Financial Conduct Authority (FCA)
Towergate regulatory costs hit £5.4m in Q3 as FCA talks continue
Towergate incurred regulatory costs of £8.8m for the opening nine months of 2015 in relation to the ongoing Financial Conduct Authority investigations.
Mass demands blanket ban on cold calls and texts as CMC review closes
The Motor Accident Solicitors Society has called for an extension of the ban on unsolicited texts and cold calls to both sides of the claimant/defendant divide.
Flood Re secures £1.29bn towards reinsurance target
Munich Re and Swiss Re are the leading reinsurers that have so far contributed to the £1.29bn yearly cover for the Flood Re scheme.
Legal implications cited by insurers amid complex policy wording criticism
Insurers should be cautious about watering down legal policy wordings to make the documents easier to read, commentators have warned, despite new research showing one-third of policies are written for those with a university-equivalent reading level.
Consumer group calls for fines for unsimplified policy documents
A third of insurance policies are written at a university-equivalent reading level, making them inaccessible to large portions of the population, according to research by consumer group Fairer Finance.
FCA paves way for insurers to take advantage of cloud services
The Financial Conduct Authority says there is no "fundamental reason" why cloud computing cannot be used by financial services companies in a manner that complies with its rules.
C-Suite - Insurer: The devil in the details
Urgent changes need to be made to remove the financial incentives at the heart of injury claims.
FCA approves Osprey takeover
The Financial Conduct Authority has approved Thomas Miller's proposed acquisition of Osprey Holdings, the parent company of Osprey Underwriting Agency.
Vulnerable customers code gains industry backing despite commercial concerns
The joint code of conduct for vulnerable customers established by the Association of British Insurers and the British Insurance Brokers' Association has been broadly welcomed by the industry, despite concerns about the commercial viability of serving…
FCA chief Tracey McDermott tells insurers there is more to do repair reputation
Tracey McDermott, the acting CEO of the Financial Conduct Authority, has told the Association of British Insurers' biennial conference that the industry still has much to do to improve its image in the eyes of consumers.
Industry united in call for FCA to be appointed CMC regulator
Insurers have rallied to support the Association of British Insurers' call for the Financial Conduct Authority to oversee the regulation of claims management companies.
ABI calls for FCA to regulate claims management sector
The Association of British Insurers has called for the Financial Conduct Authority to be appointed as the regulatory body responsible for claims management companies as "the current system is failing to provide enough of a deterrent to rogue firms".
Excluded properties remain contentious as Lords debate Flood Re regulations
Concerns around timing and excluded properties were raised by members of the House of Lords in debating the regulations to govern Flood Re yesterday (27 October).
FCA communications inquiry billed as opportunity for insurers
Insurers have been urged to change functions of the market that are “not working” by “grasping the opportunity” presented by the Financial Conduct Authority's consultation on improving communications with customers.
State of the Insurer Nation Blog: The impact of regulation on insurers and policyholders
Strong regulation of the insurance sector is a necessity that safeguards customer interests, but this needs to be balanced with protecting the commercial viability of insurers.
FCA proposes changes to improve communication
The Financial Conduct Authority has launched a consultation about how the financial services sector can improve communication with customers.
Blog: Product ratings gaining momentum as an alternative to claims ratios
In my last blog for Post, I pitched the idea of product ratings as an alternative to claims ratios. I am delighted to say that the debate has moved on significantly in recent weeks, thanks to an independent review company which publishes star ratings for…
The State of the Insurer Nation: Week One: Regulation
In the first report of a five-part series covering Post’s latest State of the Nation survey, Mairi MacDonald reports on how regulation of the insurance industry is viewed by insurance CEOs and managing directors and how they think it could work better…
Editor's Comment: The Down Under conundrum
I’m all for encouraging the global imports and exports trade and, over the years, us Brits have adopted several Aussie traditions – such as throwing shrimps on the barbie, Kylie, Foster’s, Uggs, and, my favourite, Hugh Jackman.
British Money exits PPI, moves to motor
Payment protection insurance seller British Money has announced it is leaving the scandal-hit sector and moving into the motor insurance market.
Industry urges for home-grown FCA appointment
Industry commentators have been left perplexed by reports that Financial Conduct Authority head hunters have approached Australian regulator Greg Medcraft about the top job, and have urged the regulator to choose a CEO who will take the time to get to…
Aviva calls in Ifed after customer data theft
Aviva has called in the Insurance Fraud Enforcement Department after a rogue employee sold details of customers who had been involved in road accidents to claims companies.
Treasury reversal on ‘guilty until proven innocent’ regime welcomed
The Treasury has reportedly back-tracked on plans to introduce a ‘guilty until proven innocent' policy as part of a proposed new senior managers and certification regime in the financial services sector.
Evans targets regulators, MPs and judges with credit hire rate issue
Accident Exchange CEO Steve Evans has written to regulators, politicians and members of the judiciary about his concerns that defendant law firms are providing dishonest vehicle rental rates in disputed car accidents.