Financial Conduct Authority (FCA)
More brokers face fines over add-ons after Swinton pays £7.4m penalty
Analyst blames drop in Esure’s profit expectations on bundled add-ons.
In Series: Claims: A moral dilemma
The industry is split over the ethics of subrogation. Will Competition Commission intervention resolve the situation once and for all, or can insurers find their own solution through bilateral agreements?
Interview: David Walsh: The artist
After 14 years building CFC Underwriting from a dotcom start-up to a successful MGA, founder and managing director David Walsh now sees the global market as his canvas.
FCA bans and fines broker £140 000
The Financial Conduct Authority has imposed a £140 000 fine on Paul Cable, of Bromley, Kent, and banned the broker from working in the financial services industry in the future.
Brokers should review their processes following Swinton fine, says UKGI
UK General's compliance arm UKGI has called for brokers to review their process and internal policies in the light of Swinton’s £7.4m fine by the Financial Conduct Authority.
Lloyd’s renews deal with FCA to avoid regulatory duplication
Lloyd’s of London has renewed an agreement originally signed with the Financial Services Authority in a bid to avoid duplicating regulation.
Vision 2020: Full steam ahead
Despite the report fading from memory, the insurance industry is still on track when it comes to achieving Vision 2020’s key aim to progress the industry
FCA fines Swinton £7.4m for mis-selling add-ons
The Financial Conduct Authority has fined Swinton almost £7.4m for the mis-selling of add-ons.
FSA bosses Sants and Turner paid £0.5m for gardening leave
The Financial Services Authority paid its former chief executive Hector Sants and chairman Adair Turner a total of £552 178 in compensation for being unable to take on another financial services role.
Add-on investigation highlights data opportunity: Sas
The enquiry into the selling of add-on products should prompt insurers and brokers to better utilise data in offering products to consumers according to Sas head of insurance Martyn Kyle.
Regulator FCA faces call for "pay to play" to be investigated
Regulator faces calls for ‘pay to play’ to be investigated.
Q&A: Andy Watson: Happy days
Andy Watson reflects on his short time in charge of Ageas UK and discusses market issues, including the referral fees ban, regulation, telematics and recent job cuts in the sector.
Solicitors offered unrated insurer carriers despite solvency concerns
Déja vu as Balva-like unrated carriers on brink of taking market.
Editor's comment: The spectre of Spitzer returns
In 2004, the US insurance broking industry came under attack as then New York Attorney General Eliot Spitzer declared war — with allegations of kickbacks, rigged bids for insurance contracts and opaque practices, including contingent commissions.
Swinton apologises over complicated add-ons
Swinton has apologised for selling add-on products that customers might have struggle to understand and is offering them a refund.
Loss adjusting Regulation: If it ain't broke
Loss adjusters claim they are already monitored closely but should they face formal regulation like the rest of the insurance industry?
Wheatley to declare FCA will be “a very different animal”
Financial Conduct Authority chief executive Martin Wheatley will today pledge to the Association of British Insurers that the new regulator is “a very different animal to the Financial Services Authority.”
In Series: Claims: Investigating the investigators
What will the FCA’s examination of insurers’ use of private investigators uncover – and will it affect industry efforts to combat fraud?
Affinity news: Axa director warns against using ‘herd mentality’ to avoid FCA action
Goss points at PPI scandal as example of mass impropriety.
Automatic policy renewals come under FCA scrutiny
Increased premiums on automatic policy renewals are to come under the spotlight, the Financial Conduct Authority has said in a letter to lawmakers.
FCA focused on insurance sector with phone fine, says lawyer
The fine handed out by The Financial Conduct Authority to Policy Administration Services, illustrates the regulator’s interest in the insurance industry, a legal specialist has said.
Phones 4 U insurance administrator PAS fined £2.8m by regulator
The Financial Conduct Authority has fined Phones 4 U’s insurance administrator Policy Administration Services £2.83m for poor complaints handling.
Swinton launches £60m business plan revamp after FCA intervention
Swinton is investing £60m in modernising its multi-channel operation after falling foul of a regulatory inquiry into some of its sales practices.
SME customers focus of FCA review
A Financial Conduct Authority review of broker conflicts of interest will focus on SME and micro-business customers, it was announced today.