Financial Conduct Authority (FCA)
73% of brokers say regulation hitting customer service
Almost three quarters of intermediaries have warned that the weight of regulation is damaging insurers' customer service, in a survey conducted by EDM Group, Post can reveal.
Industry promises claims handling improvement after review finds issues
Regulator’s investigation highlights concerns over customer experience.
Further scrutiny likely to follow FCA warnings
Brokers are likely to face further regulatory scrutiny around client money handling, according to financial controls software firm Autorek.
Broker networks: better together?
With major firms such as Aviva among those to sever their network ties, how can broker networks remain attractive to potential members?
Two brokers in firing line as FCA issues warnings
Two broking bosses have been given warning notices by the Financial Conduct Authority relating to management issues and client money handling.
FCA review finds 'no evidence of systematic attempts to deny valid claims'
The Financial Conduct Authority is not proposing “any new requirements or rule changes” for firms involved in claims handling based on the initial findings of its thematic claims review.
Firms deny dodging referral fee ban as select committee prepares ABS report
MP concerned insurers are using alternative business structures to circumvent ban.
GI players demand action after FCA life insurance investigation blunder
Aviva and L&G shares fall after investigation details are aired prematurely.
Editor's Comment: FCA finds itself in the crosshairs
It hasn’t taken long for the hunter to become the hunted and, with insurers smelling blood, the Financial Conduct Authority finds itself in the awkward position of being forced to account for its own actions.
Clifford Chance appointed to investigate FCA's conduct
A Clifford Chance lawyer has been appointed by the Financial Conduct Authority to carry out an inquiry into its handling of the announcement it would investigate the treatment of long-standing life insurance customers.
Career development: Ethics breaches up 22% in CII figures
The latest figures from the Chartered Insurance Institute show a 22% spike in ethics breaches punished by its professional standards board.
Gallagher buys Wesfarmers broking division for A$1.1bn
International insurance broker Arther J Gallagher & Co. has bought Wesfarmers insurance broking operations based in Australia, New Zealand and the UK for A$1.1bn ($928m).
Ex-Astbury Wren CEO banned and fined for misuse of funds
The director of Astbury Wren has been found to have breached a fundamental regulatory principle and has been subsequently banned from undertaking any regulated activity and fined £70 000 by the Financial Conduct Authority.
FCA to relocate to Olympic Park in 2018
The Financial Conduct Authority is to relocate from its headquarters in Canary Wharf to a new business district at the former Olympic Park in Stratford.
Deakin insists retail CEO Blanc is in it for the long haul as AJG buys Oval
Commercial director hoping for third time lucky after Colosso and McManus exits
High-profile motor withdrawal touted after another tough year for the market
Analysts suggest further regulatory scrutiny could exacerbate sector’s troubles
Industry questions FCA’s decision to probe commercial claims handling
Regulator reveals more thematic reviews to be undertaken in 2014/2015
FCA to investigate commercial claims among string of new reviews
The Financial Conduct Authority is to look into the commercial claims market in one of a string of thematic reviews for the general insurance sector announced in its annual business plan today.
EISL director fined by FCA for fraudulent NCD forms
EISL director Philip Eley has been fined £7200 by the Financial Conduct Authority and banned from working in his approved capacity by the regulator.
Brokers risking regulatory fines due to ‘misunderstanding’ of Bribery Act
Compliance experts issue warning following penalties for Besso, JLT and Aon.
Regulators urged to provide value for 24% increase in costs
Commentators suggest FCA should move outside capital.
Editor's Comment: Scrutinisers under the spotlight
Insurers have long been used to proving their worth and providing their stakeholders with a healthy return on investment, but this week this particular spotlight turned on their regulators.
Regulators must prove value for money as costs hit £664m
The twin peaks regulatory system will need to demonstrate it is providing value for money after a National Audit Office report highlighted escalating running costs and concerns over staff capacity.