Regulation
FCA launches discussion on competition impacts of big tech firms entering insurance sector
The Financial Conduct Authority is seeking views on the competition benefits and harms from big tech firms’ entry into a range of retail financial services sectors.
Stubben Edge and Helodrium join forces; Specialty MGA UK launches in London; PIB appoints group CFO
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
MS Amlin Underwriting slapped with almost £10m fine for historic governance failings
The Prudential Regulation Authority has fined MS Amlin Underwriting £9.7m for failings in its governance, controls and risk management in the period between 1 September 2014 and 31 December 2019.
ESG Analysis: Insurers' plan of action to divest from coal, oil and gas
As 'ESG Season' approaches in anticipation of Cop27 in Sharm El-Sheikh, Post investigates how insurers are adapting their investment portfolios in line with climate targets.
Mark Steward to step down from the FCA
The FCA’s executive director of enforcement and market oversight will leave the regulator in spring 2023 after seven years.
FCA still yet to fully investigate vast majority of Covid-related whistleblowing reports
The Financial Conduct Authority has yet to close the majority of Covid-related whistleblowing reports received in the past 18 months, according to a freedom of information request made by Post.
Jensten buys Ravenhall; Six leave Ed for Consilium; HF moves to Media City
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA dealt with less than a quarter of whistleblower cases received in 2021/22
For the period between April 2021 and March 2022, more than three quarters of the whistleblower submissions received by the Financial Conduct Authority are still under assessment.
Top 100 UK Insurers 2022
To date, the UK non-life market has been able to withstand the impact of operating challenges and with capital adequacy robust, William Keen-Tomlinson explains why the market has something of a buffer to absorb future uncertainty
E-scooter legislation must be mandated 'urgently' amid further trial extensions
Despite e-scooter trials being extended until May 2024, there is hope that legislation will be introduced sooner rather than later.
Markerstudy's Clare Lunn is set to lead the charge against opportunistic fraud
As the threat of opportunistic fraud rises in the face of the deepening cost-of-living crisis, Clare Lunn, Markerstudy’s head of counter fraud, calls on the industry to join together to continue to tackle this crime and the fraudsters behind it.
Data Analysis: FOS decisions reveal how customers are being treated
Post dives into recent decisions by the Financial Ombudsman Service to investigate how customers are being treated in the current financial climate.
Briefing: Government makes demands to Biba in response to ‘disturbing remuneration’ practices
The Secretary of State for Levelling Up, Housing & Communities, Simon Clarke has demanded ‘immediate changes’, ordering the British Insurance Brokers’ Association to address ‘disturbing’ remuneration practices following a Financial Conduct Authority…
Data Analysis: Insurer emissions tracker
As the world looks forward to Cop27, Post examines insurers' carbon reduction records to find out whether commitments match reality.
Blog: Will the risk and costs of legalising e-scooters outweigh the benefits?
With 31 regions across England currently trialling e-scooters as part of the drive towards Net Zero, David Nichols, chief claims officer at Zurich, considers what the consequences of legalising these vehicles will be for both insurers and policyholders.
Analysis: Re-merging the financial sector regulators
In 2013, Financial Services Authority was dissolved, and regulation responsibility was split between Financial Conduct Authority and Prudential Regulation Authority with intention it will create a more effective regulation of financial services. Now the…
Experts advise FCA to 'tweak their rules urgently' in multi-occupancy reform
Regulation experts say “there is no immediate implementation of anything” in the Financial Conduct Authority’s report on multiple-occupancy buildings and rules could be modified to extend product value assessments.
Amendments for financial bill proposed by task force labelling the FCA ‘a problem child’
Amendments to further protect consumers in the Financial Services and Markets Bill, due to be passed into law next year, have been proposed by a task force that wants to see regulators held more accountable.
Insurers agree FCA price walking ban benefits customers, but ‘doesn’t mean renewals will always go down’
Insurers have disputed Which? survey results saying the majority of their car and home insurance customers are seeing their prices go down which demonstrates that the ‘new rules are working’.
Companies are ‘treading a very thin line’ in avoiding data breaches
After ICO launched criminal proceedings against eight data thieves, companies have been told to revisit their cyber security to ensure they are properly secured and protected against potential data thieves as cyber attacks are on the rise.
Content Director's Comment: Is FSA Mk2 really on the cards?
As the final two Conservative leadership hopefuls entered the final furlong of their campaigns towards the end of August, favourite Liz Truss’ camp threw a curveball into the media-sphere with claims if elected she would merge the UK financial regulators…
The top 30 European Insurers 2022: A return to growth
Europe’s 30 largest non-life insurers returned to growth in 2021 and – although high inflation, supply chain disruptions and surging energy prices should translate into premium growth – Mathilde Jakobsen of AM Best explains that profitability is expected…
Insurance fraud expected to rise this year, reversing 2021 trends
Insurers and counter-fraud specialists expect the level of insurance fraud to increase this year, with the cost-of-living crisis driving more people to make dishonest claims.
Spotlight on ESG: Aligning ESG values - delivering the promises
Turning the fine words of carefully crafted corporate environmental, social and governance strategies into a meaningful reality is one of the top priorities for general insurers. However, as David Worsfold discovers, it remains a complex challenge