Regulation
Tesco offers refunds after 'misleading information' motor insurance renewal breach
Tesco Bank will refund some motor insurance customers following a breach regarding "misleading information" about no claims bonus protection in renewal letters.
Insurance in the vanguard on consumer duty, says FCA’s Matt Brewis
The Financial Conduct Authority sees insurance as ahead of the game on consumer duty after the work on pricing and value in recent years, the regulator’s director of insurance and conduct specialists Matt Brewis has indicated.
FCA lacks ‘precision’ and regulators need greater accountability, inquiry hears
London Market trade body representatives have told a Lords’ inquiry that the regulator’s ‘one size fits all’ approach to insurance must change and more accountability is needed.
Biba calls for IPT cut to 10% with 2022 manifesto launch
The British Insurance Brokers’ Association has urged the government to cut Insurance Premium Tax to 10% in the next budget and pushed for targeted relief for three areas.
Biba takes aim at weight of regulation and broker FSCS costs
The British Insurance Brokers’ Association has put regulatory and Financial Services Compensation Scheme reform in the crosshairs as it called for a cut in insurance premium tax in its manifesto.
FCA faces staff vote on strike action
Financial Conduct Authority staff are voting on whether to take industrial action at the regulator.
Tif Group returns to market after slashing headcount and facing regulatory restrictions
Tif Group has begun selling policies again after 2021 saw it halve its headcount as it faced up to travel restrictions, the loss of its capacity provider and regulatory scrutiny.
Inquiry launched into commercial insurance and reinsurance market
The Lords' Industry and Regulators Committee has launched an inquiry into commercial insurance and reinsurance regulation.
PRA flags climate change and silent cyber in Dear CEO letter to insurers
The Prudential Regulation Authority has warned insurers on the need to consider silent cyber exposures and that progress on embedding supervisory expectations on climate change has not been consistent across all firms.
DfT denies smart motorways debuted prematurely as rollout paused
The decision to pause the introduction of new all lane running smart motorway schemes, which saw 39 deaths between 2015 and 2019, until five years’ worth of data is available has been welcomed by insurers.
Interview: Stuart Hardy, Forum of Insurance Lawyers
Stuart Hardy, partner at BLM, was appointed as president of the Forum of Insurance Lawyers in November last year, succeeding Jennette Newman. He spoke to Post about his plans for the next year, challenges facing the industry, how the whiplash reforms…
Intelligence: China - Implications of uncertainty
There would be serious consequences for the insurance market if escalation of tensions between the major western democracies and China arose. David Worsfold asks, therefore, why insurance companies are burying their heads in the sand about the issue…
Editor’s comment: Damned if you do and damned if you don’t
A New Year. A fresh start. Resolutions decided and hopes of a better – the best – version of me to come. Isn’t this how every year starts and yet how easy is it to do this? Most of us might change one thing or just take steps towards changing one thing…
Preview: What will 2022 bring for the insurance market?
Post spoke to market experts to get their predictions for what 2022 will look like.
Vox Pop: Regulation 20 years on from the FSA coming to power – part two
The Financial Services Authority came into force on 1 December 2001. In this anniversary month, in the second of a two-part vox-pop series, Post asks compliance experts for their thoughts on topics including the accountability of the Financial Conduct…
Blog: Insurers must set the ESG bar high if we are to reach net zero
COP26 set some very clear priorities for governments, businesses and individuals to reduce their environmental impact, and work towards having a better carbon footprint, writes Chris Illman, Beazley head of responsible business.
Vox Pop: Regulation 20 years on from the FSA coming to power – part one
The Financial Services Authority came into force on 1 December 2001. In this anniversary month, in the first of a two-part vox-pop series, Post asks compliance experts for their thoughts on how seismic a change the launch was and the current scope of…
'Challenging' changes ahead under consumer duty
The Financial Conduct Authority’s consumer duty proposals are set to 'change the face' of the consumer financial services market, experts have said.
FCA's consumer duty to cost firms up to £2.4bn
The Financial Conduct Authority has estimated that businesses will face a one-off bill of up to £2.4bn to comply with its proposed consumer duty rules, with ongoing annual direct costs of up to £176m.
Watchdog seeks views on future of financial services compensation
The Financial Conduct Authority is looking for input on a ‘fair and sustainable’ compensation framework.
FCA unveils consumer duty 'to drive a fundamental shift in industry mindset'
The Financial Conduct Authority has opened a consultation on the introduction of a consumer duty highlighting its concerns that financial services do not currently always work well for consumers.
FCA launches consultation on improving AR regime
The Financial Conduct Authority has launched a consultation on improving the appointed representatives regime and tackling harm from this model.
HMRC's IPT decision hailed as good news for brokers
Her Majesty’s Revenue & Customs has opted against making brokers liable for any unpaid Insurance Premium Tax where they used IPT unregistered insurers and against introducing IPT on brokers’ administration fees.
MCE CEO Edwards pledges legal action against Gibraltar regulator
MCE Insurance CEO Julian Edwards has pledged legal action against the Gibraltar Financial Services Commission following the appointment of administrators at MCE’s Gibraltar-based insurer.