Payment protection insurance complaints are continuing to rise in the latest data from the Financial Conduct Authority, with Lloyds TSB subject to the most insurance complaints in the second half of last year.
The Solicitors Regulation Authority has reassured firms using Balva Insurance for its professional indemnity following a regulatory ban on the firm to underwrite policies in the UK.
Premium Credit has been awarded a three-year contract to provide the official solution for Financial Conduct Authority authorised firms to spread the costs of their regulatory fees across monthly instalments.
Personal lines insurers must be careful to ensure their desire to harness the power of data doesn’t get in the way of treating customers fairly.
As well as the benefits offered by increased data usage, personal lines insurers must consider its many pitfalls.
The Association of British Insurers has called the Financial Conduct Authority to develop “clearer success measures” to ensure the new regulator delivers value for money.
The Financial Conduct Authority and the Prudential Regulation Authority have requested a 15% increase in their annual funding requirement for 2013/14.
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
The 12 new members of the Financial Conduct Authority board have been named ahead of the new twin-peak regulatory system taking over from the Financial Services Authority on 1 April.
Fears have been voiced by the insurance industry that the new regulators will intrude too much into the commercial sphere and that having two bodies will cause inefficiency.
The idea of regulation is not new for the insurance industry. In November 1998, a government statement concluded that statutory regulation was not suitable for the general insurance market.
Congratulations to Steve White on his appointment to the role of chief executive at the British Insurance Brokers Association.
The Association of British Insurers has welcomed the opportunity to reshape the relationship between the industry and its regulators as the Financial Services Authority is due to be replaced by two new regulatory bodies.
The Financial Conduct Authority will carry on the Financial Services Authority approach to temporary product intervention.
The Financial Services Authority has outlined the risks that will be a priority in the next 12 months for its successor, the Financial Conduct Authority, when it takes over on 1 April.
Martin Wheatley, chief executive of the Financial Conduct Authority, has vowed to take a less aggressive tone than its predecessor in its dealings with regulated firms.
Improving the broking sector’s public profile, representing smaller firms and standing up to the incoming financial regulator are among the early challenges facing incoming British Insurance Brokers’ Association chief executive Steve White.
Three new chairmen have been appointed to the independent panels representing regulated firms which lead the process for constructive challenge of the Financial Conduct Authority’s policies and practices.
The Financial Conduct Authority has appointed three chairmen to lead the independent panels which will dictate the new regulator’s policies and practice from the point of view of regulated firms.
The Financial Services Authority has published a discussion paper into transparency and effective disclosure as tools to improve accountability and build consumers’ trust.
Changes to the Financial Services Compensation Scheme ahead of the introduction of twin peak regulation have angered brokers, but should insurers be held more accountable?
Survey peddlers should be off the Valentine’s card list as they predict doom and gloom
An ageing workforce rather than more stringent regulation is likely to drive consolidation of smaller brokers in the year ahead, according to market experts.
The switch from the Financial Services Authority to the Prudential Regulation Authority and the Financial Conduct Authority could prove tricky — especially with Solvency II on the horizon.