Financial Conduct Authority (FCA)
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.
Big Interview: Sicsic Advisory’s Michael Sicsic
With the Consumer Duty deadline looming, Michael Sicsic, former head of supervision for the UK general insurance retail sector at the Financial Conduct Authority, considers whether the industry is ready for the new regulation.
Why insurers relying purely on post may not be Consumer Duty compliant
As the Consumer Duty deadline fast approaches, Phil Shelley, chair of regtech company docStribute and a former Goldman Sachs banker, explains why insurers relying on paper communications will struggle to fully comply with the new rules.
FCA to make Digital Sandbox permanently available for insurers
Following two successful pilots, the Financial Conduct Authority will make its Digital Sandbox available permanently for firms in the insurance sector from 1 August 2023.
FCA ramps up fair value assessment checks
The Financial Conduct Authority has ordered firms to fill out an extensive survey on how they keep tabs on whether they offer value for money to customers.
Biba insists regulators cannot mark their own homework
The British Insurance Brokers’ Association has called for greater external scrutiny of the cost benefit analyses produced by regulators when they introduce new rules for the sector.
Government grills FCA on broker commission
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority, conceded the regulator needs to “be tougher on brokers” after Dame Angela Eagle slammed them for “ripping off leaseholders”.
BoE braces insurers to handle more cash-strapped customers
The Bank of England has warned higher interest rates increasing debt-servicing costs will result in general insurers having to handle a growing number of people financially squeezed in the coming months.
FCA urges insurers to consider what ‘fair’ means
The Financial Conduct Authority has reminded insurers to reflect on what “fair” means going forward, after Direct Line was slammed for underpaying customers.
Insurers must right their wrongs for vulnerable customers, says FCA
Home and motor insurers need to put the “wrongs right” and “improve their treatment” of vulnerable customers as the cost-of-living squeeze continues.
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.