Regulation
FCA chair Randell to step down next year
Financial Conduct Authority chair Charles Randell is to step down next spring after four years in the role.
Lloyd’s and London market D&I efforts light on inclusion, says FCA
The Financial Conduct Authority has urged Lloyd’s and London market insurers to do more foster more inclusive working environments in order to better serve customers.
SFO closes long-running Quindell investigation
The Serious Fraud Office has closed its criminal investigation into historic accounting practices at Watchstone, formerly Quindell.
Insurers to sue government on Vnuk
The Motor Insurers’ Bureau is to recommence legal action against the government over inaction on 'unnecessary' Vnuk costs.
Underwriters weigh impact of climate disclosures on D&O insurance
Underwriters of directors and officers’ insurance are weighing the impact climate-related obligations and commitments will have on claims, as business leaders face overseeing a growing raft of disclosures.
Chubb boss Greenberg lets loose on industry cyber failings
The insurance industry has not 'developed well' in tackling cyber risk, Chubb CEO and chair Evan Greenberg has told conference delegates.
Top 100 UK Insurers 2021: AM Best Commentary: Market able to withstand the impact of operating challenges
Covid-19 had the biggest impact on insurers in 2020. Commercial lines insurers suffered while personal lines insurers broadly benefited according to William Keen-Tomlinson, senior financial analyst in London for AM Best.
Rishi Sunak backs AR reform review in wake of Greensill
Chancellor of the Exchequer Rishi Sunak has backed a review of reforms to the appointed representatives regime in his response to a committee of MPs looking at Greensill Capital’s collapse.
CMA launches merger inquiry into Gallagher-Willis Re deal
The Competition and Markets Authority has opened a merger inquiry into Arthur J Gallagher buying Willis Towers Watson’s treaty reinsurance business looking at whether the proposed deal will lead to a lessening of competition in the UK market.
Treasury committee seeks answers from big tech firms on economic crime
Treasury Select Committee chair Mel Stride MP has written to Google, Ebay, Facebook and Amazon with a series of questions relating to their policies and actions to combat economic crime, prevent fraud and protect consumers.
Blog: The villain of the piece - Insurers cannot bear the risk of ESG change alone
Insurers have the opportunity to help drive global change but they cannot do it alone, blogs Kennedys partner Fleur Rochester.
BGL’s Mark Townsend on why the biggest industry change will lead to new opportunities
Mark Townsend, managing director of motor and home at BGL Insurance, details how pricing regulation changes give the industry an exciting chance to prove it is customer centric, earn trust, and alter perceptions once and for all.
FCA reveals staff terms and conditions review
The Financial Conduct Authority is reviewing staff incentives across the organisation having scrapped bonuses for executives, CEO Nikhil Rathi has confirmed.
General insurers lag behind reinsurers and investment managers in operational resilience readiness
General insurers are lagging behind reinsurers and investment managers in their preparation for operational resilience rules that come into force in March 2022, according to research by Oric International and Sicsic Advisory.
Trade bodies collaborate on product governance amid concerns of sluggish progress
Insurance industry trade bodies are working to agree templates for information sharing between firms to enable them to more easily come into line with the Financial Conduct Authority’s enhanced product governance rules.
Analysis: Commission in the crosshairs as FCA warns on product governance rules
The shift in the regulatory landscape could lead to “massive upheaval” experts have warned as brokers have been urged to engage with the process amid fears that the scope of fair value changes has not been understood.
Blog: Improving customer retention in insurance
Ello managing director Michael Kalli considers recent research that suggests fewer than one in 10 consumers feel like they are a valued customer to their insurer.
FCA commits to swift change for listing regime 'still stuck in 1984'
The current listing regime is 'stuck in 1984', a Financial Conduct Authority official said as they forecast some changes by the end of the year.
Blog: We are not responding fast enough to the climate change challenge
Climate change still remains the biggest challenge facing society, and we aren’t responding fast enough, writes Guido Fürer, group chief investment officer and member of the group executive committee, Swiss Re.
Insurers among host of UK businesses urging PM to show 'strong leadership' ahead of COP26
Insurance companies are among a group of more than 80 UK businesses that have urged Prime Minister Boris Johnson to show “strong leadership” to ensure the upcoming COP26 climate summit is a success.
Intelligence: Pepping up the primary markets
The Financial Conduct Authority is currently consulting on proposals to encourage young, fast-growing firms to seek a public listing at an earlier stage in their development. Edward Murray investigates if this will give a boost to the insurance sector,…
Covid wedding claimants could have lost out due to 'misleading information'
Exclusive: Wedding insurance customers of UK General and Great Lakes may have been supplied “misleading information” leading to a reduction in Covid-19 claim payouts or preventing them from claiming.
Analysis: Business interruption late payment claims a 'live issue'
Insurers could still face claims for damages relating to the late payment of Covid-19 business interruption claims under an as yet untested part of the law, according to lawyers.
Last chance to decide Industry Impact winner at 2021 British Insurance Awards
The voting is open for you to decide who should win the Industry Impact Award at tomorrow’s British Insurance Awards. But be quick as the poll closes at noon tomorrow.