Financial Conduct Authority (FCA)
FCA pricing review shifts insurers' attitude to insurtechs, says Urban Jungle CEO
The introduction of the Financial Conduct Authority’s pricing review has shifted attitudes to insurtechs and is leading to insurers competing to work with them, according to Urban Jungle CEO Jimmy Williams.
Intelligence: A question of diversity
Studies have shown diverse management teams achieve higher revenues due to innovation and discrimination claims can be costly. As the Dive In festival kicks off at Lloyd's and around the world, Edmund Tirbutt investigates if the insurance industry is…
Covid BI claims payouts top £1bn
Insurers have paid out over £1bn in business interruption claims, according to the latest data released by the Financial Conduct Authority.
Analysis: Trust and the whiplash portal
A survey commissioned by Post found that people are not confident in the whiplash portal, with a number of claimants turning to claims management companies and solicitors for help in completing the claim.
Intelligence: Pepping up the primary markets
The Financial Conduct Authority is currently consulting on proposals to encourage young, fast-growing firms to seek a public listing at an earlier stage in their development. Edward Murray investigates if this will give a boost to the insurance sector,…
Analysis: Business interruption late payment claims a 'live issue'
Insurers could still face claims for damages relating to the late payment of Covid-19 business interruption claims under an as yet untested part of the law, according to lawyers.
Last chance to decide Industry Impact winner at 2021 British Insurance Awards
The voting is open for you to decide who should win the Industry Impact Award at tomorrow’s British Insurance Awards. But be quick as the poll closes at noon tomorrow.
FCA warns public about broker Professional Construction Risks
The Financial Conduct Authority has warned consumers not to do business with Weston-super-Mare broker Professional Construction Risks Limited or any of its representatives.
FCA fires fair value warning shot
The Financial Conduct Authority has raised concerns that some insurers and intermediaries are showing slow progress in making sure products meet customer needs.
Trade Voice: Mass chair Paul Nicholls on why an ineffective Official Injury Claim portal is good for no-one
Paul Nicholls, chair of the Motor Accident Solicitors Society and senior partner at Nicholls Brimble Bhol, looks at the teething pains around the new Official Injury Claim portal and what needs to be done to ensure justice and fair compensation for…
Blog: The market has strengthened in the face of pandemic claims challenges
Claims teams must be proactive coming out of the pandemic to ensure lessons learned are not lost, posits Markel UK claims and legal services director Richard Napoli.
FCA yet to fully investigate more than half of Covid whistleblowers’ reports
Exclusive: The Financial Conduct Authority has yet to close investigations into more than half of the reports made by Covid whistleblowers in the first year of the pandemic, with general insurance businesses among firms that have faced allegations.
Intelligence: Responsible AI
With great power comes great responsibility and for insurers this is never going to be truer than when dealing with artificial intelligence. Post looks into how insurers are using AI ethically.
The future of pricing - how can insurers use data and technology to remain competitive?
Insurance organisations need to develop new ways of pricing if they want to remain competitive in today’s market. But whilst data enables insurers to make the most informed pricing decisions; governing and processing this data across siloed databases and…
Analysis: The importance of diversity and inclusion in claims
Post spoke to senior claims figures on the role of diversity and inclusion in supporting customers' needs.
Intelligence: White labelling – are partnerships the way of the future?
White labelled insurance as sold by big brands is seeing lot of the action in terms of growth and innovation. But, is it because these are simply good products or is it all about the trust factor? Post investigates.
AR consultation prompts stifling innovation concerns
A Financial Conduct Authority consultation on appointed representatives will tackle firms "circumventing" requirements, compliance consultants told Post, though concerns have been raised around barriers to entry and innovation.
FCA pledges more accountability after recent parliamentary criticism
The Financial Conduct Authority committed to becoming a more ‘innovative, adaptive and assertive regulator’ as it published its annual business plan.
Regulators mull targets, disclosures and individual accountability to spur on D&I at financial services firms
Regulators are considering a range of policy options to boost diversity and inclusion in the financial services sector, including the use of representation targets and making senior managers directly responsible for D&I within their firms.
Lloyds Bank fined £90.7m for misleading customers in home insurance renewal letters
Lloyds Bank has been fined £90.7m by the Financial Conduct Authority for failures in home insurance renewal letters between 2009 and 2017.
Stuart Forsyth describes 'hellish experience' as Upper Tribunal overturns fine and ban by ruling against FCA and PRA
Stuart Forsyth, the former CEO of Scottish Boatowners Mutual Insurance, has called on regulators to “learn from the errors they made in my case and work to restore the faith of regulated professionals” as the Upper Tribunal overturned his fine and ban.
FCA delays to approving c-suite broker roles slammed as outrageous
Compliance experts have advised brokers to add time into their recruitment plans for c-suite positions to account for “backlogs” in the Financial Conduct Authority’s approval process as one leading broker hit out at the “ridiculous” delays.
FCA broker c-suite approval times soar with CEOs waiting 151 days for sign-off
The average time taken for the Financial Conduct Authority to approve CEO applications from brokers has nearly tripled from 57 days in 2019 to 151 days this year, a Freedom of Information request by Post has revealed.