Financial Conduct Authority (FCA)
FCA commences investigation into Quindell as it suspends AIM trading
The Financial Conduct Authority has confirmed it is conducting an investigation into Quindell in relation to public statements made about the outsourcing company's financial accounts during 2013 and 2014.
Brain training: 10 things you need to know about...
...anti-bribery and corruption regulations
Delegated authority criticism sparks uptick in CII exam applicants
The Chartered Insurance Institute believes criticism of delegated authority arrangements by the Financial Conduct Authority is behind a spike in interest from the market for its specialist examination.
Editor's Comment: Heeding the warning shot
Following the Financial Conduct Authority’s recent thematic review into delegated authorities, compliance experts have cautioned this is a warning shot across the bow.
Boards must be more active in delegated authority oversight
The boards of insurers that use delegated authority arrangements must take a more active role in their oversight, following the “warning shot” from the Financial Conduct Authority over such arrangements, compliance experts have cautioned.
GAP market faces shake-up after FCA competition remedy
Firms distributing guaranteed asset protection insurance in connection with the sale of a vehicle from 1 September 2015 will be required to provide customers with information to help them shop around following new rules published by the Financial Conduct…
Product ratings championed as alternative to claims ratios for add-ons
Legal expenses insurers have supported product ratings as an alternative remedy to publishing claims ratio information for add-on products, but only if the ratings are based on detailed and relevant criteria.
Aviva relaunches broker training site
Aviva has launched a refreshed version of its online training site for brokers, the Aviva development zone.
Alps pitches product ratings as alternative to FCA claims ratios
Auto Legal Protection Services has suggested broker training and product ratings as alternative remedies to the Financial Conduct Authority's claims ratio conundrum for add-on products.
FCA appoints Sicsic as GI retail department head
Aviva group risk director and Oric International chairman Michael Sicsic has been appointed general insurance retail sector department head at the Financial Conduct Authority.
FCA hires new director of enforcement from Hong Kong's SFC
Mark Steward has been appointed as the Financial Conduct Authority’s new director of enforcement and market oversight, while Barbara Frohn will become its director of risk and compliance oversight.
FCA slams Lloyds Bank's ‘unacceptable conduct’ as it issues £117m PPI fine
Lloyds Banking Group today (05 June) received a landmark fine over its mishandling of Payment Protection Insurance Complaints.
Lloyds Banking Group to be hit with PPI fine in excess of £100m
Lloyds Banking Group is reportedly set to be slapped with a record fine of more than £100m by the Financial Conduct Authority for mishandling payment protection insurance complaints.
Arc Legal supports FCA claims ratio re-evaluation
Legal expenses insurer Arc Legal Assistance has backed a move from the Financial Conduct Authority to consider alternative options to the requirement for insurers to publish claims ratio information for add-on products.
FCA reconsiders claims ratios for add-on products following industry backlash
The Financial Conduct Authority has backed down from its intention to require general insurers to publish claims ratio information for add-on products and plans to publish a discussion paper addressing alternative options in “the coming weeks”.
Due diligence failings revealed by FCA’s delegated authority review
Many insurers and intermediaries are not adequately considering their regulatory obligations under delegated authority arrangements, according to the Financial Conduct Authority.
Mid-market 'forgotten' in industry claims processes
A mismatch between the relatively low rates paid by SMEs and their complex insurance needs has been identified as a key driver for the high levels of claims dissatisfaction reported by smaller businesses.
On the soapbox: The big issues with big data
The increased use of big data by insurers has not gone unnoticed by the regulator, leading to an announcement in its 2015/16 business plan that a review is to take place in 2015, focusing on the risks and rewards big data poses.
Updated: Gallagher at risk of FCA penalty from s166 review
Arthur J Gallagher says it cannot rule out the possibility of being fined or penalised by the Financial Conduct Authority after a quarterly statement from the company revealed the regulator had called for a skilled person's review of parts of the broker…
ABI speaks out against FCA survey results
The Association of British Insurers has hit back against the findings of a report by the Financial Conduct Authority on the relationship between insurers and small and medium enterprises.
On the soapbox: Uncertain times for insurance NEDs
These are uncertain times for senior non-executive directors in the insurance sector as the regulator tightens its grip, says Tom Bell of Hardwicke.
FCA approves Quindell professional services arm sale
The Financial Conduct Authority has approved the £640m sale of Quindell's professional services division to Australian law company Slater & Gordon.
FCA review finds claims service not working for SMEs
A Financial Conduct Authority review of insurance claims handling for SMEs has found the claims service is not consistently working in the interests of many businesses, resulting in a poor claims experience.
Role of PCWs highlighted as insurers hit back against premium finance criticism
The Financial Conduct Authority has been accused of failing to address consumer buying behaviour in the findings of its premium finance thematic review, which singled out insurers and brokers for criticism.