Regulation
FCA fines JLT Specialty £1.8m
JLT Specialty has been fined £1.8m by the Financial Conduct Authority for failing to have appropriate systems in place to guard against the risk of bribery or corruption when making payments to overseas third parties.
Industry divided over Competition Commission’s motor recommendations
CC cost-cutting suggestions include banning credit hire referral fees
FCA urged to probe premium finance arrangements after TCF accusations
Whistleblower says ‘nearly all’ big brokers are shortchanging their customers
Webinar: Hanks, Woolgrove, Moore and Jenkins discuss Aldermanbury Declaration progress
Three years on from the launch of the Aldermanbury Declaration, Post recently held a webinar to look at how the industry is going to move on and raise the professionalism bar within the UK insurance industry.
FCA fines Porta Verde £25 000 for insurance mis-selling
The Financial Conduct Authority has fined Porta Verde Financial Services £25 000 after two of its appointed representatives mis-sold insurance, often to elderly and vulnerable customers.
Three insurance industry reps nominated to PRA panel
Three insurance industry members have been have been nominated to the Prudential Regulation Authority’s practitioner panel established to represent the interests of the financial services industry.
Lloyds Banking Group firms hit with £28m FCA fine
The Financial Conduct Authority has fined Lloyds TSB Bank and Bank of Scotland, both part of Lloyds Banking Group more than £28m for serious sales incentive failings including protection products.
Insurance Technology Conference: Insurers must wake up to the risks of misusing data
Data presents huge opportunities for insurers but the potential for misusing it is a serious risk for the industry, according to speakers at Post's Insurance Technology conference.
MoJ to strengthen CMC complaints service
Legal changes announced by the Ministry of Justice will see consumers receiving compensation should they be mistreated by claims management companies.
Howden compliance chief calls for simple approach to FCA visits
Brokers should not volunteer additional information on top of what is initially requested when faced with a visit by the Financial Conduct Authority, says Howden's head of risk and compliance.
Post magazine – 5 December 2013
The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
Towergate tipped to escape with FCA ticking off after misallocation of £15m
Auditor KPMG could find itself in the firing line for failing to spot error.
Review of the Year: Loss Adjusting: Outlook unclear
Benign weather, regulation speculation and insurer panel reviews turned what began as a positive year for loss adjusters into a period of uncertainty. How do key figures from the sector feel about the past 12 months?
FCA will push for brokers to have ‘house in order’, UKGI predicts
Compliance consultancy UKGI predicts 2014 will see the conduct regulator pressuring the broking community to “put its house in order” before insisting on fresh regulations.
Post Magazine - 28 November 2013
The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
Brokers baffled as FCA places them in ‘high risk’ group
Aggregators say FCA probe into sector no longer relevant.
Editor’s Comment: Thematic fatigue
The old cliché goes that you should sometimes be careful what you wish for.
Lloyd’s: A period of adjustment
In a challenging year for the market, how is Lloyd’s responding to regulatory changes, international competition and the potential threat posed by passive underwriting structures?
Separate conduct regulator proposed in Scottish independence paper
Scotland would set up its own financial conduct regulator if it becomes independent from the UK, according to the Scottish government’s white paper on independence released today.
C-Suite: Stay a step ahead of cyber crime
From a debilitating attack on service to a simple system break‑in, cyber attacks can vary in their sophistication and in the harm they can cause to organisations, says Chubb's Chris Pavlou.
Lemma finance boss helped to supply 'false' returns
An investigation by Gibraltar’s Financial Services Commission has condemned the conduct of Lemma Europe’s de factor finance manager, finding he participated in filing returns which falsely indicated the insurer was complying with solvency requirements.
Biba to expand cost of regulation research to include non-EU markets
The British Insurance Brokers’ Association is revisiting research it conducted in 2011 on regulatory cost for brokers with plans to expand its scope to include key insurance markets outside the UK and Europe.
Scottish constitution: A separate health and safety regime for Scotland?
The Enterprise and Regulatory Reform Act 2013 is now in force across the UK, however what has gone largely overlooked thus far are the exceptions to ERRA and the potential for a uniquely Scottish approach to the regulation of health and safety.
Insurers facing 'fundamental issues' ahead of Solvency II implementation
Only half of insurers understand the full impact of Solvency II, according to PA Consulting Group, which claims the industry must overcome “fundamental issues” in order to be ready in time.