Regulation
Could premium finance face Gap-like FCA action?
After the Financial Conduct Authority’s Matt Brewis labelled premium finance a “poor product”, Scott McGee examines if the industry has done enough to defend this method of paying for insurance or whether the regulator will soon feel forced to clamp down on the pricing practice.
How green parts help insurers meet EU requirements
Analysis: Tom Luckham explains why the European Union's Corporate Sustainability Reporting Directive is pushing motor insurers towards even greater use of green parts.
Labour promises to rip up red tape for insurers
Tulip Siddiq, shadow economic secretary to HM Treasury, has promised if the Labour party gets into power she will make sure regulation encourages growth and competitiveness in the insurance industry.
FCA moves to make enforcement quicker and more transparent
The Financial Conduct Authority has said it will carry out enforcement cases more quickly and has begun a consultation on plans to make its investigations more transparent.
Treasury tells insurers to take advantage of Brexit bonfire
Insurers must make the most of the Conservative government ripping up the Solvency II rules and replacing it with Solvency UK requirements, according to Bim Afolami, economic secretary to HM Treasury.
Big Interview: Rachel Lam, ombudsman director, FOS
Rachel Lam, ombudsman director for insurance at the Financial Ombudsman Service, speaks exclusively to Insurance Post’s Editor Emma Ann Hughes about her work with providers and the Financial Conduct Authority to address the sector’s shortcomings.
FCA commission crackdown goes beyond flats
Editor’s View: The Financial Conduct Authority’s policy statement on multi-occupancy buildings insurance in September plus the decision to push the pause button on guaranteed asset protection insurance sales last week was “a shot across the bow” on…
Insurers agree to pause Gap sales amid FCA probe
Multiple insurance firms have agreed to pause sales of guaranteed asset protection insurance, following a request from the Financial Conduct Authority.
What to expect from the regulator in 2024
Post Podcast: Insurers should brace themselves for the Financial Conduct Authority kicking the tires of how well providers and brokers are adhering to Consumer Duty requirements in 2024.
Lords call for ‘regulatory clarity’ on EV batteries
A House of Lords report on electric vehicles has outlined what the government must do to reach its ambitious EV adoption targets.
Insurers warned Consumer Duty checks cannot paper over cracks
Insurance chiefs and boards must produce an annual assessment of compliance with the Consumer Duty that highlights flaws rather than papers over cracks, a former Financial Conduct Authority leader has warned.
New MOT rules ‘consigned to the bin’
Drivers have rejected the government’s plans to change the way that MOTs are carried out following a consultation.
Q&A: Pete Allchorne, Forum of Insurance Lawyers
Pete Allchorne, president of the Forum of Insurance Lawyers and partner at DAC Beachcroft, talks to Insurance Post about the big developments in the legal sphere this year.
MP highlights loophole in Leasehold Reform Bill
Matt Brewis, head of insurance for the Financial Conduct Authority, has appeared before a parliamentary committee to discuss the Leasehold and Freehold Reform Bill and been challenged by MPs over whether the current crop of rules ensure insurance costs…
Why initial attempts at justifying fair value have been too flimsy
James Daley, managing director of consumer group and consultancy Fairer Finance, reveals how the early fair value assessments he has seen fail to “come close to doing a good enough job”.
Big Interview: Matt Brewis, FCA
Matt Brewis, the Financial Conduct Authority’s head of insurance, explains to Scott McGee why premium finance is a “poor product,” denies the watchdog is Miss Trunchbull-like, plus shares the regulator's plans for 2024.
FCA confirms further AR restrictions
Having previously placed restrictions on four insurance brokers feared to be failing to ensure appointed representatives comply with the regulator’s rules, the Financial Conduct Authority has confirmed three more sanctions.
Biba demands more detail from government around regulatory scrutiny
The British Insurance Brokers’ Association has asked for more information about how HM Treasury and parliament will keep tabs on whether the industry’s regulators are doing a good job.
FCA to clamp down on premium finance outliers in 2024
Briefing: The Financial Conduct Authority’s head of insurance Matt Brewis has labelled premium finance a “poor product”, and warned the regulator has “talked about it enough,” hinting at potential action surrounding the practice in the next 12 months.
KPMG’s Evans expects Consumer Duty to evolve in 2024
Former Association of British Insurers director general Huw Evans, who will replace Trevor Jones as head of insurance at KPMG in April, expects the Financial Conduct Authority’s Consumer Duty requirements will "evolve" next year.
Five biggest challenges facing insurers in 2024 revealed
To get you ready for the next 12 months, Insurance Post uncovers five things you need to know about what 2024 holds in store for the industry, according to insurance analysts.