Financial Conduct Authority (FCA)
Top 100 UK Insurers 2023: Personal lines insurers hardest hit by inflation
Valeria Ermakova, associate director for analytics at AM Best, reveals while reserving for claims inflation is shaking the nation's insurers, actions taken by the top 10 of this year's Insurance Post Top 100 UK Insurers List helped these providers hold…
FCA CEO responds to Financial Services and Markets Act requirements
Nikhil Rathi, CEO of the Financial Conduct Authority, has outlined five ingredients he feels are essential to support international competitiveness and growth over the medium to long term.
Essential policy providers accused of price walking practices
Regulatory experts have urged insurers to check whether their pushing of “essential” home and motor policies isn’t replicating the price walking sales practices that have been banned by the Financial Conduct Authority.
FCA rules out banning broker commission
The Financial Conduct Authority has ruled out banning broker commission, despite being concerned by “high” 62% charges for arranging cladding insurance.
FCA promises action against overcharging brokers
The Financial Conduct Authority has warned brokers it will “take action” against those charging inflated commissions for arranging cladding cover, with some charging up to 62%.
FCA outlines plan to make insurance more inclusive
The Financial Conduct Authority and the Prudential Regulation Authority has finally published plans to make the insurance industry more diverse and weed out bullies and harassers.
Diary of an Insurer: Phil Denman of Capacity Insights
Phil Denman, CEO of Capacity Insights, prepares for the FCA’s Consumer Duty, plays golf with his son and misses out on an insurer's drinks due to his dog needing him.
FCA set to squeeze the insurance industry to ‘prove worth’
The Financial Conduct Authority is set to squeeze the insurance industry over the next 18 months, to prove to the next government it is a watchdog worth keeping.
Gallagher expands SME & PL ops; SRG launches sports and media division; RSA appoints commercial CUO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Insurers should stop boasting about paying 99% of claims
Insurers need to stop advertising themselves as being a panacea and be honest with customers if the industry is to be trusted, according to James Daley, managing director of Fairer Finance.
Time to stop treating travel insurance customers like idiots
Editor’s View: Emma Ann Hughes argues treating travel insurance customers fairly doesn’t mean treating them like an idiot only capable of ticking a box.
Financial Services and Markets Act: A victory against the regulator?
The Financial Services and Markets Bill was given Royal Assent on 29 June 2023, but is it a victory for the insurance industry – or a missed opportunity?
Big Interview: Biba’s Graeme Trudgill
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, sprints across the Square Mile to share his plans on what more the body can do for members.
Why motor insurers undervalue replacing damaged vehicles
With the FCA ordering Direct Line to review motor loss claims, Jeff Winn, founder of Winn Group, explains why some insurers are underestimating the cost of replacing damaged vehicles.
Bank to gain power to intercede as insurers collapse
The UK government has announced plans to establish a dedicated regime to deal with the failure of insurance companies.
View from the top: GRP’s Duncan Carter on cooling down a political hot potato
Duncan Carter, CEO of retail at Global Risk Partners, warns that a ban on paying commission to property-managing agents could backfire for leaseholders.
FCA Consumer Duty deadline is ‘end of the beginning’
General insurers have been warned today’s Consumer Duty deadline is just “the end of the beginning” as work now needs to start on four extra strands of activity.
Regulators unveil ‘clearer’ complaints procedure
The Financial Conduct Authority, Prudential Regulation Authority and the Bank of England have finalised a revised scheme for complaints about regulators.
Claims management companies face personal injury exile
Financial Conduct Authority figures reveal the number of claims management companies that cover personal injury has dramatically dropped to just 30.
Wildlife populations plummet 70% as IFOA publishes biodiversity policy
The Institute and Faculty of Actuaries has published its Biodiversity and Nature-Related Risks policy as biodiversity loss becomes a top global concern.
Which? warns insurers are falling short of Consumer Duty standards
As the deadline for the Consumer Duty edges closer, a Which? survey has highlighted shortcomings in how insurers explain rejected claims.
Insurance lacks a ‘champion’ to lead best practice on Consumer Duty
With only a few days to go until Consumer Duty comes into force, firms are still struggling to prepare for the regulatory changes and the hurdles ahead, industry leaders explain.
FCA extends latest product governance survey deadline
Having originally given brokers only a few weeks to send back a “demanding” survey into product governance and distribution practices, Post can reveal the FCA has extended its deadline from 11 August to 1 September.
Trade Voice: Biba’s David Sparkes on why ‘duty’ is an interesting word
David Sparkes, head of compliance and training at the British Insurance Brokers’ Association, asks whether the regulator is fulfilling its duty ahead of the looming Consumer Duty deadline.