Financial Conduct Authority (FCA)
Co-op and Markerstudy: A deal 22 months in the making
Late on 25 November, the Prudential Regulation Authority and Financial Conduct Authority at last approved Markerstudy’s takeover of the Co-op’s underwriting business – 675 days on from when the deal was first announced.
East West administrators reveal 194 open claims and £165m shortfall
East West Insurance had 194 open insurance claims as of 12 October, administrator EY has confirmed.
Insurers face £1.4m shortfall from Inspire failure
Insurance providers are set to be left with a £1.4m hole from the collapse of Coventry-based Inspire Insurance Services, with the broker's total deficit estimated at £2.7m by liquidators.
Editor's comment: 2020 a year of uncertainty
Humans are not designed to cope well with uncertainty.
Blog: Lloyd’s and the London Market, your time has come
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,…
FCA's product governance proposals could have longer term impact than price walking ban
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.
FCA urges Lloyd's and London market insurers to behave 'ethically' in face of Covid-19
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.
Insurers told soul-searching, not superficial projects, will improve industry's reputation
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.
Hiscox’s Ross Dingwall on building relationships
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.
Orient Express: What if the Supreme Court goes against precedent in the FCA BI test case?
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.
BI test case: Warnings verdict and media confusion could enable fraudsters
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…
Coronavirus the 'disease equivalent' of the Great Storm of 1987, Supreme Court hears
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.
Insurers and FCA clash on trends clauses in Supreme Court BI test case
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.
British Insurance Awards 2020: The winners
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…
Local coronavirus cases did not cause national lockdown, BI insurers tell Supreme Court
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.
Needham buys book as FCA shuttered broker Inspire goes into liquidation
Inspire Insurance Services has gone into liquidation after the Financial Conduct Authority ordered the Coventry-based broker to shut up shop last month.
Software house stats lay bare the BI claims workload
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…
Supreme Court BI test case judges oversaw Orient Express ruling
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…
Analysis: BI claims 'avalanche' warning as loss adjusters look to tech
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.
Three registered sex offenders banned from working in financial services
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.
Briefing: BI test case verdicts and appeals broken down – In pursuit of clarity
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.
FCA issues client money order as it closes Midlands broker
The Financial Conduct Authority has shut down Inspire Insurance Services and ordered the broker to ringfence relevant funds in a string of sweeping instructions.
FCA reminder could be 'final warning' to CMCs
A Financial Conduct Authority letter to claims management company CEOs could foreshadow hefty enforcement action, industry sources told Post.