News/Regulation
Inside FCA’s AI test: Avantia reveals regulator’s view
Mark Eastham, CEO of Avantia, the sole insurer participant in the Financial Conduct Authority’s Artificial Intelligence Live Testing initiative, has shared what the MGA has gained from direct engagement with the regulator.
Ombudsman strengthens approach to vulnerability
The Financial Ombudsman Service is strengthening its approach to vulnerability, and how it supports people where the impact of a financial dispute may be especially severe.
Ex-FCA expert backs AI to read emails for misconduct
Insurers are likely to ramp up their internal communications monitoring by using artificial intelligence to ‘read’ and understand emails, calls and texts in order to comply with the incoming non-financial misconduct rules, according to a former regulator.
Industry welcomes fresh Financial Services Bill
The insurance industry has reacted following the introduction of the Enhancing Financial Services Bill introduced in the King’s Speech yesterday (13 May.)
City minister outlines plans to cut regulatory burden
Speaking at the opening of the British Insurance Brokers’ Association conference, City minister Lucy Rigby outlined the UK government’s plans to ease the regulatory load.
Reeves stand-in Rigby calls for insurance innovation in insecure world
Speaking at the Global Risk Summit, Lucy Rigby, economic secretary to HM Treasury, said the government needs to act with urgency to ensure it is supporting financial services and the economy.
FCA outlines how insurers must up their claims game
The Financial Conduct Authority has warned insurers they must improve claims handling standards and consumer understanding of cover following concerns raised in the Which? super-complaint into home and travel insurance.
Why now is the time to introduce a new Financial Services Bill
Trade Voice: Graeme Trudgill, CEO of the British Insurance Brokers Association, says the time is now for a new Financial Services Bill to help supercharge the broking sector.
Insurers must get data in order to maximise AI potential
Insurers must ensure that their respective data strategies are up to scratch before they can take advantage of AI commercially, according to Dun & Bradstreet’s head of insurance.
FCA launches claims management market review
The Financial Conduct Authority is set to review the claims management market, following concerns that some CMCs and law firms are failing consumers.
MGAs warned about deadline for meeting FCA requirements
Managing general agents have been warned that time is running out to get data in order related to delegated authority arrangements ahead of an FCA review.
PRA warns insurers over MGA optimism and oversight gaps
The Prudential Regulation Authority has warned insurers against overly optimistic MGA assumptions and raised concerns about oversight of delegated authority arrangements.
Supreme Court confirms £1bn furlough win for insurers
Insurers can rejoice today (22 April) after the Supreme Court rejected the policyholder appeal surrounding furlough payments relating to Covid business interruption claims.
Regulators shake-up insurer’s senior manager rules
The Financial Conduct Authority and Prudential Regulation Authority have outlined changes to the Senior Managers and Certification Regime they claim will cut insurers’ costs.
Industry welcomes ‘common sense’ Mazur reversal
Several insurance law firms have welcomed the successful appeal against the Mazur ruling, with the decision being hailed as "common sense".
CMA sets out reforms for ‘outdated’ vet market
The Competition and Markets Authority today (24 March) set out its final report into the pet and vet market, with some legally binding reforms due to come in over the next couple of years.
Sicsic expands reach of regulatory consultancy
Former regulator Michael Sicsic has outlined plans to expand Sicsic Advisory as the business looks to build on the growth it has achieved since its launch in 2019.
City Minister stresses need for regulation to aid insurtechs
Lucy Rigby KC MP, Economic Secretary to the Treasury of the United Kingdom, stressed the need for “proportionate” regulation to support insurtechs and maintain the UK’s leading position as an insurance hub.
FCA and FOS reveal plan to speed-up complaints handling
The Financial Conduct Authority and Financial Ombudsman Service have today (16 March) set out plans to overhaul the UK’s consumer redress framework.
Aviva issues response to DLG fine
Aviva has issued a statement in response to Direct Line receiving a £10m fine from the Prudential Regulation Authority for a Solvency II miscalculation.
Direct Line fined £10.6m for solvency miscalculation
The Prudential Regulation Authority has fined Direct Line Group £10.6m after it miscalculated its Solvency II balance sheet during 2023 and 2024.