulators quizzed by Treasury Select Committee.
ICO fines Tempcover £85,000
The regulator said the penalty was for a “serious contravention” of the Privacy and Electronic Communications Regulations.
Insurer payments for settled BI claims top £1bn
Providers have also made £307.9m in initial payments, according to the latest figures from the Financial Conduct Authority which is set to end its data releases next month.
FSCS confirms broker as failed
The compensation body has updated on the status of former broking firm Perry Prowse and released details of 12 companies that have gone out of business.
FCA appoints interim chair
Richard Lloyd will take up the position while a permanent replacement for Charles Randell is found.
Brokers urged to engage with Lords' Committee's insurance market regulation inquiry
Biba confirms it will be will be putting in a response to the consultation which closes on 11 February as compliance experts discuss whether the inquiry could have an effect on the regional broker market.
FCA staff vote in favour of industrial action
A ballot saw 87% support strike action against proposed cuts to pay and conditions as Unite accuses CEO Rathi of “waging war” on staff.
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 names Penny James as chair of its Practitioner Panel
The Direct Line boss succeeds Paul Feeney, CEO of Quilter.
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.
Michael Gove calls on FCA to review rising premiums for residential buildings
In a letter to the FCA and the CMA, the Secretary of State for Levelling Up, Housing and Communities writes he is "extremely concerned" about the pressure leaseholders face from rapidly escalating insurance premiums on blocks of flats following the…
Blog: What are the FCA Value Measures?
Underwriting data expert, Jeremy Keating, outlines key actions for brokers under the newly implemented fair value regime.
Biba focuses on ‘managing risk’ as manifesto theme
The trade body launched its manifesto and revealed UK brokers arrange £74bn of insurance per year.
Staff to vote on strike action against FCA
FCA told Insurance Age that after considering the recent feedback on its pay and rewards proposals, it now aims to announce an outcome by March.
Lords starts hearing evidence in insurance market regulation inquiry
The House of Lords Industry and Regulators Committee kicked off its investigation which focuses on the commercial insurance and reinsurance market on 14 January.
Covid BI claims payments now at £1.3bn
FCA data shows providers have now made initial payments worth £329.4m and final settlements of £967.9m.
Mixed response to latest FCA AR review
Experts welcome oversight but some feel the focus on commercial broker ARs has “little relevancy” and call for a “proportionate” outcome.
FOS plans to increase levy by £10m
The regulatory body will ask firms for £106m as it flags increase in motor and pet insurance complaints but PPI comes to a close.
Covid BI claims payments reach £1.2bn
FCA data reveals providers have now made initial payments worth £308.4m and final settlements of £916.7m.
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.
Kroll reverses “reckless” MCE MTA decision
The administrator will now allow the provider to process mid-term adjustments.