Financial Conduct Authority (FCA)
Analysis: Will firms be up to speed in time for the FCA’s new regulations on consumer duty and protection?
The Financial Conduct Authority’s new four-outcome consumer duty rules set higher and clearer standards of protection across financial services and requires firms to put their customers’ needs first. However, as Frances Stebbing discovers, the transition…
Former COO Philippou exits FCA in a string of departures
Georgina Philippou, former chief operating officer at the Financial Conduct Authority, has left the regulator after three decades.
Acrisure acquires Sutton Winson and SSR; One Family to acquire Beagle Street and Many Pets expands to the US
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Data Analysis: Business Interruption payment tracker - Autumn update
Six months on from its previous update, the Financial Conduct Authority continues to monitor the fulfilment of Covid-related business interruption claims. Post analysis of this data shows which insurers are lagging behind on their commitments.
FCA launches discussion on competition impacts of big tech firms entering insurance sector
The Financial Conduct Authority is seeking views on the competition benefits and harms from big tech firms’ entry into a range of retail financial services sectors.
Stubben Edge and Helodrium join forces; Specialty MGA UK launches in London; PIB appoints group CFO
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Mark Steward to step down from the FCA
The FCA’s executive director of enforcement and market oversight will leave the regulator in spring 2023 after seven years.
Judge hands insurers win in ‘far from conclusive’ Stonegate, Greggs and Various Eateries BI cases
Justice Butler, one of the two judges on the FCA test case last year, has handed insurers a win today when passing down judgment on the three cases relating to the Covid-19 business interruption losses of Stonegate, Greggs and Various Eateries.
FCA still yet to fully investigate vast majority of Covid-related whistleblowing reports
The Financial Conduct Authority has yet to close the majority of Covid-related whistleblowing reports received in the past 18 months, according to a freedom of information request made by Post.
FCA expects to grow staff headcount by '400 to 500 this financial year'
Financial Conduct Authority CEO Nikhil Rathi expects the staff headcount to grow by 400 to 500 this financial year, “challenging set of reforms” to its career, pay and grading which resulted in two strikes action.
FCA dealt with less than a quarter of whistleblower cases received in 2021/22
For the period between April 2021 and March 2022, more than three quarters of the whistleblower submissions received by the Financial Conduct Authority are still under assessment.
Das UK partners with Admiral; IFB partners with GIFC and Ifed; Canopius names head of change
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA highlights shortcomings in insurers' handling of BI claims as sum paid out hits £1.5bn
The Financial Conduct Authority has identified key areas where firms did not meet its expectations regarding fair treatment of customers when dealing with their business interruption claims.
Spotlight: Removing the friction from payments
The payment process in insurance has been a point of friction for customers throughout their digital journeys. With recent regulation changes pointing insurers towards a customer-centric future, Pádraig Floyd asks what steps can insurers take to rectify…
FCA warns insurers to protect customers during cost-of-living squeeze
As the soaring cost of living is putting pressure on households, the Financial Conduct Authority has instructed insurers to protect customers from unnecessary products or add-ons and unfair penalties.
Briefing: Government makes demands to Biba in response to ‘disturbing remuneration’ practices
The Secretary of State for Levelling Up, Housing & Communities, Simon Clarke has demanded ‘immediate changes’, ordering the British Insurance Brokers’ Association to address ‘disturbing’ remuneration practices following a Financial Conduct Authority…
Analysis: Re-merging the financial sector regulators
In 2013, Financial Services Authority was dissolved, and regulation responsibility was split between Financial Conduct Authority and Prudential Regulation Authority with intention it will create a more effective regulation of financial services. Now the…
Experts advise FCA to 'tweak their rules urgently' in multi-occupancy reform
Regulation experts say “there is no immediate implementation of anything” in the Financial Conduct Authority’s report on multiple-occupancy buildings and rules could be modified to extend product value assessments.
Amendments for financial bill proposed by task force labelling the FCA ‘a problem child’
Amendments to further protect consumers in the Financial Services and Markets Bill, due to be passed into law next year, have been proposed by a task force that wants to see regulators held more accountable.
Insurers agree FCA price walking ban benefits customers, but ‘doesn’t mean renewals will always go down’
Insurers have disputed Which? survey results saying the majority of their car and home insurance customers are seeing their prices go down which demonstrates that the ‘new rules are working’.
Content Director's Comment: Is FSA Mk2 really on the cards?
As the final two Conservative leadership hopefuls entered the final furlong of their campaigns towards the end of August, favourite Liz Truss’ camp threw a curveball into the media-sphere with claims if elected she would merge the UK financial regulators…
Blog: Brokers and insurers must work together to deliver on consumer duty
Following the announcement of Consumer Duty by the Financial Conduct Authority, Katherine Webster, director of governance, risk and conduct at Axa Commercial, urges brokers and insurers to work together to understand what the duty will mean for them, and…
Digital Bar Quarterly: The future for embedded insurance – an opportunity to enrich the customer experience
As the Financial Conduct Authority pricing reforms start to bite, insurers need to rethink their customer retention and acquisition strategies. Dan Martin, Altus consultant, outlines how embedded insurance offers them a chance to form deeper…
FCA seeks external members as it establishes ESG advisory committee
The Financial Conduct Authority is looking for external experts as its establishing an advisory committee to work on environmental, social and governance issues.