Financial Conduct Authority (FCA)
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.
FCA claims review coincides with improving London market service quality
London market insurers have been “upping their game” in terms of claims service quality amid an ongoing Financial Conduct Authority thematic review, according to the results of Gracechurch Consulting’s 2013 claims performance monitor.
FCA warns on Saffron clone
A group of fraudsters have cloned the website and marketing materials of broker Saffron Insurance, according to a warning from the Financial Conduct Authority.
Brokers get behind SRA plan to ban unrated firms from writing solicitors’ PI
Critics argue plan is ‘misconceived’ and would put ‘upward pressure on rates’.
Editor's comment: The ratings game
The ugly issue of rated v unrated insurers has once again been pushed up the agenda, with news this week that the Solicitors Regulation Authority plans to roll out a consultation on the possibility of a ban on unrated or low‑ranking insurers from its …
Former ABI conduct director Craig to join FCA
Former Association of British Insurers financial conduct regulation director Maggie Craig is to join the Financial Conduct Authority this month as an advisor.
Biba manifesto sparks hope the burden of regulatory cost will be addressed
FCA urged to find areas for savings and be more transparent.
2014 tipped to see consolidation surge as sector’s M&A appetite increases
Regulatory certainty, soft market and economic recovery make deals likely.
BIA Countdown: Achievement winner reflects: Q&A with Lord David Hunt
9 July will herald the 20th anniversary of the British Insurance Awards – and what a sensational two decades it has been.
Chartered status: Raising standards
Amid an industry-wide drive for improved standards, how will the CII’s consultation on changes to its corporate chartered status criteria affect firms seeking to stand out from the crowd?
FCA insurance fines rise 160% in 2013
Fines imposed on the insurance sector by the regulator rose to £44.6m last year, up 160% on the previous year.
FCA proposes £34.5m fine for Homeserve
Homeserve UK is facing a £34.5m fine after receiving a draft warning notice from the Financial Conduct Authority.
London market must meet challenges to retain top position says IUA
Four key issues must be tackled for London to maintain its position as a pre-eminent centre for international insurance risks, the International Underwriting Association has warned.
Escott welcomes chance for CPP to 'move on'
CPP chief executive officer Brent Escott has welcomed the outcome of a consumer vote on compensation saying it will mean the firm can “move on as a company”.
CPP customers back £1.3bn compensation scheme
Credit card insurer CPP will refund seven million customers who were mis-sold insurance for their bank and credit cards to tune of £1.3bn after 98% of those affected backed the compensation proposal.