FSA announces first enforced cancellation since GI day
The Financial Services Authority has cancelled Xsavi Limited's permission for failing to conduct its business in compliance with proper standards and for having inadequate financial resources. The regulator said this is the first enforcement cancellation on conduct of business grounds taken against a general insurance firm since the FSA took over the regulation of general insurance in January 2005.
In a statement the FSA said: "Between 1 and 25 February 2005, Xsavi claimed to be acting as agent for an insurer and to have authority to bind the insurer when it did not.
"As a result, 2000 customers
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Most trusted insurers across personal lines revealed
Consumer trust in insurance providers has risen for the third consecutive wave, according to Fairer Finance.
FCA outlines next steps with delegated authority deep dive
The Financial Conduct Authority is preparing to take a closer look at delegated authority arrangements, with an information request being sent out to get a clearer picture of how outsourcing is being used across the insurance market.
FCA vows to keep pressure on premium finance APRs
The Financial Conduct Authority has said it will “continue to put pressure” on companies offering premium finance in a bid to continue lowering annual percentage rates after revealing the impact its enforcement action has had so far.
Lady Mayor warns culture is outpacing regulation
Lady Mayor of the City of London Dame Susan Langley has said firms are over-interpreting the watchdog's rules, and that leaders must be braver as uncertainty grows
FCA’s Knight insists CPD changes are not a relaxation
The Financial Conduct Authority’s decision to ditch its 15-hour-per-year continuing professional development requirement for insurers should not be viewed as a relaxation of standards, according to the regulator’s director of insurance, Chris Knight.
Why culture, not just regulation, drives good customer outcomes
View from the top: Andrew Otter, head of regulatory engagement at Markerstudy, argues that a healthy culture and strong governance, not just regulation itself, are what ultimately drive good customer outcomes.
Contents insurance flagged for causing ‘greatest consumer harm’
The Treasury Committee has warned that contents insurance is among the areas where financial exclusion can cause the “greatest consumer harm”, with urgent action needed to protect customers.
Insurance Compliance’s Allison questions insurance regulation
David Allison, head of intermediary consultancy south at Insurance Compliance, said improving customer understanding is an unsolvable problem, and questioned whether general insurance should ever have been regulated by the Financial Conduct Authority.