Regulation
This week in Post: Another unrated insurer bites the dust
Hooking the headlines this week, Danish unrated insurer Qudos was placed in liquidation by its owner.
Broker in liquidation Larksway has FCA authorisation pulled
Broker Larksway, which is currently in liquidation, has had its Financial Conduct Authority authorisation removed after the regulator alleged it failed to comply with a Financial Ombudsman Service ruling.
Roundtable: Dual pricing and loyalty
Loyal customers have long felt penalised by dual pricing. As the regulator and the government are promising to stop the practice, insurers discussed how to move the focus away from premiums to build stronger loyalty, at a roundtable organised by Post, in…
Blog: How insurance risks exclude victims of domestic abuse
Victims of economic abuse often struggle to access insurance, writes Alice Merry, financial inclusion consultant for Surviving Economic Abuse, explaining what the industry can do about it.
This Week: We'll be watching you
At long last, the Civil Liability Bill cleared its final parliamentary hurdle this week, opening the way for a much-awaited review of the personal injury discount rate.
MIB working with Aon to secure £400m of terrorism reinsurance cover
The Motor Insurers' Bureau hopes to secure £400m worth of reinsurance cover with an excess layer of £100m, ahead of the demutualisation of terrorism risks for third party motor on the 1 January 2019.
Whiplash bill clears final hurdle before receiving Royal Assent
The Civil Liability Bill has been sent for Royal Assent after final amendments were approved by the House of Lords yesterday.
Insurers warned a 'robust' system will be in place to monitor discount rate savings
Parliament expects the insurance industry to deliver on pledges to pass on discount rate reform savings and will be monitoring its progress, Lord Keen of Elie told a conference.
FSCS mulls raising levies on brokers using unrated
Exclusive: Brokers that continue to use unrated capacity, despite the collapse of insurers like Alpha and Gable, could pay higher levies to the Financial Services Compensation Scheme next year.
FSCS issues warning over insurer records
Exclusive: Insurers that have complicated distribution models are failing to maintain accurate records of policyholders, the CEO of the Financial Services Compensation Scheme has warned.
This week: No alarms and no surprises
After more than two years of contingency planning, this week’s news that a proposed Brexit deal was likely to lead to a loss of passporting was met with no more than a shrug of the shoulders.
Passporting ‘unlikely’ under terms of Brexit deal
Insurers are calling for greater clarity over a Brexit deal on financial services that could see a loss of passporting.
Blog: And the next CEO is…?
There continues to be change at the top of the UK's insurer board rooms. But instead of relying on the tried and tested recruitment strategies of the past, Consumer Intelligence's Ian Hughes suggests a more meaningful strategy to get the most out of your…
Wider sector may face similar scrutiny to 'too big to fail' insurers
In 2020 the International Association of Insurance Supervisors hopes to make key changes to how systemic risk in the insurance sector is measured and dealt with, in a move that could see more insurers face similar scrutiny to 'too big to fail' insurers…
IASB votes to push back IFRS 17 roll out
A consultation on pushing back IFRS 17 is expected, after the International Accounting Standards Board voted to postpone the implementation of the global accounting standards to 2022.
Review into CBL expected to ‘identify lessons’ for both the firm and the regulatory regime
The Reserve Bank of New Zealand has welcomed the liquidation of CBL Insurance and will be publishing a review into it next year.
Legal consultation launched into driverless cars
A wide-ranging consultation has been launched into the legal reforms surrounding driverless cars.
Debenhams urged to review links with Arron Banks' Eldon
Exclusive: Debenhams should review its relationship with Arron Banks-owned Eldon Insurance, following fines over alleged data misuse by the company, campaigners say.
The ABI's James Dalton on the FCA market study into pricing practices
The Citizens' Advice super complaint has highlighted that insurers needs to do more to serve existing customers, but James Dalton, director of general insurance policy at the Association of British Insurers believes its important to stress that the…
BBC pulls the plug on Arron Banks Question Time appearance
Eldon Insurance owner Arron Banks had been expected to appear on Question Time next week, but will no longer be a guest on the show amid a National Crime Agency investigation and fines by the Information Commissioner’s Office.
Eldon could face ‘significantly higher’ fines as ICO launches audit
Eldon Insurance could be faced with fines that are “significantly higher” than the combined £135,000 it and Leave.EU have been ordered to pay if the Information Commissioner’s Office finds evidence of misdeeds in an audit of the broker.
Eldon and Leave.EU facing combined £135,000 fines by ICO for ‘serious breaches’
Eldon Insurance and Leave.EU are both facing fines of £60,000 for alleged “serious breaches” of marketing regulations, while Leave.EU faces an additional £15,000 fine.
WTW's Nicolas Aubert on being bold to thrive in a global market
In a volatile geopolitical landscape, Nicolas Aubert, head of GB, Willis Towers Watson and current president of the Insurance Institute of London, urges the market to take the opportunity to rethink its position and think globally.
Competition watchdog urged to take further action on MFN clauses
Insurers, brokers and price comparison sites have welcomed a Competition and Markets Authority investigation into Compare the Market’s use of a controversial clause that prevents home insurers from offering cheaper prices elsewhere, but brokers argue…