Financial Conduct Authority (FCA)
Brokers, insurers and Lloyd's carriers see FCA fees reduced
Brokers, insurers and Lloyd’s companies will see their contribution to the Financial Conduct Authority annual funding requirement reduced in 2016/17, according to the proposed fees published today.
Fraud Focus: Clampdown on CMCs
In October 2015, the Ministry of Justice announced it was clamping down on rogue claims management companies and had established a review to examine the nature and extent of the problems in the market and make recommendations to improve the regulatory…
Blog: How well did the industry really handle commercial customers during the winter floods?
With Flood Re finally launching today (4 April) after securing regulatory approval - in blockbuster movie style with moments to spare - attention will once again turn to the commercial policyholders who are, for now, excluded.
FCA to carry out thematic review into thematic reviews - updated
The Financial Conduct Authority has begun a thematic review into its previous thematic reviews at the behest of new CEO Andrew Bailey, Post can reveal.
Flood Re gets PRA and FCA authorisation
Regulators have confirmed Flood Re will be authorised from tomorrow ahead of the scheme’s 4 April start date.
FCA finds PPI complaints rise but other GI concerns continue to fall
Payment protection insurance complaints have increased but general insurance claims outside of this category have continued to fall, according to the Financial Conduct Authority's latest report.
FCA regulation of credit hire firms touted as CMCs fall under its remit
Industry commentators have backed the future Financial Conduct Authority oversight of claims management companies, announced in the 16 March Budget, alongside suggestions a similar regulatory framework should be adopted for credit hire companies.
Budget 2016: FCA to regulate claims management companies
The government has transferred responsibility for regulating claims management companies to the Financial Conduct Authority after accepting the recommendations of the independent review into the regulation of CMCs.
Editor's comment: The bad apple?
Regulation is a good thing … except where it is bad thing.
Concern expressed as 'rigorous' SIMR adds pressure on senior roles
Insurers have welcomed the launch of the Senior Insurance Managers Regime, however, there remains uncertainty as to what extent top ranking employees will be impacted.
Concerns raised on effectiveness of FCA’s general insurance scorecards
Issues with the Financial Conduct Authority’s pilot of general insurance scorecards have been highlighted by industry players who remain unconvinced a focus on claims data and a ‘one size fits all’ approach is what is required.
FCA to pilot general insurance scorecards
The regulator has announced plans to pilot general insurance ‘scorecards’ on a select number of products.
NAO criticises disjointed approach to mis-selling regulation
The National Audit Office (NAO) has criticised a lack of effective co-ordination between the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) with respect to the mis-selling of financial products.
Insurance Complaints: No more Mr Angry
There is no crisis as far as complaints directed at insurers and brokers go – but even one unfairly treated customer is too many. So, how seriously is this area being taken and are efforts underway to raise standards further?
Trade Voice: Taking fraud to task
The government’s taskforce has reported back with 26 recommendations on how to fight fraud.
FCA to draw up strategy on older consumers
The Financial Conduct Authority has released a paper to spark debate on how to better address the needs of the UK’s ageing population.
Data breach at Aviva’s online offering Quote Me Happy
Customers of Aviva brand Quote Me Happy were able to see the contact information of other clients, but the insurer says it was a small percentage and the details could not be altered.
Patrick Snowball: bankers and regulators are ruining the GI market
Many of the UK’s major general insurance companies are suffering because their boards have turned the businesses into pseudo-banks, and manage them accordingly to pacify the authorities.
The Post Power List 2016
In a year where regulation, natural disasters, consolidation and cyber/digital again look set to make waves, and when the country could learn if it’s in or out of the European Union, Post had a mind mapping session – with a bottle of wine – to see who…
The Post Power List 2016 is revealed
Post is delighted to reveal its 2016 Power List, a carefully (wine) crafted list of movers and shakers both within and without the insurance industry who we at Post Towers – with our experience, knowledge and independent view – believe will either have…
MGA venture by Cunningham Lindsey gets MGAA backing
Cunningham Lindsey will support managing general agents with a new service designed to assist with regulatory requirements and back office functions, a move that has been welcomed by the Managing General Agents’ Association.
Rank: 1 - Andrew Bailey, CEO, Financial Conduct Authority
Bailey’s move from one side of the regulatory twins peaks [the Prudential Regulation Authority] to the Financial Conduct Authority seemed somewhat anti-climactic when he was unveiled as Martin Wheatley’s successor.
Bailey challenged to prove his independence in FCA role
Incoming Financial Conduct Authority CEO Andrew Bailey has been challenged by an MP to prove his independence from the government after accusations he was "hand-picked" by Chancellor of the Exchequer George Osborne to take on the role.
Hefty FCA fines highlight importance of delegated authority chain controls
The £15.5m of fines handed to individuals and firms involved in the collapse of several unrated insurers operating in the solicitors' professional indemnity market have highlighted the need for all parties involved in the delegated authority chain to…