Financial Conduct Authority (FCA)
Claims Club News: Insurers warned that independent Scotland would hit them in the pocket
An independent Scotland would cost insurers more in claims, according to BTO’s insurance group head Bill Speirs, who maintains that proposals to increase earnings north of the border will impact reserves.
Claims Club News: FCA putting spotlight on commercial cover
The Financial Conduct Authority is likely to raise the stakes on insurers by increasing scrutiny on whether the products customers buy are fit for purpose, amid a “philosophical shift” by the regulator.
Moorhouse Group working with FCA over sales processes
Moorhouse Group is making changes to its compliance processes following a Financial Conduct Authority investigation into its sales practices.
Fracking touted as 'attractive source of business' for insurers
Fracking could be an attractive source of new business for insurers if rules and guidelines are closely adhered to, according to DAC Beachcroft.
2.5m PPI complaints set for re-assessment
More than 2.5m complaints relating to payment protection cover will be re-assessed by banks, credit card providers and loan companies following a request from the Financial Conduct Authority.
West Midlands broker banned from financial services industry
A former West Midlands insurance broker and mortgage adviser has been banned from working in the financial services industry after a tribunal upheld an initial ruling by the conduct regulator.
Video: Allianz Commercial general manager Simon McGinn (Part Two)
In the second of two videos Allianz Commercial general manager, Simon McGinn discusses how his business plans to connect with brokers to help it achieve its objectives, and what concerns he has over renewed levels of consolidation among intermediaries.
FCA fines Stonebridge £8.4m for mis-selling accident insurance
Stonebridge International Insurance has been slapped with a £8.4m fine by the Financial Conduct Authority after issues were uncovered with the broker’s sales of accident insurance products.
FCA issues social media warning as it launches promotions consultation
The Financial Conduct Authority has launched a consultation intended to clarify its approach to the supervision of financial promotions in social media.
FCA calls for claims ratios in final add-ons report face renewed criticism
The Financial Conduct Authority’s proposal to impose a requirement for insurance companies that engage in the sale of add-on products to publish claims ratios as a measure of value is expected to face continued criticism.
C-Suite - Broker: Time to embrace our similarities
Having made the leap from broking to an insurance company, I knew it would be different. I have had one or two ‘I don’t think we’re in Kansas anymore Toto’ moments but I always knew there would be a period of adjustment.
Ethics moves into the mainstream
David Thomson, CII Director of Policy & Public Affairs, predicts a larger role for ethics within the industry as the regulator focuses on cultural reform
Green promoted to FCA GI director
The Financial Conduct Authority has promoted Simon Green to director of general insurance and protection.
C-Suite - Broker: Give the FCA what it wants
Brokers need not fear the FCA, as long as they put customers first
Add ons review ‘gloomy reading’ for motor insurers
A regulatory review of the sale of general insurance add ons makes for “gloomy reading” for insurers including Direct Line, Esure and Admiral according to one analyst.
FCA holds to claims ratio publication plans
The Financial Conduct Authority has reiterated that the publication of claims ratios remains its “preferred measure” for assessing the efficacy of general insurance add on products.
FCA to publish whistleblowing guide
Financial Conduct Authority chief executive Martin Wheatley has confirmed the watchdog will be publishing a guide to whistleblowing but has dismissed claims it is part of the regulator's thematic projects.
DLG seeks action on PCWs' ranking of monthly premiums
Direct Line Group is calling for greater clarity around the way price comparison websites rank premiums when a consumer has opted to pay monthly.
Biba calls for level playing field for aggregators
The British Insurance Brokers' Association is urging the Financial Conduct Authority to act on the findings of its thematic review of price comparison websites by ensuring aggregators meet customer expectations.
Aggregators cautious on FCA review
Price comparison websites have been muted in their response to the Financial Conduct Authority’s thematic review of the sector, which saw the watchdog warning that aggregators were falling short.
Aggregators failing to meet FCA expectations
The Financial Conduct Authority has this morning handed out a damning verdict on the price comparison website sector, finding such sites do not always ensure consumers were given information to make informed decisions.
Conduct is most concerning emerging risk for London market internal auditors
FCA perceived as being more focused on London market than its predecessor
Brokers warn over impact of renewal transparency plans on direct insurers
ABI sends FCA letter asking it to enforce minimum standards of information
GI firms urged to adopt whistleblowing policies as FCA review is mooted
Issue brought into spotlight following release of CII ‘Speaking Up’ guide