Financial Services and Markets Act: A victory against the regulator?
The Financial Services and Markets Bill was given Royal Assent on 29 June 2023, but is it a victory for the insurance industry – or a missed opportunity?
After almost one year of being passed through the houses, with numerous iterations and amendments, the Financial Services and Markets Bill can finally be called an Act.
“There were around 13 stages
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
Throwback Thursday: Insurer complains about red tape
Insurance Post’s Throwback Thursday steps back in time to April 1976 to remind you what was going on this week in insurance history, when an insurer’s chairman called the government’s approach into question.
Industry welcomes ‘common sense’ Mazur reversal
Several insurance law firms have welcomed the successful appeal against the Mazur ruling, with the decision being hailed as "common sense".
Storm damage claims test insurers’ settlement choices
A year of severe storms has strained repair networks and claims operations, which Ben Blain, head of property at Verisk Claims, points out has placed insurers’ settlement decisions, data oversight and ability to evidence fair customer outcomes firmly under the regulatory spotlight.
CMA sets out reforms for ‘outdated’ vet market
The Competition and Markets Authority today (24 March) set out its final report into the pet and vet market, with some legally binding reforms due to come in over the next couple of years.
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.