Financial Conduct Authority (FCA)
Industry questions FCA proposal that firms should publish claims ratio data
Regulator suggests a range of remedies relating to the sale of add-on products.
Editor's comment: Add-on agony advances
The insurance industry is no stranger to damning verdicts and this week’s, in the form of a report into the level of competition in the add‑ons market, must come as no surprise.
ABI calls for market specific look into add-ons
The Association of British Insurers has criticised today’s Financial Conduct Authority report into general insurance add-ons as being “generic” and is calling for the regulator to take a market specific approach.
More self-insurance schemes likely after FCA add-ons report
The Financial Conduct Authority report released today on general insurance add-ons could see the establishment of alternative forms of self-insurance, according to EY.
FCA must pursue ‘big boys’ first on add-ons
A compliance expert is calling for the Financial Conduct Authority to pursue the “big boys” first on general insurance add-ons mis-selling and demand retrospective action where mis-selling has taken place.
FCA plans overhaul of GI add-ons market
The Financial Conduct Authority has unveiled a shake-up of the £1bn general insurance add-on market after a study delivered a damning verdict on the level of competition within the sector.
Access BI likely to lose regulatory approvals next week
Specialist managing general agent Access BI is likely to see its regulatory permissions revoked after Post’s sister title Insurance Age revealed it was under regulatory investigation.
Clyde & Co advises Whittington Group on sale of Direct Asia
International law firm Clyde & Co advised investment firm Whittington Group on the sale of Direct Asia to Hiscox.
Insurers and brokers urge Competition Commission to ban all MFN clauses
Fears a ban could harm price comparison websites misplaced.
Homeserve adopts review scheme to rebuild reputation following fine
Homeserve is working with an online ratings and review service provider in a bid to rebuild its brand reputation having been hit with a record fine by the regulator.
CII report highlights insurance industry and regulator mismatch
Insurance industry leaders have highlighted a mismatch of expectations between insurers and the Financial Conduct Authority in three key areas in a report by the Chartered Insurance Institute and management consulting firm Oliver Wyman.
Add-on sales top the agenda in Competition Commission talks
CHO critical of commission’s credit hire cost calculations,
Insurers reject campaign to include previous premiums on renewal letters
Swiftcover is only firm in Which? survey to inform customers of last year’s price.
Brokers urged to take advantage amid FCA aggregator inquiry
Brokers should view the Financial Conduct Authority’s ongoing thematic review of price comparison sites as an opportunity to demonstrate their worth in terms of providing consumers with “the best deal”.
Brokers clamour for compliance assistance after record Homeserve fine
Commentators suggest fine is evidence of FCA’s strong stance on mis-selling.
Motor insurance regulator mooted by Straw slammed as ‘unnecessary’
Former Home Secretary’s parliamentary counterpart Evans ‘dead against’ idea.
Editor's comment: Motor: A third way?
Motor has long been a special case in the world of insurance. It is a compulsory purchase that most customers hope to never use.
FCA slaps broker Homeserve with £30.6m fine
The Financial Conduct Authority has issued its largest ever retail fine of £30.6m to broker Homeserve following “serious, systemic and long running failings” across key aspects of its business.
Claimant solicitors demand FCA probe into hidden motor insurance profits
Thompsons accuses Axa and Aviva in submission to Transport Select Committee.
Brokers could be probed in personal accident policy mis-selling investigation
Shadow business secretary accuses six employment agencies of mis-selling.
FCA launches compensation scheme for CPP mis-selling
The conduct regulator is predicting a redress bill of up to £1.3bn as it announced today a compensation scheme for consumers who were mis-sold card or identity protection products would start in mid-February.
FCA issues warning on clone firm LGS Commerce Insurance
The Financial Conduct Authority has issued a warning on a clone insurer using the details of marine underwriter Sunderland Marine Mutual Insurance Company.
Insurance Fraud Register Ready for lift off
First formulated in 2009, the Insurance Fraud Register is finally ready for launch. Will it create a sea change in the way the industry tackles fraud?
Trade Voice: Standards drive needs unified voice
The new year has seen a significant raising of the volume in the debate around standards and professionalism.