With Lloyd’s, London market and wholesale broker accountability drawing the regulator’s attention in recent weeks, Michael Sicsic, managing director of Sicsic Advisory and former Financial Conduct Authority head of retail general insurance supervision,…
Proposed changes to the Financial Conduct Authority’s product governance rules could prove to have a greater long-term impact than the regulator’s prospective price walking ban, consumer research and compliance experts have said.
The Financial Conduct Authority has written to Lloyd’s and London Market insurers instructing them to “behave ethically and responsibly in the way they treat their customers, their employees and their counterparties” during the pandemic.
Insurance companies must ensure they are “purpose-led” in order to restore the sector’s reputation, Blueprint for Better Business CEO Chris Wookey told members of the Worshipful Company of Insurers last week.
It takes more than a Webex call to build the relationships the insurance industry thrives on, says Ross Dingwall, managing director – broker channel at Hiscox UK.
During the High Court hearing of the Financial Conduct Authority’s business interruption test case, the regulator argued that reversing the judgment in the historic Orient Express case would “restore sanity”. If the Supreme Court chooses to overrule the…
Hiscox had pandemic possibility 'well in mind' when it drafted BI policies, action group tells Supreme Court
The Hiscox Action Group has responded and opened its appeal as part of the Supreme Court hearing on the business interruption test case.
The confusion created by the High Court’s decision in the Financial Conduct Authority's business interruption test case, with both parties claiming victory, could act as an enabler for fraudsters, according to experts speaking at Post’s Claims and Fraud…
The Financial Conduct Authority’s counsel today likened the spread of coronavirus to the Great Storm of 1987, appearing in front of the Supreme Court for the third day of the business interruption test case appeal.
Insurer defendants and the Financial Conduct Authority set out their starkly differing views on the use of trends clauses on day two of the ongoing business interruption test case hearing at the Supreme Court.
Usually a lavish affair in the Royal Albert Hall with the insurance A-listers dressed to the nines in their finery and quaffing champagne mid-July, this year due to the Covid-19 pandemic and government restrictions the British Insurance Awards ceremony…
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on Monday as insurers began their appeal of the September judgment handed down in the Financial Conduct Authority’s business interruption test case.
Inspire Insurance Services has gone into liquidation after the Financial Conduct Authority ordered the Coventry-based broker to shut up shop last month.
Figures collated by Acturis for Post have revealed there were over 39 times more business interruption claims handled by brokers through the software house since the start of the coronavirus pandemic than the average seen across the same periods of 2018…
Lawyers suggested experience will trump "ego" after it emerged two of the judges on the Supreme Court business interruption test case panel oversaw rulings on Orient Express, a case that has been hotly contested during proceedings between the Financial…
Loss adjusters are looking to technology to deal with business interruption claims, with the market preparing for a possible influx following the upcoming Supreme Court test case review.
The Financial Conduct Authority confirmed it has banned three individuals, including Mark Horsey who was authorised to carry out insurance activities, from working in the financial services industry over non-financial misconduct.
As the search for lesser-spotted clarity continues, simple confirmation from the regulator on which business interruption wordings are being contested, and by who, is a welcome aid.
The Financial Conduct Authority has shut down Inspire Insurance Services and ordered the broker to ringfence relevant funds in a string of sweeping instructions.
A Financial Conduct Authority letter to claims management company CEOs could foreshadow hefty enforcement action, industry sources told Post.
Some businesses with policies that employ a Marsh wording can expect interim payments “imminently” following RSA’s decision not to appeal a High Court judgment, which found it provided cover for disruption caused by the coronavirus pandemic.
The Financial Conduct Authority has cautioned brokers and managing general agents not to assume someone is “fit and proper” for roles under the Senior Managers & Certification Regime, with the expectation being that “some” staff will not meet standards.
The Supreme Court will start hearing the appeals of six insurers, the Hiscox Action Group and the Financial Conduct Authority in the ongoing Covid-19 business interruption test case on Monday 16 November, the FCA has confirmed.
In September, the Financial Conduct Authority published its long-awaited final report on pricing practices in the home and motor insurance markets, putting forward a package of measures that its interim CEO described as “probably the most radical shake…