Financial Conduct Authority (FCA)
Broker banned by FCA for failure on client money
Insurance broker Vroni O’Brien has been banned by the Financial Conduct Authority from undertaking any functions of “significant influence” after it was found she transferred money incorrectly between business and client accounts.
Editor's Comment: 2015: A year in review
Christmas is a time for reflection on the past year and to think about what 2016 might bring.
FCA urges further improvements on mobile phone insurance
The Financial Conduct Authority’s follow-up review into mobile phone insurance found while some firms have improved, there were still many who were not providing fair outcomes for customers.
Arc Legal adds claims experts to its offering
Arc Legal will expand its portfolio of products via a distribution partnership with Lorega, announced today (10 December).
Interview: Aviva Commercial Lines: On top of the world
Three of Aviva’s commercial lines management team tell Post their plans for building on a business that is already in good shape.
ABI criticises FCA's late decision on complaints rules timeframes
The Association of British Insurers is disappointed the Financial Conduct Authority's amendment to the implementation date for changes to complaints handling and reporting processes, announced today (4 December), has come too late to avoid insurers…
FCA transparency proposal deemed a 'partial solution'
Industry commentators have challenged the Financial Conduct Authority for putting forward a "partial solution" in its proposal that would require general insurers to publish the prior year's premium on renewal notices, announced today (3 December).
Regulator proposes premium reminders for customers
General insurance providers will have to publish the previous year’s premiums on renewal notices if a proposal by the Financial Conduct Authority goes ahead.
FCA posts alert about unauthorised insurer
The Financial Conduct Authority has issued a warning about an unauthorised insurance company, AJ Cox Insurance.
Regulator to discuss complaints service for SMEs
The Financial Conduct Authority wants feedback on how much protection it offers to SMEs when complaints arise from dealings with financial service providers.
FCA calls for deadline and consumer-awareness campaign on PPI
A firm deadline on payment protection insurance claims and an industry-funded communication campaign have been outlined in the Financial Conduct Authority’s consultation paper, released today (26 November).
FCA launches big data investigation in GI sector
The Financial Conduct Authority has launched a "call for inputs" on the use of big data in the general insurance sector.
Cloud insurance uptake set to increase in light of FCA consultation
A Financial Conduct Authority consultation giving guidance to financial services firms outsourcing to the cloud should result in more insurance industry players using the technology, commentators predict.
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.