Regulation
'No doubt' whiplash portal will need tweaking after launch: ABI’s James Dalton
Association of British Insurers director of general insurance policy James Dalton told Post there is “no doubt” the whiplash portal will need fine-tuning, but he is optimistic about the launch.
Trade Voice: Foil's Jennette Newman on the penalties facing firms that misfire on climate transition
As the world begins to really face up to climate change, Jennette Newman, president of the Forum of Insurance Lawyers and partner at Clyde & Co, warns that the regulatory, reputational and legal penalties for failing to transition a climate-friendly…
Briefing: From Who Evans? to Huw Da Man - How the understated DG made his mark at the ABI
As Huw Evans plans to step down as director general of the Association of British Insurers to join KPMG as a partner at the end of the year, Jonathan Swift looks back at his time at the trade body and assesses how he has helped both modernise it and keep…
Climate stress tests not a 'capital generation exercise': BoE's Claus
The Bank of England’s forthcoming climate stress tests of the UK financial services sector have been designed to provide a view of “the size of the adjustment that is needed”, regulators told an industry summit on Thursday.
Broker and insurer FSCS levies still up despite forecasts being slashed
The Financial Services Compensation Scheme has issued final levies for 2021/22 of £73.8m for brokers and £189.8m for insurers, down significantly on initial estimates but still up on this year’s bills.
Biba 2021: Key takeaways from John Glen's appearance
John Glen MP, Economic Secretary to the Treasury, tackled insurance premium tax, broker Financial Services Compensation Scheme levies, cladding, Brexit and more in his keynote address to the British Insurance Brokers’ Association’s 2021 conference…
Biba Conference Special: Q&A with Steve White
Ahead of the British Insurance Brokers’ Association hosting its annual conference online for the first time ever, Post caught up with CEO Steve White to discuss what virtual attendees will see and hear about, the trade body’s ongoing lobbying and his…
FCA urged to speed up broker authorisations with approvals taking 121 days
A freedom of information request by Post to the Financial Conduct Authority has revealed the watchdog is taking an average of 129 days to make a decision on authorising firms applying for permission to trade as general insurance brokers selling non…
Government will hold insurers' 'feet to the fire' on whiplash savings: MoJ's Chalk
Whiplash rules have edged closer to their 31 May commencement, as Parliamentary Under-Secretary of State for Justice Alex Chalk said the government and regulator will hold insurers' "feet to the fire" on consumer savings if necessary.
FCA contacts 2800 firms about missing SMCR directory data
Experts have warned of the potential for fines and regulatory permissions being removed as the Financial Conduct Authority contacted 2800 firms about their directory persons information after the deadline for submissions passed on 31 March.
Government warned on ALKS classification as the tech gets the go ahead for this year
The government has announced “self-driving” vehicles could be used on the UK roads this year, as insurers and vehicle experts warned that misclassification of automated lane keeping systems could lead to "misuse" of the technology with potentially tragic…
Small claims track limit changes as whiplash rules get Lords committee green light
Parliamentary under-secretary for the Ministry of Justice, Lord Wolfson has said it is “better late than never” as whiplash regulations passed through the House of Lords with changes to small claims track limit plans.
Blog: Gearing up for the FCA’s pricing reforms
Tony Tarquini, director of insurance EMEA for Pegasystems, considers the IT hurdles that insurers face in getting ready for pricing practises reforms – and why he believes they need to be ready to make rapid changes in the future.
FCA fees update: Key takeaways as regulator to hike fees by 5.2%
The Financial Conduct Authority has published its latest fees update, with a consultation set to run into May.
Broker to compensate customers for oversight breaches as regulator eyes AR clampdown
The Financial Conduct Authority has launched its fees consultation and hit out at appointed representative drivers of harm, as it publicly censured Alsford Page & Gems for AR oversight breaches relating to the sale of extended warranty insurance.
Data Analysis: Business interruption payment tracker - Claims payouts top £1.3bn
Post tracks test case related Covid-19 business interruption claims payouts according to Financial Conduct Authority figures.
Analysis: The Scottish redress Bill's waiver conundrum
Scotland's redress Bill was passed by the Scottish parliament in March and sets out a fresh way for residential care abuse survivors to access compensation. But attempts to involve insurers and encourage organisations to contribute have left it with a…
‘Reporting gap’ warning as less than 1% of intermediaries reported conduct breaches under first year of SMCR rules
Last year just 15 insurance brokers or intermediaries reported conduct rule breaches under the Senior Managers & Certification Regime, a freedom of information request has revealed.
Intelligence: EU Trading - Doing business in Europe
With no post-Brexit equivalence or passporting regime available to UK brokers, they have had to explore other avenues to continue to trade across the European Union. David Worsfold explores the options open to intermediaries and the benefits they can…
Editor’s Comment: We are not in the same boat
As the anniversary of the first national lockdown where Prime Minster Boris Johnson told us to “stay at home” on 23 March 2020 came around Post spoke to host of insurance workers – the home-schooling parent, the mental health expert, the medical…
Allianz’s Stephanie Smith on being prepared for operational resilience
Stephanie Smith, chief operating officer at Allianz Insurance, assesses how the focus on operational resilience has taken old school business continuity planning and added helpful and important extras.
Analysis: Brokers face PI exclusion dangers
Compliance consultants have highlighted the dangers for brokers of buying professional indemnity insurance with Covid-19 exclusions, warning that the Financial Conduct Authority can suspend permissions if firms do not get the right cover
Trade Voice: Airmic's Julia Graham on managing biodiversity risk
The World Economic Forum identified biodiversity loss as one of its top five global risks earlier this year. Airmic deputy CEO and technical director Julia Graham argues that taking action is in businesses' interests as well as the planet's.
Court case thwarted BI claims solution that was just two weeks away, says Ardonagh’s Ross
A coalition of brokers working with Hiscox was just two weeks away from solving the problem of Covid-19 business interruption claims but the court case cut the legs off the solution, Ardonagh CEO David Ross has claimed.