Financial Services Authority (FSA)
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.
Post magazine - 13 September 2012
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
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 …
Biba calls for ban on banks selling general insurance direct
British Insurance Brokers' Association chief executive Eric Galbraith, pictured, has thrown his weight behind Martin Wheatley's pledge to toughen up on the mis-selling of financial products.
FSA to investigate Lloyds Bank over PPI mis-selling
The Financial Services Authority has launched an investigation into the Lloyds Banking Group over payment protection mis-selling.
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?
FSCS consultation: Burdening brokers
Proposed changes to the Financial Services Compensation Scheme could see brokers contributing more than ever, but are they still paying for the mistakes of others?
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.
View from the top: Get set for fresh challenges
Agility is the difference between a gold medal and last place in this turbulent regulatory environment, says Karl Bedlow.
FSA enforcement appointment wins backing of legal expert
CMS Cameron McKenna boss Simon Morris has praised the appointment of Tracey McDermott as FSA director of enforcement, describing her as "clear, tough and determined".
Your say: Empty words on historic claims
Malcolm Tarling's comment in the 19 July edition of Post that the Association of British Insurers’ opposition to an Employers' Liability Insurance Bureau is based on the belief that the Employers' Liability Tracing Office "should help significantly in…
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.
Insurance Mediation Directive II: Broking new ground
The European Commission's controversial Insurance Mediation Directive II proposals are aimed at unifying the sale of cover across the continent and increasing consumer protection. But how have the recommendations been received by the broking and buying…
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.
FSA clampdown on packaged deals gains support from industry player
Lifestyle Services Group director Andy Morris has hailed the Financial Services Authority's crackdown on packaged bank accounts as "a positive step for the insurance industry".
FSA tightens grip on package deals offered by banks
The Financial Services Authority has published new rules today requiring banks and building societies to check whether customers are eligible to claim on insurance cover before selling them a packaged bank account.
Indie FSCS bill hits £404m in advance of scheme of arrangement
The Financial Services Authority has revealed that, since Independent Insurance went into liquidation in 2001, £500m of assets have been realised for the benefit of creditors.
£300m broker levy "affordable", says FSA
The proposal to double the threshold for claims within the Financial Services Compensation Scheme to £300m for the general insurance broking sub-class was based on the "affordability" of the figure rather than on the likelihood of high-value claims.
FSCS funding model consultation paper draws early concerns
The Financial Services Authority's proposed changes to the funding of the Financial Services Compensation Scheme have come under fire from the British Insurance Brokers' Association, amid concerns that the creation of a 'retail pool' will affect members.