Regulation
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.
Why insurers belong in the room before infrastructure is built
Trade Voice: Agata Gorecka, general insurance policy adviser at the Association of British Insurers, argues insurers should be brought into national infrastructure planning from the outset.
FCA set to simplify fair value measure data reporting
The Financial Conduct Authority has proposed plans to reduce the reporting burden on firms surrounding the fair value measures data.
Staff will reject ‘Ask Jeeves’ AI tools if options are limited
Ed Jackson, chief commercial officer at MGA HomeProtect has urged firms not to give staff “the Ask Jeeves equivalent of artificial intelligence” and establish some key principles in how to use the technology from the outset.
FCA weighs AI challenge as ChatGPT reshapes insurance distribution
The Financial Conduct Authority is considering a review of whether its regulatory perimeter needs to expand as growing numbers of consumers turn to artificial intelligence tools such as ChatGPT for help choosing an insurance policy.
City minister urges insurers to tackle economic abuse
City minister Lucy Rigby has called on insurers to step up efforts to identify and tackle economic abuse, urging firms to embed safeguards into product design and customer services.
ABI urges insurers to strengthen support for abuse victims
The Association of British Insurers has produced two guides to help customers and colleagues experiencing economic abuse, setting out steps to support those affected.
FCA continues to scrutinise premium finance APR outliers
Chris Knight, the Financial Conduct Authority’s new director of insurance, has revealed he wants to see premium finance annual percentage rates fall further.
Time:To – MGAA’s Keating on how to stay on top of governance
The importance of data to keep tabs on delegated authority to satisfy the regulator is stressed by Michael Keating, CEO of the Managing General Agents’ Association, in the latest Insurance Post Time:To video.
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.
Brewis on regrets the FCA didn't go further on fair value
Former Financial Conduct Authority head of insurance Matt Brewis has said he wishes the regulator had gone “further along the journey of fixing fair value assessments”.
Verisk’s Sawford argues explainable AI is insurance’s future
The next phase of artificial intelligence adoption in insurance will be defined by firms' ability to explain, validate and stand behind every AI-assisted decision, according to Chris Sawford, managing director of Verisk General Insurance UK & Ireland.
Data quality is one of the biggest barriers to success with AI
Helen Richardson, senior product manager for the UK and Ireland at LexisNexis Risk Solutions, points out before the artificial intelligence revolution can happen, insurance providers need to get their data house in order.
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.