Regulation
Willis drops contingent commission ban
Broking giant Willis has confirmed that it will drop a ban on taking contingent commissions, just over two years after initially accepting the payments in its employee benefits arm.
Competition watchdog weighs credit hire cap U-turn
The Competition and Markets Authority is considering back-tracking on proposals to enforce a cap on the cost of replacement vehicles to non-fault motor insurance claimants.
Q&A: Ashwin Mistry: Speaking with one voice
The Chartered Insurance Institute’s new president, Ashwin Mistry, tells Callum Brodie why unity is top of his agenda, in a shift of emphasis at the body
C-Suite - Broker: Give the FCA what it wants
Brokers need not fear the FCA, as long as they put customers first
Trade Voice: What’s changed since 1886?
As we approach the third anniversary of the London riots, the British Insurance Brokers’ Association is submitting its response to the consultation Reform of the Riot Damages Act 1886.
Add ons review ‘gloomy reading’ for motor insurers
A regulatory review of the sale of general insurance add ons makes for “gloomy reading” for insurers including Direct Line, Esure and Admiral according to one analyst.
FCA holds to claims ratio publication plans
The Financial Conduct Authority has reiterated that the publication of claims ratios remains its “preferred measure” for assessing the efficacy of general insurance add on products.
Polish regulator KNF to look at conflicts of interest
The Polish regulator's focus on insurance is shaking up the sector, reports Iain Batty
Omdbudsman upheld fewer GI complaints in Q1
The Financial Services Ombudsman has resolved a smaller proportion of general insurance complaints in favour of consumers for the first quarter of 2014/15.
FCA to publish whistleblowing guide
Financial Conduct Authority chief executive Martin Wheatley has confirmed the watchdog will be publishing a guide to whistleblowing but has dismissed claims it is part of the regulator's thematic projects.
Aggregators cautious on FCA review
Price comparison websites have been muted in their response to the Financial Conduct Authority’s thematic review of the sector, which saw the watchdog warning that aggregators were falling short.
Aggregators failing to meet FCA expectations
The Financial Conduct Authority has this morning handed out a damning verdict on the price comparison website sector, finding such sites do not always ensure consumers were given information to make informed decisions.
Conduct is most concerning emerging risk for London market internal auditors
FCA perceived as being more focused on London market than its predecessor
Brokers warn over impact of renewal transparency plans on direct insurers
ABI sends FCA letter asking it to enforce minimum standards of information
Motor sector faces fresh scrutiny for failings over premium payment options
Customers offered monthly payment by default despite choosing to pay yearly
Watchdog welcomes ABI's proposals on renewals
The Financial Conduct Authority has called for businesses to improve the way they offer motor and home insurance policy renewals while it considers proposals from the Association of British Insurers to boost clarity in that area.
Brokers and insurers hit with 3.2% FCA levy hikes
Both general insurers and brokers will have their fees to the Financial Conduct Authority hiked for the next financial year.
Brokers expected to prove worth after cut to minimum level of solicitors’ PI
ABI criticises SRA’s ‘misguided idea’ that reduction will lower premiums
Supervision, contract law reform and sanctions are top IUA concerns
Supervision by the Financial Conduct Authority and Prudential Regulation Authority, reform of UK insurance contract law and international trade sanctions are the top regulatory concerns for members of the London companies market.
Fundamental dishonesty change will have 'unintended consequences' warns MASS
Lawyers from the claimant fraternity have raised concerns over the Transport Select Committee’s latest motor report, with the proposal to strike out claims for fundamental dishonesty and changes in the small claims track singled out for criticism.
Europe: Unemployment insurance
With Eurozone recovery taking longer than expected, does the road to rehabilitation lie in a common unemployment insurance solution?
In Focus: Public Sector - The importance of business continuity planning
Risk management and business continuity planning is an essential part of running a commercial business. But while it can help to protect profits and ensure a business's future, there is no less of a need for robust BCP in the public sector.
Q&A - Michael Butt: The impact of climate change
Some 67 insurance and reinsurance chief executives recently signed The Geneva Association’s Climate Risk Statement in Canada. Michael Butt, chairman of Axis and co-chair of the association’s extreme events and climate risk working group, comments on the…
PRA won't seek to prevent orderly insurer failure
Insurers should be allowed to fail, as long as their exit is orderly, the Prudential Regulation Authority has stated.