Financial Conduct Authority (FCA)
Direct Line ordered by FCA to reassess historical total loss claims
The Financial Conduct Authority has ordered the motor insurer to go back through five years of claims, after admitting it had underpaid some car and van insurance customers.
Joined-up data is key to Consumer Duty compliance
Risto Rossar, founder of insurtech Insly, says insurers that still rely on Excel, Word, and a mishmash of management systems will fail to comply with the FCA's Consumer Duty.
More FCA action against AR brokers is nigh
Sue Mallender, senior consultant of regulatory consultancy Sicsic Advisory, has warned the regulator is likely to place restrictions on more appointed representative general insurance broking businesses in the months to come.
Bank of England to test mini-Budget-type stress on insurers
The Bank of England has launched its first “system-wide exploratory scenario” to throw light on the behaviours of insurers, banks and investment funds in stressed financial market conditions.
FCA restricts activity of four insurance broking firms
The Financial Conduct Authority placed restrictions on four insurance brokers it fears are failing to ensure their appointed representatives comply with the regulator’s rules.
Cancer charity slams travel insurers over ‘unfair’ pricing
A Hampshire-based cancer charity has secured more than 133,000 signatures calling for more affordable travel insurance and has taken the battle to the Association of British Insurers and Financial Conduct Authority.
Applied Systems expands commercial lines; Value Space invests; and Avid opts for Allianz for capacity
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA flags concerns about 'tick-box' approach to fair value
Insurance firms are applying a ‘tick-box’ approach to fair value assessments, according to the Financial Conduct Authority’s director of general insurance Matt Brewis.
Sam Woods, Prudential Regulation Authority
Sam Woods, chief executive of the Prudential Regulation Authority, is shaping the industry’s capital requirements and is willing to clash heads with the government if he doesn’t agree with their desire to rip up the European Union’s rulebook.
Matt Brewis, Financial Conduct Authority
The Consumer Duty is a “significant shift” in the Financial Conduct Authority’s approach to supervision and leading the charge of ensuring the industry understands the requirements is Matt Brewis, director of insurance.
FCA outlines plans to improve whistleblower engagement
The Financial Conduct Authority has set out plans to improve the way it engages with whistleblowers, including giving people who approach the regulator with information more detail on what action is taken as a result.
In conversation: Biba’s White and Trudgill on broker leasehold commissions
After Levelling Up Secretary Michael Gove said he was “outraged” at the findings of an FCA report into broker remuneration surrounding leaseholders in multi-occupancy buildings, British Insurance Brokers' Association chief executive Steve White and…
Podcast: What regulators have in store for insurers and brokers
Insurers hoping to see European Union rules ripped up this year are likely to be disappointed, Michael Sicsic, managing director of Sicsic Advisory, has warned in the latest Insurance Post Podcast.
Why the Consumer Duty could reduce general insurance options
Editor’s View: Insurance Post Editor Emma Ann Hughes is concerned the Consumer Duty combined with claims inflation could reduce choice for personal lines policyholders.
Could insurance brokers soon face caps on commission?
Analysis: As the government demands pulling the plug on unfair insurance commission, Frances Stebbing examines whether the regulator could change the rules for how brokers get paid.
Five key takeaways from the FCA's business plan
The Financial Conduct Authority's Business Plan for 2023 to 2024 detailed plans for the regulator to check the finances of brokers as well as MGAs in the year ahead.
CII’s Connell on vast implications of the FCA’s sustainability strategy
Trade Voice: Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, explains how the FCA’s approach to sustainability will permeate every aspect of the insurance industry.
FCA reveals hundreds of BI claims still being considered
Three years on from the first Covid-19 lockdown, the industry is still considering whether 341 business interruption insurance claims are valid.
Why we need fire and brimstone over Consumer Duty
Editor's View: Emma Ann Hughes asks whether Old Testament-style regulation is required to push general insurers to meet the Consumer Duty requirements.
Who is responsible for ending the insurance poverty premium?
Analysis: Social Market Foundation research shows insurance is increasingly unaffordable for those on low incomes; news editor Scott McGee examines who is responsible for preventing a “poverty premium” being charged.
FCA still asking insurers if they have heard of Consumer Duty
With only four months to go until the Financial Conduct Authority’s Consumer Duty comes into force, the regulator has reached out to insurers to ask if they have even heard of the new set of rules.
Admiral launches telematics product; Generali partners with Supercede; FCA hires in enforcement
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
‘Serious concerns’ about Ombudsman power to increase redress awards by 20% in two years
Industry experts shared concerns that the Financial Ombudsman Service's award limits are “very high” and could push small firms out of business.
Insurers are increasing admin fees after ‘loyalty penalty’ ban
Research from Go Gompare found that more products are subject to administrative fees across its car insurance policies since the introduction of the Financial Conduct Authority’s General Insurance Pricing Practices regulations last year.