Regulation
Trade Voice: Apil's Neil McKinley on why a total ban on cold calling would be an easy win for the government
Neil McKinley, president of the Association of Personal Injury Lawyers, argues that cold calls are far more than just a nuisance and that restrictions introduced in 2018 do not go far enough.
Analysis: Saga's ICO fine provides cautionary tale on third-party marketer pitfalls
Saga was fined £225,000 by the Information Commissioner’s Office in September after it was found that its marketing partners had sent millions of nuisance emails, highlighting the pitfalls companies face chasing leads.
MOJ to 'reflect' on visibility of OIC portal
A Ministry of Justice representative has said it will 'reflect' on communication around the Official Injury Claim portal.
OIC portal data raises 'questions' on exceptional circumstances and access to justice
Official Injury Claim data has raised questions among insurers and claimant representatives, with one expert warning trends "strongly" imply teething problems warnings hold true.
Less than 10% of whiplash portal claimants unrepresented
Ministry of Justice data shows that nine in ten claimants using the Official Injury Claim whiplash portal have done so using a lawyer or other representation.
Blog: The future of pet insurance under the FCA
New Financial Conduct Authority rules for home and motor insurance could signal a change in the pet insurance industry in future, unless the market can act ahead of time, blogs Mark Colonnese, director of Aquarium Software.
Biba calls on FCA to cut out 'jargon' amid product governance confusion
The British Insurance Brokers’ Association has called for the Financial Conduct Authority to cut down on the amount of jargon in its rulebook, saying that the terminology used in new product governance rules risks confusing brokers.
FCA warns brokers 'failed to understand' product governance rules impact
Brokers have 'failed to understand the impact' of product governance rules that came into force on 1 October, the Financial Conduct Authority has said.
FCA chair Randell to step down next year
Financial Conduct Authority chair Charles Randell is to step down next spring after four years in the role.
Lloyd’s and London market D&I efforts light on inclusion, says FCA
The Financial Conduct Authority has urged Lloyd’s and London market insurers to do more foster more inclusive working environments in order to better serve customers.
SFO closes long-running Quindell investigation
The Serious Fraud Office has closed its criminal investigation into historic accounting practices at Watchstone, formerly Quindell.
Insurers to sue government on Vnuk
The Motor Insurers’ Bureau is to recommence legal action against the government over inaction on 'unnecessary' Vnuk costs.
Underwriters weigh impact of climate disclosures on D&O insurance
Underwriters of directors and officers’ insurance are weighing the impact climate-related obligations and commitments will have on claims, as business leaders face overseeing a growing raft of disclosures.
Chubb boss Greenberg lets loose on industry cyber failings
The insurance industry has not 'developed well' in tackling cyber risk, Chubb CEO and chair Evan Greenberg has told conference delegates.
Top 100 UK Insurers 2021
Covid-19 had the biggest impact on insurers in 2020. Commercial lines insurers suffered while personal lines insurers broadly benefited according to William Keen-Tomlinson, senior financial analyst in London for AM Best.
Rishi Sunak backs AR reform review in wake of Greensill
Chancellor of the Exchequer Rishi Sunak has backed a review of reforms to the appointed representatives regime in his response to a committee of MPs looking at Greensill Capital’s collapse.
CMA launches merger inquiry into Gallagher-Willis Re deal
The Competition and Markets Authority has opened a merger inquiry into Arthur J Gallagher buying Willis Towers Watson’s treaty reinsurance business looking at whether the proposed deal will lead to a lessening of competition in the UK market.
Treasury committee seeks answers from big tech firms on economic crime
Treasury Select Committee chair Mel Stride MP has written to Google, Ebay, Facebook and Amazon with a series of questions relating to their policies and actions to combat economic crime, prevent fraud and protect consumers.
Blog: The villain of the piece - Insurers cannot bear the risk of ESG change alone
Insurers have the opportunity to help drive global change but they cannot do it alone, blogs Kennedys partner Fleur Rochester.
BGL’s Mark Townsend on why the biggest industry change will lead to new opportunities
Mark Townsend, managing director of motor and home at BGL Insurance, details how pricing regulation changes give the industry an exciting chance to prove it is customer centric, earn trust, and alter perceptions once and for all.
FCA reveals staff terms and conditions review
The Financial Conduct Authority is reviewing staff incentives across the organisation having scrapped bonuses for executives, CEO Nikhil Rathi has confirmed.
General insurers lag behind reinsurers and investment managers in operational resilience readiness
General insurers are lagging behind reinsurers and investment managers in their preparation for operational resilience rules that come into force in March 2022, according to research by Oric International and Sicsic Advisory.
Trade bodies collaborate on product governance amid concerns of sluggish progress
Insurance industry trade bodies are working to agree templates for information sharing between firms to enable them to more easily come into line with the Financial Conduct Authority’s enhanced product governance rules.
Analysis: Commission in the crosshairs as FCA warns on product governance rules
The shift in the regulatory landscape could lead to “massive upheaval” experts have warned as brokers have been urged to engage with the process amid fears that the scope of fair value changes has not been understood.