Financial Conduct Authority (FCA)
Consumer group warns of insurers overcharging vulnerable customers
The Financial Services Consumer Panel has published a research paper raising concerns that vulnerable customers may be at risk of overpaying for insurance.
Insurers that paused EDI work told to redouble efforts
The insurance industry may need to renew ethnicity and disability data collection efforts due to Labour’s diversity pay reporting proposals.
Operational resilience: will insurers meet the March 2025 deadline?
Sarah Ouarbya, partner for financial services consulting at Forvis Mazars, examines how insurers should prepare for the Financial Conduct Authority and the Prudential Regulation Authority’s operational resilience rules coming into force.
FCA bans broker for misusing policyholders’ premiums
The Financial Conduct Authority has banned the former director of an Exeter-based insurance brokerage from working in the financial services industry.
What insurers should know about the FCA’s anti-greenwashing rule
Alexandra Nurse, a partner at Kennedys, explains how the Financial Conduct Authority’s new anti-greenwashing rule will, in the long term, mitigate the risk of claims brought in the insurance sector so long as providers review their communications.
FCA takes first steps to achieve proportionate regulation
The Financial Conduct Authority is looking for comment on the level of regulation regarding commercial and bespoke insurance products and companies, while also opening its review of requirements following the introduction of the Consumer Duty.
Crunch time for insurers’ Consumer Duty reports
One year on from the introduction of the Financial Conduct Authority’s Consumer Duty requirements for open products, Emma Ann Hughes investigates whether insurers will get a pat on the back or a clip round the ear from the regulator when they hand in…
Consumer Duty fails to improve insurance customer’s experiences
Most general insurance customers have seen zero improvement in service from general insurance providers since the implementation of the Financial Conduct Authority’s Consumer Duty a year ago, with some even saying things have gotten worse, research has…
Which? demands FCA action over ‘widespread’ claims-handling failures
Consumer champion Which? has launched a new campaign to end “the insurance rip-off” and has called on the Financial Conduct Authority to take tough action against claims handlers who fall short of the regulator’s required standards.
FCA issues warning as it continues to identify ‘low value’ products
The Financial Conduct Authority has identified further “low value” insurance products, the regulator’s head of market interventions for insurance has said.
Which? demands action against insurers that are poorly handling complaints
Rocio Concha, director of policy and advocacy at Which?, urges the regulator to hold the insurance firms’ feet to the fire for causing customers unfair delay or distress.
Defaqto unveils plan to prepare insurers for data revolution
Defaqto CEO John Milliken has revealed plans to shift his organisation’s offering from giving general insurers an overview of where their products sit compared with their competitor’s offerings to equipping them with data to shape their strategy.
Insurers should stop looking at AI as a cost-saver
Eddie Longworth, the founder of JEL Consulting who launched the Artificial Intelligence Code of Conduct earlier this year, says the insurance industry hasn’t realised the “conundrum” about using AI and the need for talent to operate it.
Regulators challenge two thirds of GI firms on operational plans
Two thirds of general insurance firms have been challenged by regulators on their work to come into line with operational resilience regulations during the last 12 months, a benchmarking exercise by Sicsic Advisory and Oric International has revealed.
FCA demands insurers up their Consumer Duty monitoring game
With just a month to go until insurers need to file their first Consumer Duty annual board report, the Financial Conduct Authority has raised concerns about how providers are monitoring customer outcomes.
Insurtech UK demands MPs tackle barriers to insurtech growth
Insurtech UK has called on the government to tweak regulation to help start-ups and outlined ways to boost the funding available to scale-up more businesses to Lemonade-like proportions.
How the FCA aims to stamp out toxic workplace cultures
Thomas Beale, partner and head of the bullying and harassment team at Bolt Burdon Kemp, examines how the Financial Conduct Authority’s rules for non-financial misconduct are set to change plus the ramifications for the insurance industry.
Why insurers shouldn’t wait for regulatory clarity on AI
Philip White, a lawyer at The Legal Director, explains why insurers should put in place good governance to harness the growing capabilities of artificial intelligence now rather than wait for the watchdog to set rules for the use of this technology.
How insurers can up their claims game
Insurers love to talk about claims exaggeration, but David Worsfold asks: are they guilty of some exaggeration of their own?
Tackling Sexism in the City
Post Podcast: The Financial Conduct Authority is seeking to create a culture in insurance where people can speak up, challenge and be confident the issues they identify will be investigated and addressed.
What a Labour victory means for insurance
James Daley, managing director of the research and consultancy group Fairer Finance, reveals who should fear the approach of a new Labour administration and what companies could thrive if the Conservative Party are ousted at the general election on 4…
Admiral offers refunds after overcharging ‘small percentage’ of customers
A percentage of Admiral customers have been issued a refund after the insurer identified an error affecting the premium quoted at renewal.
Insurance experts propose using IPT to combat premium discrimination
Insurance industry professionals have proposed that the government use insurance premium tax to address the “poverty premium” and “ethnicity penalty” in motor insurance.
Kindertons linked with Markerstudy investor Pollen Street
Private equity house Pollen Street has been tipped to purchase accident management and mobility company Kindertons, after a potential deal with Auxillis’s owner fell through, sources have told Insurance Post.