Financial Conduct Authority (FCA)
Acrisure acquires Affinity; Aviva enters offshore wind market; Consilium appoints second CEO
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA consults on Covid guidance regarding customers in financial difficulty
The Financial Conduct Authority has launched a consultation to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty.
FOS car valuation complaints have spiked since 2018
Complaints to the Financial Ombudsman Service regarding the valuation of cars during the claims process rose by 45% from 2018 to 2020, according to a Freedom of Information request made by Insurance Post.
Four biggest challenges facing insurers in 2023 revealed
To help you prepare for the challenges and opportunities of the next 12 months, Insurance Post spoke to insurance analysts and regulatory experts to uncover four things you need to know about what 2023 holds in store for the industry.
Most-read insurance stories in 2022 revealed
The most-read Post stories of 2022 show what captured the insurance industry's attention as pandemic restrictions were lifted, inflation soared, many sectors went out on strike for improved pay and cyber-crime continued to escalate.
Diary of an Insurance Post Editor: Emma Ann Hughes
To give you a taste of one of our new features for 2023 – Diary of an Insurer - here is Diary of an Insurance Post Editor.
Complaints about insurer conduct and BI drop to pre-pandemic levels
Complaints about insurer conduct and business interruption have dropped almost to pre-pandemic levels while calls for compensation relating to travel and roadside assistance cover are both at a three-year high, according to the latest Financial Ombudsman…
FCA says it will ensure ‘the polluter pays’ in FSCS review update
The main theme of feedback to a recent review of the Financial Services Compensation Scheme was the importance of firms improving their conduct to reduce the frequency at which the scheme is called into action, the Financial Conduct Authority has said.
FOI reveals backlog of FCA whistleblower cases dating back to 2016
A Freedom of Information request to the Financial Conduct Authority has revealed that there are still 1578 whistleblowing cases that remain underassessment, with one still open from 2016.
FCA data reveals insurers lagging behind on claims acceptance rates
Data Analysis: Financial Conduct Authority data on product value has shown several insurers are lagging behind on claims acceptance rates and complaint levels.
FCA urged to elevate 'shockingly bad' quality of data use
The Financial Conduct Authority must tackle the “shockingly bad” use of data in insurance by setting qualification requirements for scientists working in the industry, according to Tom Murphy, founder of Machine Learning Programs.
Smaller insurers fail to provide written proof of meeting pricing rules
The Financial Conduct Authority has found many smaller insurance firms have few or no records to prove they meet the pricing requirements introduced at the start of 2022.
Blog: The government must adopt reliable building regulations to fix the broken insurance market
With the publication of report on insurance for multi-occupancy buildings earlier this year, Mick Platt, director at Residential Freeholder Association, considers the government failure to adopt reliable building regulations which led to severely broken…
FCA warns insurers against undervaluing written off cars
The Financial Conduct Authority has seen evidence of insurers offering consumers whose cars have been written off a price lower than the vehicle’s fair market value.
Digital Bar Quarterly: Revealed, the insurer brands driving standards in usability
This month benchmarking service Digital Bar launched usability assessments for UK direct insurer brands alongside its latest digital capability rankings. Simon Fenn, co-founder of its partner Pancentric, gives a high-level view of usability standards…
FCA to crackdown on insurers over ethnicity pricing penalty
The FCA will take enforcement action against insurers who fail to strip data biased against ethnic minority groups out of their product pricing and services, law firm Browne Jacobson has warned.
FCA’s Mills labels EDI representation as 'uneven and stagnant'
Sheldon Mills, FCA executive director, consumers and competition has stressed “statistics speak for themselves” and the industry does not represent the communities it serves
Consumer Duty success will be measured against number of complaints going to FOS
Financial Conduct Authority CEO Nikhil Rathi has said that the regulator has set itself a target to reduce the number of complaints going to the Financial Ombudsman Service on the back of the incoming Consumer Duty measures.
Questgates acquires CP Adjusting; Pen UW rolls out cyber risk management suite; Brokerbility shakes up leadership team
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Analysis: Will firms be up to speed in time for the FCA’s new regulations on consumer duty and protection?
The Financial Conduct Authority’s new four-outcome consumer duty rules set higher and clearer standards of protection across financial services and requires firms to put their customers’ needs first. However, as Frances Stebbing discovers, the transition…
Former COO Philippou exits FCA in a string of departures
Georgina Philippou, former chief operating officer at the Financial Conduct Authority, has left the regulator after three decades.
Acrisure acquires Sutton Winson and SSR; One Family to acquire Beagle Street and Many Pets expands to the US
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Data Analysis: Business Interruption payment tracker - Autumn update
Six months on from its previous update, the Financial Conduct Authority continues to monitor the fulfilment of Covid-related business interruption claims. Post analysis of this data shows which insurers are lagging behind on their commitments.
FCA launches discussion on competition impacts of big tech firms entering insurance sector
The Financial Conduct Authority is seeking views on the competition benefits and harms from big tech firms’ entry into a range of retail financial services sectors.