Regulation
Big Interview: Matt Brewis, KPMG
In his first interview since leaving the Financial Conduct Authority, Matt Brewis reflects on his time at the regulator, his new role at KPMG, and discusses the major sticking points between regulation and industry.
Does your AI accelerate solutions or amplify the status quo?
For most insurers, the question has moved past whether to adopt AI. However, what’s still unresolved is whether the operating model underneath that AI can keep pace with change. This blog highlights why the quality of an insurer’s operating model…
FOS believes it is still 'too soon' to judge Consumer Duty impact
It is too early to determine whether the Consumer Duty has reduced complaints about home and travel insurance, the Financial Ombudsman Service has told peers.
FCA pressed by Lords over regulating ChatGPT
The Financial Conduct Authority has been challenged by peers over whether artificial intelligence platforms such as ChatGPT should be brought within the regulator’s remit.
FCA looking to address issues on claims definitions
Andrew Ruddle, the Financial Conduct Authority’s interim head of the department for insurance market analysis and policy, has said the regulator is looking at addressing issues about different claims definitions within insurance.
Don’t hold your breath for an FCA rulebook on AI
The UK insurance sector is waiting for a Financial Conduct Authority rulebook on AI that is never coming, warns Loka Venkatramana, senior consultant at compliance consultancy Pathlight Associates.
Will the FCA’s non-financial misconduct rules change the City?
As the September deadline for the FCA’s non-financial misconduct rules approaches, Séamus O’Hanlon explores how insurers are adapting to the regulation and if it will make a difference.
Time:To – Sicsic reveals how insurers can keep the FCA happy
Michael Sicsic, managing partner of Sicsic Advisory, outlines three things it’s time to do to meet regulatory requirements in the latest Insurance Post Time To video.
Stop being hypocritical and give PCWs what they want
Deputy Editor’s View: Scott McGee argues that if insurers want aggregators to focus on more than just price, they should provide the claims data they’ve been asking for.
Why delegated oversight can no longer be housekeeping
Lloyd’s has embraced delegation at scale, but Richard Spencer, managing partner of New Link Consulting, argues governance and customer outcome monitoring have failed to keep pace.
Throwback Thursday: Entering Europe; Fire damage
Insurance Post’s Throwback Thursday steps back in time to August 1971 to remind you what was going on this week in insurance history when insurers were told they were better off in Europe and fire claims reached record highs.
Did the FCA’s leasehold commission reforms fail?
Three years after introducing reforms to tackle excessive leasehold insurance commissions, the Financial Conduct Authority is reviewing the market again, which Scott McGee observes raises questions about whether its measures have delivered meaningful…
QBE’s Harris: Burnham’s prevention vision mirrors insurance
New prime minister Andy Burnham’s call for a more preventative UK highlights one of the biggest challenges facing governments and businesses alike: making good decisions about risks that haven’t happened yet, observes Jason Harris, CEO of QBE…
FOS finally makes interim leaders permanent after Thomas exit
The Financial Ombudsman Service has finally appointed Jenny Simmonds as its permanent CEO and James Dipple-Johnstone as permanent chief ombudsman, almost a year-and-a-half after Abby Thomas stepped down from the top role.
Captives consultation ‘a strong start’ by regulators
Dan Sammons, captives manager for HDI Global UK & Ireland, reacts to a consultation paper released by UK regulators on Tuesday (14 July), saying it is a strong start, but that the execution will decide its success.
Aggregator bosses plead for access to standardised claims data
The CEOs of Compare the Market, Money Supermarket and Confused have all pleaded with the government to help aggregators standardise claims performance data.
Insurance’s AI blind spot is becoming a governance risk
Pressure to innovate is pushing insurers to deploy autonomous artificial intelligence systems without fully developed controls or auditability, warns Bharat Mistry, field chief technology officer at TrendAI.
The performance gap: Why operating models define competitive outcomes in insurance
The question facing every insurance leadership team is the same: is our operating model ready for what comes next? This whitepaper explores why the performance gap is not primarily a technology problem but an operating model one and how insurers can…
Defra sets out vet reforms to ‘radically modernise the industry’
The Department for Environment, Food and Rural Affairs has today (9 July) set out what it calls “the most significant overhaul of veterinary regulation in six decades”.
FCA insists delegated authority review isn’t challenge to MGAs
The Financial Conduct Authority’s work around outsourced and delegated authority work is not to challenge the model, but more to gain an understanding of the way the sector works.
E-Bikes, e-scooters and the cost of regulatory gaps
Without coordinated reform, Faye Fishlock, partner at law firm DAC Beachcroft, warns the social and financial burden of micromobility incidents will continue to fall on victims, insurers and motorists.