Financial Conduct Authority (FCA)
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.
MGAA’s Keating on why a ‘tick-box’ approach to EDI is unacceptable
Mike Keating, chief executive of the Managing General Agents Association, said the trade body’s equality, diversity and inclusion training programme will highlight how companies cannot take a “tick-box” approach to the issue anymore.
Ombudsman compensation limit soars to £415K
From the start of next month the Financial Ombudsman Service's award limits will increase from £375,000 to £415,000 for acts or omissions by insurance firms on or after 1 April 2019.
FCA contacts insurers over Consumer Duty concerns
The Financial Conduct Authority is already reaching out to insurance firm bosses to raise concerns the businesses won’t comply with the Consumer Duty when it comes into force in July.
Insurance Post Podcast: Are insurers ready for the FCA’s Consumer Duty?
Insurers who think they've already met the Financial Conduct Authority’s Consumer Duty requirements shouldn't be "resting on their laurels", DAC Beachcroft has warned.
Still 'room for improvement' in Consumer Duty prep, says FCA's Brewis
Matt Brewis, director of insurance at the FCA, has said that while most general insurers are on track to meet the regulator’s Consumer Duty requirements, there is still “room for improvement”.
Why property insurers are struggling to control claims costs
Analysis: Sam Barrett explores how inflation, increased labour costs plus material shortages are pushing up property insurance claims costs and why working with loss adjusters to remove frictional cost is essential.
Over half of FCA staff looking to leave amid dissatisfaction over pay, says Unite
The trade union Unite has written to Financial Conduct Authority CEO Nikhil Rathi to warn the regulator that widespread anger over pay has led to more than half of staff looking to leave their jobs.
Editor's Picks: CII clashes, a bonfire of Brexit red tape & cyber criminality
As we approach the end of a non-stop January, the headlines that caught your attention on Insurance Post this month give a distinct flavour of what the rest of 2023 may hold in store for the industry.
Insurer's diversity data collection called into question
Data analysis: Following the Financial Conduct Authority’s report on diversity and inclusion strategies in financial services firms in December, Insurance Post surveys attitudes towards D&I strategy among major insurers.
FCA warns firms against complacency six months out from Consumer Duty deadline
The Financial Conduct Authority has said that some firms’ Consumer Duty plans suggest they are “over-confident that their existing policies and processes will be adequate” following a review of the largest in-scope businesses.
Will ditching Solvency II deliver a Brexit dividend or disaster for insurers?
Analysis: Rachel Gordon explores whether ditching Solvency II will free up billions of capital for insurers or ramp up risk and weaken consumer protection.
Regulation and cyber dominate in Biba's 2023 manifesto
The British Insurance Brokers’ Association has laid out increasing take-up of cyber insurance and reducing the cost regulation as top priorities for 2023.
Class uncovered as biggest barrier to insurance career progression - KPMG
Women from a lower socio-economic and ethnic minority background face the longest, hardest climb to the top of the insurance industry, a KPMG report has revealed.