Financial Conduct Authority (FCA)
Blog: Should we return to a standard BI policy wording?
The Covid-19 pandemic has highlighted a split between what policyholders expect from business interruption cover and what insurers say it offers. Damian Glynn, Sedgwick International UK head of financial risks, asks whether customers are ensnared in a…
Supreme Court to hand down BI verdict on Friday
The Supreme Court is expected to hand down its judgment in the business interruption test case appeal on Friday 15 January, the Financial Conduct Authority has confirmed.
FCA fines more than halve to £192.6m in 2020
The Financial Conduct Authority imposed fines of £192,570,018 in 2020, the third lowest total on record since the watchdog was formed in 2013.
FCA reports 30% drop in broker liquidity and warns 4000 financial firms are at risk of failure
The Financial Conduct Authority’s coronavirus financial resilience survey has revealed that insurance broker liquidity fell by 30% due to the pandemic, the largest drop measured in any sector.
Editor's comment: Talking about reputation
To start 2021 we asked the major players in broking, claims and insurance to predict what the biggest event of the new year would be and what trends the first year in the next decade would bring.
Review of the Year 2020 – Brokers and MGAs
Post spoke to brokers and MGAs to get their thoughts on the highs and lows of 2020
Ardonagh’s Sarah Dalgarno on conduct and culture
As the year draws to a close and people prepare for some long overdue down time, it’s worth pausing to reflect on the role of conduct and culture in how insurance has dealt with challenges and how they can shape responses in 2021, says Sarah Dalgarno,…
Policyholders told to check cover as FCA imposes restrictions on insolvent construction broker
The Financial Conduct Authority has told customers who purchased cover through insolvent South West-based Professional Construction Risks Limited to contact their insurers directly to confirm the status of their policies.
Q&A: Tulsi Naidu, Zurich
Zurich UK CEO Tulsi Naidu will become the firm's Asia Pacific CEO in Singapore from 1 January 2021. She spoke to Post about her tenure in the UK, the importance of transparency and the challenges facing the market.
No Supreme Court BI judgment before January, says FCA
Insurers and policyholders will have to wait until next year for the final outcome of the Financial Conduct Authority-led business interruption test case, according to an update from the regulator.
Alarm sounded on bookings business that sold unauthorised Covid cancellation cover
The Financial Conduct Authority has issued a warning against a bookings software provider that marketed a cancellation insurance product to owners of UK holiday lets, following an investigation by Post.
FCA consults on proving presence of Covid-19 for BI claims
The Financial Conduct Authority has launched a consultation on guidance to policyholders, insurers and intermediaries on how the presence of Covid-19 in a particular area may be proved for the purposes of business interruption claims.
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…