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In this week's edition, brokers have questioned the Financial Conduct Authority's "insulting" decision to place intermediaries in a ‘high risk' group alongside payday loan companies in its consumer credit consultation paper.
The FCA is rounding off an action-packed 2013 - in which it assumed regulatory conduct responsibilities from the Financial Services Authority - with the launch of its most recent consultation, along with a thematic review of insurance sales on price comparison websites.
In other news, insurers have welcomed Ministry of Justice proposals to introduce fines and impose tighter conduct rules for claims management companies after claiming a recent decline in the number of personal injury CMCs is merely a result of consolidation; Aviva's attempt to offload its asbestos book is indicative of an increasing desire among UK insurers to divest long-term health liabilities, according to market analysts; and politicians and industry leaders have been told that farms will not be included in flood insurance legislation and farmhouses will fall under insurers' discretion, after confusion over potential coverage was expressed in parliament this week.
In this week's interview, incoming president of the Forum of Insurance Lawyers, David Johnson, tells to Post how he plan to make his mark during his tenure and reveals how he plans to consolidate the organisation's newfound authority within the industry.
Post also caught up with Bermuda's Premier Craig Cannonier and Finance Minister Bob Richards to discuss the island's insurance industry and its relationship with the UK market.
In the C-Suite this week are Arista chief executive Charles Earle, who explains why developing and engaging staff is crucial to maintaining a healthy business at all levels; and Chris Pavlou, professional indemnity class underwriter, Lloyd's Syndicate Chubb 1882 at Chubb managing agency, who addresses the problem of cyber crime.
In a challenging year for the market, Post looks at how Lloyd's is responding to regulatory changes, international competition and the potential threat posed by passive underwriting structures.
Separately we take a look at what the changes in energy-efficiency standards on commercially and privately let properties will mean for the insurance industry when they come into effect in April 2018.
Also in this issue, in an increasingly competitive marketplace, brokers can gain an edge by specialising in niche areas and strengthening their regional focus. Alwynne Gwilt explains how in the first article in this issue's Expertise in Action article. In the second, John Dawson describes how combining a generalist approach with specialist knowledge is essential for insurers to differentiate themselves from the competition.
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- AIG moves European business to new UK and Luxembourg units
- Analysis: Leisure market - At your leisure