Financial Conduct Authority (FCA)
Crunch time for insurers’ Consumer Duty reports
One year on from the introduction of the Financial Conduct Authority’s Consumer Duty requirements for open products, Emma Ann Hughes investigates whether insurers will get a pat on the back or a clip round the ear from the regulator when they hand in their board reports.
Which? demands action against insurers that are poorly handling complaints
Rocio Concha, director of policy and advocacy at Which?, urges the regulator to hold the insurance firms’ feet to the fire for causing customers unfair delay or distress.
Defaqto unveils plan to prepare insurers for data revolution
Defaqto CEO John Milliken has revealed plans to shift his organisation’s offering from giving general insurers an overview of where their products sit compared with their competitor’s offerings to equipping them with data to shape their strategy.
Insurers should stop looking at AI as a cost-saver
Eddie Longworth, the founder of JEL Consulting who launched the Artificial Intelligence Code of Conduct earlier this year, says the insurance industry hasn’t realised the “conundrum” about using AI and the need for talent to operate it.
Regulators challenge two thirds of GI firms on operational plans
Two thirds of general insurance firms have been challenged by regulators on their work to come into line with operational resilience regulations during the last 12 months, a benchmarking exercise by Sicsic Advisory and Oric International has revealed.
FCA demands insurers up their Consumer Duty monitoring game
With just a month to go until insurers need to file their first Consumer Duty annual board report, the Financial Conduct Authority has raised concerns about how providers are monitoring customer outcomes.
Insurtech UK demands MPs tackle barriers to insurtech growth
Insurtech UK has called on the government to tweak regulation to help start-ups and outlined ways to boost the funding available to scale-up more businesses to Lemonade-like proportions.
How the FCA aims to stamp out toxic workplace cultures
Thomas Beale, partner and head of the bullying and harassment team at Bolt Burdon Kemp, examines how the Financial Conduct Authority’s rules for non-financial misconduct are set to change plus the ramifications for the insurance industry.
Why insurers shouldn’t wait for regulatory clarity on AI
Philip White, a lawyer at The Legal Director, explains why insurers should put in place good governance to harness the growing capabilities of artificial intelligence now rather than wait for the watchdog to set rules for the use of this technology.
How insurers can up their claims game
Insurers love to talk about claims exaggeration, but David Worsfold asks: are they guilty of some exaggeration of their own?
Tackling Sexism in the City
Post Podcast: The Financial Conduct Authority is seeking to create a culture in insurance where people can speak up, challenge and be confident the issues they identify will be investigated and addressed.
What a Labour victory means for insurance
James Daley, managing director of the research and consultancy group Fairer Finance, reveals who should fear the approach of a new Labour administration and what companies could thrive if the Conservative Party are ousted at the general election on 4…
Admiral offers refunds after overcharging ‘small percentage’ of customers
A percentage of Admiral customers have been issued a refund after the insurer identified an error affecting the premium quoted at renewal.
Insurance experts propose using IPT to combat premium discrimination
Insurance industry professionals have proposed that the government use insurance premium tax to address the “poverty premium” and “ethnicity penalty” in motor insurance.
Kindertons linked with Markerstudy investor Pollen Street
Private equity house Pollen Street has been tipped to purchase accident management and mobility company Kindertons, after a potential deal with Auxillis’s owner fell through, sources have told Insurance Post.
FCA allows four firms to sell Gap insurance
The Financial Conduct Authority has confirmed that four insurance firms are now permitted to recommence their sales of guaranteed asset protection insurance.
FCA warns insurers against subletting regulatory responsibilities
The Financial Conduct Authority’s head of department for insurance market interventions, Caroline Gardner, has revealed the regulator’s concerns about providers keeping an eye on their claims handling partners.
FCA clarifies approach to non-disclosure agreements
The Financial Conduct Authority has insisted non-disclosure agreements should not prevent whistleblowers working in insurance from sharing the discrimination or harassment they face with the watchdog.
FCA overwhelmed by feedback on naming and shaming
Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator will “really take our time” when considering its proposed plans to name firms it is investigating before any decision has been made.
FCA lifts Gap restrictions on two firms
The Financial Conduct Authority has lifted its restrictions around guaranteed asset protection insurance for two firms.
What prompted FCA checks on bullying in insurance?
Jeremy Irving, head of the financial services regulatory practice at law firm Browne Jacobson, considers what could have prompted the Financial Conduct Authority looking into non-financial misconduct in the insurance industry.