Hefty FCA fines highlight importance of delegated authority chain controls
The £15.5m of fines handed to individuals and firms involved in the collapse of several unrated insurers operating in the solicitors' professional indemnity market have highlighted the need for all parties involved in the delegated authority chain to have stringent controls in place.
On 1 February, the Financial Conduct Authority announced it was fining five individuals and two companies £15.5m for their part in a market failure that left hundreds of solicitors without valid
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
Sicsic expands reach of regulatory consultancy
Former regulator Michael Sicsic has outlined plans to expand Sicsic Advisory as the business looks to build on the growth it has achieved since its launch in 2019.
How should success of FCA’s response to Which be judged?
The effectiveness of the Financial Conduct Authority’s regulatory action in response to Which’s super-complaint about home and travel insurance is reflected in smoother claims handling, not in the number of reviews or fines, according to Claire Massey, founder of Claim Guardians.
City Minister stresses need for regulation to aid insurtechs
Lucy Rigby KC MP, Economic Secretary to the Treasury of the United Kingdom, stressed the need for “proportionate” regulation to support insurtechs and maintain the UK’s leading position as an insurance hub.
Why regulatory alignment is a step in the right direction
Trade Voice: Graeme Trudgill, CEO of the British Insurance Brokers’ Association, says the objectives of the regulator are lining up with the needs of Biba's membership.
FCA and FOS reveal plan to speed-up complaints handling
The Financial Conduct Authority and Financial Ombudsman Service have today (16 March) set out plans to overhaul the UK’s consumer redress framework.
What do we want from the FCA’s new insurance head?
Deputy editor’s view: After months of waiting for the FCA to announce a new head of insurance, we finally have the answer. But what will be expected of Chris Knight when he takes up his position in July?
Aviva issues response to DLG fine
Aviva has issued a statement in response to Direct Line receiving a £10m fine from the Prudential Regulation Authority for a Solvency II miscalculation.
Direct Line fined £10.6m for solvency miscalculation
The Prudential Regulation Authority has fined Direct Line Group £10.6m after it miscalculated its Solvency II balance sheet during 2023 and 2024.