Regulation
ABI criticises FCA's late decision on complaints rules timeframes
The Association of British Insurers is disappointed the Financial Conduct Authority's amendment to the implementation date for changes to complaints handling and reporting processes, announced today (4 December), has come too late to avoid insurers…
FCA transparency proposal deemed a 'partial solution'
Industry commentators have challenged the Financial Conduct Authority for putting forward a "partial solution" in its proposal that would require general insurers to publish the prior year's premium on renewal notices, announced today (3 December).
FCA posts alert about unauthorised insurer
The Financial Conduct Authority has issued a warning about an unauthorised insurance company, AJ Cox Insurance.
Fraud 2015: Collaboration is sharing knowledge not just data
There are too many databases and not enough pressure on the Claims and Underwriting Exchange to tackle fraud, Covéa Insurance’s head of financial crime told delegates at the Fraud Summit.
FCA launches big data investigation in GI sector
The Financial Conduct Authority has launched a "call for inputs" on the use of big data in the general insurance sector.
Allianz's internal SII model gets regulators' approval
Allianz Insurance, as part of the Allianz SE group, has gained regulatory approval to implement an internal model to calculate capital requirements under Solvency II.
Legal implications cited by insurers amid complex policy wording criticism
Insurers should be cautious about watering down legal policy wordings to make the documents easier to read, commentators have warned, despite new research showing one-third of policies are written for those with a university-equivalent reading level.
CMA private healthcare inquiry expected to rumble on despite positive findings
Health insurers are supporting the latest Competition and Markets Authority provisional findings released following an appeal of its final report into the private healthcare market, despite concerns the inquiry could rumble on for several more years.
The State of the Insurer Nation: Driving the industry forward
As the State of the Insurer Nation report comes to an end, what can the industry expect in the future and how can it move forward?
Companies warned to prepare for steeper fines and custodial sentences for H&S breaches
Companies and individuals convicted of health and safety offences will respectively face steeper fines and be subject to custodial sentences when new sentencing guidelines come into effect in February 2016, according to law firm Kennedys.
Industry united in call for FCA to be appointed CMC regulator
Insurers have rallied to support the Association of British Insurers' call for the Financial Conduct Authority to oversee the regulation of claims management companies.
Interview: Heather Wheeler: Picking up the baton
Heather Wheeler MP has taken over as chair of the All Party Parliamentary Group for Insurance and Financial Services. She talks to Post about her leadership style and what issues are on the agenda
Europe: Navigating the European maze
The European Union is in a state of flux, with a new parliament elected and an overhaul of the commission adding to an already complex institution. Where does this leave the insurance industry?
FCA proposes changes to improve communication
The Financial Conduct Authority has launched a consultation about how the financial services sector can improve communication with customers.
ABI defends position on diverted profits tax after Insurer Nation criticism
The Association of British insurers has defended its actions on diverted profits tax after coming in from criticism from insurers.
The State of the Insurer Nation: Week One: Regulation
In the first report of a five-part series covering Post’s latest State of the Nation survey, Mairi MacDonald reports on how regulation of the insurance industry is viewed by insurance CEOs and managing directors and how they think it could work better…
Editor's Comment: The Down Under conundrum
I’m all for encouraging the global imports and exports trade and, over the years, us Brits have adopted several Aussie traditions – such as throwing shrimps on the barbie, Kylie, Foster’s, Uggs, and, my favourite, Hugh Jackman.
Industry urges for home-grown FCA appointment
Industry commentators have been left perplexed by reports that Financial Conduct Authority head hunters have approached Australian regulator Greg Medcraft about the top job, and have urged the regulator to choose a CEO who will take the time to get to…
Treasury reversal on ‘guilty until proven innocent’ regime welcomed
The Treasury has reportedly back-tracked on plans to introduce a ‘guilty until proven innocent' policy as part of a proposed new senior managers and certification regime in the financial services sector.
Editor's Comment: Never say never again
This week, the Economic Minister to the Treasury Harriet Baldwin reportedly accused claims management companies of having gotten “completely out of control”, as the government called for evidence to make good on its summer budget promise of looking into…
FCA to introduce ban on pre-ticked add-ons from April 2016
The Financial Conduct Authority will ban the sale of insurance add-ons via pre-ticked boxes from April 2016 after a consultation found that customers were overpaying by as much as £200m per year for additional products.
FCA mulling deadline for PPI complaints
The Financial Conduct Authority is to consult on the introduction of a deadline for consumers intending to make a payment protection insurance complaint.
Climate Wise CEOs call for more action to slow climate change
The leaders of 15 Climate Wise members have written to the governor of the Bank of England Mark Carney and the Prudential Regulation Authority for more collective action to reduce the risk of climate change impacting society and, ultimately, the…
FCA sees 13.6% drop in GI complaints
Complaints to the Financial Conduct Authority about general insurance and "pure protection", a group that includes payment protection insurance, decreased by 13.6% in the first half of 2015.