Financial Conduct Authority (FCA)
Post magazine - 27 September 2012
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Biba boss calls for FCA to target non-GI intermediaries
The British Insurance Brokers' Association has called for the incoming Financial Conduct Authority to target non-insurance intermediaries, not the industry's brokers, in order stamp out mis-selling scandals and protect customers.
Wheatley approach a "gross distortion of process"
Law firm CMS Cameron McKenna has claimed that the approach by Martin Wheatley, incoming boss of the Financial Conduct Authority, to "shoot first and ask questions later" represents a "gross distortion of due process".
ABI throws weight behind industry partnership with the FCA
The Association of British Insurers renewed its support today for the insurance industry working in partnership with the incoming Financial Conduct Authority to ensure that regulation delivers for consumers.
Expert legal view: The truth behind the headlines
Financial incentive schemes should be scrutinised and risk-assessed by an independent individual, say Christine Jenner and Mathew Rutter.
Brokers urge against unnecessary bureaucracy in mis-selling regulation
Broking representatives have called on the regulator to make sure that its pledge to stamp out any sales-driven mis-selling of products to consumers does not turn into a “box-ticking” exercise.
FSA approval time hits record high
The Financial Services Authority's deeper scrutiny of new business plans means that start-ups face record waiting times for regulatory approval, according to City law firm Reynolds Porter Chamberlain.
Incentive schemes: where do the real issues lie?
On Wednesday, the Financial Services Authority published the results of a review into risks faced by customers from financial incentives, and found that bonus-based schemes increase the risk of mis-selling. With a consultation on the issue launched …
Add-ons: In the firing line
What will the expected aggressive stance from the Prudential Regulation Authority mean for the future of add-on sales?
Regulator admits failures in "formulaic" TCF rules
Financial services firms that currently offer staff incentives on sales have up to 18 months to make sure their schemes are fair to customers.
Regulator to review "rotten" incentive schemes
Financial Services Authority managing director Martin Wheatley has laid out plans to stamp out mis-selling created by sales incentives that result in customers being sold products they do not need or cannot use.
New regulator to outlaw commission sales
Commission-based sales of financial products will be outlawed by the Financial Conduct Authority when it comes into force next spring.
FSCS levy proposals could see MGAs facing the same liability as brokers
Managing general agents face being liable to bail out failed independent financial advisers or mortgage intermediaries that exceed the upper threshold of the Financial Services Compensation Scheme levy under new proposals.
FCA told to act 'swiftly' on consumer complaints
The Financial Services Consumer Panel has urged the forthcoming Financial Conduct Authority to respond quickly to widespread consumer detriment.
Loss adjusting: A standards issue
Direct regulation of loss adjusters has been on the agenda for more than a decade but, with Europe ready to step in, is the industry prepared to be governed by forces on the continent?
Griffith-Jones appointed non-exec chairman of incoming FCA
KPMG chairman John Griffith-Jones will join the FSA board on 1 September as non-executive director and deputy chairman, before becoming non-executive chairman designate of the soon-to-be-introduced Financial Conduct Authority.
ABI boss warns of unco-ordinated regulation rush in push to twin peaks
The insurance market has been warned that there is a "danger" of regulation being rushed through, as a number of unanswered questions remain in the run up to new financial regulation next year.
IUA working party demands details on regulatory cooperation
More information is needed on how the UK's two new insurance regulators are going to cooperate and ensure fair treatment for companies, a new International Underwriting Association market group has stated.
Post Broking Supplement: The big issues for brokers
With the British Insurance Brokers' Association conference looming, brokers are warming up for the networking event of the year and their best opportunity to thrash out market issues. Post caught up with some of the biggest hitting national players to…
Regulation: The dangers of duplication as the FSA splits into two
The Financial Services Authority has mimicked the forthcoming twin peak regulation model ahead of its implementation in 2013, but will it prepare the industry for change?
Post magazine - 12 April 2012
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Handling customer complaints
In an online exclusive, CMS Cameron McKenna partner Alison McHaffie outlines best practice for insurance firms dealing with complaints from customers.
Regulation response: Twin peaks - a return to the dark ages?
Nature does not favour creatures with two heads, probably because they spend most of their time arguing with themselves.
Editor's comment: Sants move raises FSA transition concerns
Having been convinced by the Conservative-Liberal coalition to withdraw his resignation and extend his stay once before, the Financial Services Authority chief executive officer Hector Sants' decision to step down in the summer was something of a…