Financial Conduct Authority (FCA)
Former Swinton CEO Halpin fined and banned from senior roles after adds-ons mis-selling
The Financial Conduct Authority has fined three former senior executives of Swinton Group £928,000.
Research: State of the Broking Nation Part 2: Regulation, Commission & Politics
In the second in a series of reports covering brokers’ views of the issues affecting their sector, Post this week asks 20 senior industry figures their thoughts on regulation, commission and politics.
‘Wake-up call’ PWC survey reveals extent of customer distrust
Insurers admit industry must do more to improve sector’s service and image
FCA contacted after Das audit leads to double staff suspension
Das has informed the Financial Conduct Authority after a routine internal audit within the firm’s after the event division led to two employees being suspended.
Bardet upbeat on FCA relationship following 'unsurprising' results
Swinton chief executive Christophe Bardet has heralded the high-street broker's constructive relationship with the Financial Conduct Authority 14 months after it was fined £7.4m for mis-selling.
Swinton sees 26% 2013 profit drop
High street broker Swinton has reported post-tax profit of £14.1m for 2013, a 26% decrease on its prior year result.
GI products in top three for FCA complaints
Financial Conduct Authority data has put general insurance products in the top three most complained about financial services products for the six months to June 2014.
FCA blocks ‘uncooperative’ EPLS Risk Solutions
The Financial Conduct Authority has removed permissions for London-based broker EPLS Risk Solutions over failures to file figures to February 2014.
Top 100 UK Insurers: AM Best Commentary: The lie of the land
Falling rates and low returns on investment continue to dog insurers, while the impact of regulation is being felt across the sector
C-Suite – Insurer: Still scope to improve
The pressure is on for insurers to innovate and adapt to provide a relevant service to customers
Biba to create voluntary code of conduct following member vote
The British Insurance Brokers’ Association has taken the first step towards developing a voluntary code of conduct by re-establishing its working group.
Comment: Audit scope: New scope for coverholder audits
New requirements will need to be met after changes to coverholder audits were announced at the Lloyd’s Coverholder Auditors conference. Alec MacMillan, senior auditor at Triton Audit, explains what changes are in store for the sector
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