Financial Conduct Authority (FCA)
FCA to introduce ban on pre-ticked add-ons from April 2016
The Financial Conduct Authority will ban the sale of insurance add-ons via pre-ticked boxes from April 2016 after a consultation found that customers were overpaying by as much as £200m per year for additional products.
FCA mulling deadline for PPI complaints
The Financial Conduct Authority is to consult on the introduction of a deadline for consumers intending to make a payment protection insurance complaint.
Climate Wise CEOs call for more action to slow climate change
The leaders of 15 Climate Wise members have written to the governor of the Bank of England Mark Carney and the Prudential Regulation Authority for more collective action to reduce the risk of climate change impacting society and, ultimately, the…
FCA sees 13.6% drop in GI complaints
Complaints to the Financial Conduct Authority about general insurance and "pure protection", a group that includes payment protection insurance, decreased by 13.6% in the first half of 2015.
Market Moves - 1 October 2015
Who has moved where in the world of insurance this week?
FCA names Philippou as COO
Georgina Philippou has been named as the new chief operating officer at the Financial Conduct Authority.
Expertise From A-Z: SMEs - Better use of data
There are huge amounts of data out there and it is now much easier for brokers to use and place business online – if only they were more aware of this
Expertise From A-Z: SMEs - Protecting SMEs
A Financial Conduct Authority thematic review found SMEs were being let down by claims handlers. What can the industry do to improve?
Consumer panel urges FCA to establish company rating system
The Financial Services Consumer Panel has called for the Financial Conduct Authority to establish a rating system to help the public determine which financial services firms are likely to treat them well.
Blog: Less than six months to the SIMR - How to prepare
The introduction of Senior Insurance Managers Regime is set to transform organisational structures throughout the insurance sector. With less than six months to go until the legislation comes into force, much of the industry is simply not prepared and…
Savesure shareholder Whittington banned and fined by FCA
The Financial Conduct Authority has fined Savesure shareholder Ralph Whittington £42,111 and banned him from performing any function in relation to regulated activity for failing to act with integrity in carrying out his controlled functions.
Blog: The accountability clock is ticking
New rules designed to hold senior managers of insurance firms to account are due to come into force next year.
Claims Club: FCA considering 'best practice' plea from insurers on SME cases
A senior regulator has conceded that in order for the Financial Conduct Authority to differentiate itself from its predecessor it might need to listen to insurance companies' pleas to issue ‘best advice’ on dealing with SME claims.
Build up to Aviva and Friends Life merger probed by FCA, claims report
The Financial Conduct Authority is investigating the build up to Aviva’s merger with Friends Life and has asked investment bankers involved in the deal to hand over records.
Europe: The impossible comparison of UK regulatory costs with the rest of the EU
Confirmation this June that the Financial Conduct Authority will be increasing fees for insurers and brokers by 8.5% for 2015/2016 has inevitably raised many eyebrows. A particular bugbear is that UK regulatory costs are perceived to be much steeper than…
FCA deems ex-Coversure franchisee Cleaver not 'fit and proper'
The Financial Conduct Authority has cancelled former Coversure franchisee Mark Cleaver's permission to carry on regulated activities.
Insurers set for Bank of England cyber security follow-up survey
The Bank of England is following up on a 2012 cyber survey to check whether management teams at insurance companies have increased how often they discuss cyber security.
Quindell inquiries expected to run for years as shareholders seek redress
Hundreds of shareholders of beleaguered outsourcer Quindell are gearing up to seek compensation following “misleading statements” by the firm’s former management, as market insiders reveal investigations into the company could run for several years.
FCA ends Quindell investigation in light of SFO probe
The Serious Fraud Office’s decision to launch an investigation into previous business and accounting practices at Quindell has led to the Financial Conduct Authority discontinuing its own inquiry.
Blog: Alternatives to claims ratios
There seem to be mixed views from the industry around the viability of the Financial Conduct Authority's review of add-ons - in particular its focus on claims ratios as a measure of value.
FCA publishes reformed approved person's regime for SII firms
The Financial Conduct Authority has today confirmed reforms to the approved person's regime for Solvency II firms including changes to governance arrangements and new conduct rules to encourage appropriate behaviour by staff.
LV to publish prior year premiums on renewal documents
LV is to join Axa in publishing prior year motor premium prices on renewal documents.
Gallagher not expecting 'material adverse effect' from FCA review
Arthur J Gallagher is confident a skilled person review by the Financial Conduct Authority will not have a “material adverse effect” on the firm’s results of operations.
C-Suite - MGA: Getting your hands dirty
The recent FCA review has left no doubt of what the regulator expects – and MGAs must take heed.