Financial Conduct Authority (FCA)
FCA hires new director of enforcement from Hong Kong's SFC
Mark Steward has been appointed as the Financial Conduct Authority’s new director of enforcement and market oversight, while Barbara Frohn will become its director of risk and compliance oversight.
FCA slams Lloyds Bank's ‘unacceptable conduct’ as it issues £117m PPI fine
Lloyds Banking Group today (05 June) received a landmark fine over its mishandling of Payment Protection Insurance Complaints.
Lloyds Banking Group to be hit with PPI fine in excess of £100m
Lloyds Banking Group is reportedly set to be slapped with a record fine of more than £100m by the Financial Conduct Authority for mishandling payment protection insurance complaints.
Arc Legal supports FCA claims ratio re-evaluation
Legal expenses insurer Arc Legal Assistance has backed a move from the Financial Conduct Authority to consider alternative options to the requirement for insurers to publish claims ratio information for add-on products.
FCA reconsiders claims ratios for add-on products following industry backlash
The Financial Conduct Authority has backed down from its intention to require general insurers to publish claims ratio information for add-on products and plans to publish a discussion paper addressing alternative options in “the coming weeks”.
Due diligence failings revealed by FCA’s delegated authority review
Many insurers and intermediaries are not adequately considering their regulatory obligations under delegated authority arrangements, according to the Financial Conduct Authority.
Mid-market 'forgotten' in industry claims processes
A mismatch between the relatively low rates paid by SMEs and their complex insurance needs has been identified as a key driver for the high levels of claims dissatisfaction reported by smaller businesses.
On the soapbox: The big issues with big data
The increased use of big data by insurers has not gone unnoticed by the regulator, leading to an announcement in its 2015/16 business plan that a review is to take place in 2015, focusing on the risks and rewards big data poses.
Updated: Gallagher at risk of FCA penalty from s166 review
Arthur J Gallagher says it cannot rule out the possibility of being fined or penalised by the Financial Conduct Authority after a quarterly statement from the company revealed the regulator had called for a skilled person's review of parts of the broker…
ABI speaks out against FCA survey results
The Association of British Insurers has hit back against the findings of a report by the Financial Conduct Authority on the relationship between insurers and small and medium enterprises.
On the soapbox: Uncertain times for insurance NEDs
These are uncertain times for senior non-executive directors in the insurance sector as the regulator tightens its grip, says Tom Bell of Hardwicke.
FCA approves Quindell professional services arm sale
The Financial Conduct Authority has approved the £640m sale of Quindell's professional services division to Australian law company Slater & Gordon.
FCA review finds claims service not working for SMEs
A Financial Conduct Authority review of insurance claims handling for SMEs has found the claims service is not consistently working in the interests of many businesses, resulting in a poor claims experience.
Role of PCWs highlighted as insurers hit back against premium finance criticism
The Financial Conduct Authority has been accused of failing to address consumer buying behaviour in the findings of its premium finance thematic review, which singled out insurers and brokers for criticism.
Biba 2015: Biba and IBSC partner on joint code of conduct
The British Insurance Brokers' Association and the Insurance Brokers' Standards Council are to work together to create a single voluntary code of conduct and guidance for brokers.
Trust Insurance Campaign: A thirst for knowledge
The Chartered Insurance Institute’s Made Simple campaign is the result of a year spent listening to customers and realising how much uncertainty surrounds insurance – and how much the buying public wants to learn.
FCA finds insurers and brokers wanting on premium finance advice
The Financial Conduct Authority has found insurers and brokers do not always provide customers with clear information about payment options for general insurance products.
Moorhouse issues apology over FCA findings
Moorhouse Group says it "deeply regrets" the findings of a Financial Conduct Authority investigation that resulted in a £159,300 fine for the company and has apologised to customers.
Moorhouse fined £159,300 for sales failures
Moorhouse Group has been fined £159,300 by the Financial Conduct Authority for failures around its telephone sales of commercial vehicle add-on insurance products during 2012.
PI broker banned by FCA
The Financial Conduct Authority has barred former insurance broker Stephen Robert Allen after the Upper Tribunal found he was not a fit and proper person. The Tribunal reached the decision because Allen was found to have submitted a forged document in…
FCA slaps Clydesdale Bank with £20.7m PPI fine
Clydesdale Bank has been fined more than £20.7m for serious failings in its payment protection insurance complaint handling processes; the largest ever PPI-related fine imposed by the Financial Conduct Authority.
Interview: Malcolm Lee and James Sharp: Ten glorious years for Ten
Celebrating the company’s 10th anniversary, Malcolm Lee and James Sharp explain how Ten has become successful, how they have avoided being bought and what the next 10 years will bring for the network.
Jargon: Beat the bull
Insurers need to make sure their communication is crystal clear and jargon-free, or face the fallout from consumers and regulators.
Blog: D&O - ‘The Times They Are A-changin'
Primary D&O underwriters have been living with over-capacity, broad cover, and low rates for a long time, but are there reasons to think 2015 could be the beginning of the end of this soft market for management liability risks?