Financial Conduct Authority (FCA)
A ‘thorough review’ of approach towards retail customers needed as FCA unveils new Consumer Duty rules
Regulation experts have warned that firms will need to undertake a "thorough review of their current approach to retail customers" as the Financial Conduct Authority revealed the details of its Consumer Duty reforms today.
Ashley Alder appointed as FCA chair
Ashley Alder, currently the CEO of Hong Kong’s Securities and Futures Commission, has been appointed as chair of the Financial Conduct Authority by HM Treasury.
British Insurance Awards 2022: Specialist Insurance Company of the Year - Axis Insurance International
The judges commended Axis Insurance International for its strong performance and growth, and success in realigning its business following the Novae integration.
Third round of FCA strikes cancelled amid renewed hopes of union recognition
Planned strikes by staff at the Financial Conduct Authority, which had been scheduled to go ahead on Tuesday and Wednesday this week, have been cancelled after Unite the Union said it had “secured a route to union recognition.”
Blog: The importance of regulation in holding up the London market
Following the publication of the Lords' Industry and Regulators Committee findings into the regulation of commercial insurance and reinsurance regulation, Mark Huxley, non-executive director at Altus Consulting, ponders how significant regulation is at…
Brokers urged to check their processes to avoid hefty FCA fines
Brokers have been urged to revisit their controls to ensure they are designed properly and used effectively after JLT Specialty was slammed with its second fine for control failures.
Intelligence: All on board – firms must tackle representation
The Financial Conduct Authority requires listed firms to report on, and disclose, targets on how well represented women and ethnic minorities are on boards and executive management teams. Martin Friel investigates if the regulator has been too light…
FCA fines JLT £7.8m; Acrisure acquires Russell Scanlan; Clear Group buys Pro Aktive; Howden Group creates start-up hub and Instanda raises $45m
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Vote now for the winner of the Industry Impact Award at the British Insurance Awards 2022
Voting is now open for you to decide who should win the Industry Impact Award at the 2022 British Insurance Awards.
FCA move to ban ‘phoenixing’ a step in the right direction but more could be done to stop dishonest CMCs
Financial Conduct Authority plans to impose significant changes on claims management companies that would prevent ‘phoenixing’ are a step in the right direction but the industry has called for more action to stop dishonest CMCs.
Experts urge major threshold changes to improve UK listed companies’ competitiveness in international auctions
Legal experts have urged the Financial Conduct Authority to take major steps to increase the threshold for requiring shareholder approval of significant transactions to stop UK listed insurers being at a disadvantage in competitive mergers and…
FCA staff walk out in a second wave of strike action, as Unite warns of ‘deep crisis’ at the regulator
Staff at the Financial Conduct Authority have gone on strike in a second of three planned two-day walkouts as trade union Unite believes the regulator is in “deep crisis”.
Briefing: Can’t we all sit down over a nice cup of tea on multi-occupancy insurance?
I once had a dispute with my neighbour over some work we had had done on our boundary line.
Data analysis: FCA & FOI trackers updated - BI complaints drop as insurers settle backlog
Enquiries to the Financial Ombudsman Service related to business interruption products have finally started to drop after a rapid increase in Q1 2021 following the FCA test case.
Direct underwriters saw retention rates of 70% prior to FCA pricing reforms
Benchmarking analysis data has found that prior to the introduction of the Financial Conduct Authority's pricing reforms, direct underwriters had the highest retention and lowest switching rates.
Capgemini: only 8% of insurers 'Resilience Champions'; Allianz mulls Home & Legacy disposal; CII reports £4.4m deficit; and Questgates buys
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Howden's Peter Blanc on how to manage the consumer duty challenge
With the Financial Conduct Authority's Consumer Duty just around the corner, Peter Blanc, executive chairman of Howden UK & Ireland, believes professional advice will be the only way that customers can ensure they will know what they are buying.
Insurance Post TV: Price walking special – what impact has the FCA ban had on the personal lines market?
Insurance Post reveals the latest episode of its ‘magazine-style’ television show.
Brokers warned that a commission ban for multi-occupancy buildings could be the 'thin edge of a large wedge'
Compliance experts have warned brokers that the Financial Conduct Authority's decision to look at commission payments for multi-occupancy building could set a precedent for the future and be seen as an 'easy win' by government.
FCA does not aim to be a price regulator, says Sheldon Mills
In his keynote speech yesterday at the British Insurance Brokers’ Association’s conference in Manchester Mills Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority, told the audience: “The new consumer duty…
White takes aim at broker FSCS contributions in Biba opening address
British Insurance Brokers’ Association CEO Steve White has said that brokers “must not be left to pay over the odds for the failures of others” through their contributions to the Financial Services Compensation Scheme.
Data Analysis: Business interruption payment tracker - How insurers fared into 2022
Not all insurers are created equal where it comes to keeping on top of the business interruption claims deluge. Post analysis of Financial Conduct Authority data reveals how firms have fared.
FCA staff walk out in first of three planned strikes
Staff at the Financial Conduct Authority have gone on strike in the first of three planned two-day walkouts over proposed changes to pay and conditions at the regulator.
Blog: Making the wrong team moves risks losing regulatory permissions
As we emerge from the Covid-19 pandemic, employers and recruiters are anticipating a growing trend in employees wanting to move roles in what has been dubbed the 'great resignation'. BDBF partner Nick Wilcox, and associate Blair Wassman, explore the…