Financial Conduct Authority (FCA)
Besso fined £315 000 by FCA
Broker Besso has been fined £315 000 by the Financial Conduct Authority for failing to take reasonable care to maintain controls against the risks of bribery and corruption.
Editor's comment: Joining forces to finish the race
Brokers and insurers could be described as having a love-hate relationship – like Roadrunner and Wile E Coyote.
Personal lines brokers told to shore up data defences after Aviva breach
PRA and FCA expected to increase scrutiny of data protection systems.
Brokers warned to scrutinise TOBAs ahead of new employers’ liability rules
Insurers could pass on fines to firms failing to obtain employee reference numbers.
Soft rates stall motor insurance IPOs after Esure falters
SNL Financial says ‘no bottom in sight’ for motor pricing.
Your Say: Using our weaknesses
Nobody following the Financial Conduct Authority’s review of add‑ons would have needed to cross the proverbial gypsy’s palm with silver to gain prior knowledge of the nature and scope of the proposed remedies.
Premium rise likely if add-ons changes implemented
The Financial Conduct Authority’s proposed changes to the way general insurance add-ons are sold could spell the end of competitive introductory premiums, accountancy firm Moore Stephens says.
Add-ons remedies to help level playing field for brokers, Biba says
The British Insurance Brokers’ Association has called the Financial Conduct Authority’s suggested remedies to its market investigation into add-ons a sensible first step.
Managing General Agents: Tightening up
Most sectors of the insurance industry audibly groan when presented with the possibility of increased regulation – so why are managing general agents welcoming the prospect?
Catlin to honour unapproved Access BI policies
Catlin is to honour insurance policies that were issued without approval by underwriting agency Access BI prior to an intervention from the Financial Conduct Authority.
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”.