Regulation
FCA boss Wheatley 'disappointed' to be stepping down
Outgoing Financial Conduct Authority CEO Martin Wheatley has said that he is "disappointed" to be departing the top job at the regulator.
Editor's comment: Swinging from high to low
Last Wednesday was a day of extreme highs and lows for the insurance industry. The sector celebrated successes of the past year with the Oscars of the industry, the British Insurance Awards, with over 2000 insurance professionals letting their hair down…
PRA sets December deadline for final decision on SII models
The Prudential Regulation Authority is to make final decisions about firms' internal Solvency II models in December, according to its insurance supervision executive director Sam Woods.
FCA hires insurance leader as supervision director
The Financial Conduct Authority has appointed JLT strategic advisory group member Jonathan Davidson as its retail and authorisations supervision director.
Roundtable: Big Data: What can big data do for the insurance industry?
With big data playing a bigger role across all industries, the big question is what it can do for the insurance sector?
Post reveals consumer champions as Trust Insurance Taskforce
As part of its campaign to improve trust in the insurance industry Post has announced a taskforce of consumer champions, who will challenge insurers thoughts, beliefs and processes, and provide much need feedback and a realistic view of what customers…
FCA annual report reveals insolvent insurer and client money deficit
The Financial Conduct Authority has stopped 1300 small law firms renewing their professional indemnity cover with an insolvent insurer as well as correcting a £17m client money deficit in a medium-sized broker, according to its 2014/15 annual report.
PI nuisance calls and texts among top complaints received by ICO
The Information Commissioner’s Office saw a 12% increase in complaints regarding nuisance calls and texts in 2014, the data protection watchdog’s annual report showed.
Quindell delays 2014 results announcement
Troubled service provider Quindell has said its audited 2014 accounts will not be published by tomorrow (30 June) as planned.
FCA seeks industry feedback on value of publishing claims ratios
In a discussion paper published today, the Financial Conduct Authority has set out and invited comments on options for the publication of product value data, following concerns about poor value and a lack of effective competition in general insurance…
FCA defends costs in relation to EU counterparts
The Financial Conduct Authority has disputed its costs are significantly more than other European Union regulators after a critical response from an insurance trade body to its fees and levies for 2015/16.
FCA commences investigation into Quindell as it suspends AIM trading
The Financial Conduct Authority has confirmed it is conducting an investigation into Quindell in relation to public statements made about the outsourcing company's financial accounts during 2013 and 2014.
Industry defends data collection practices in light of CMA report
Insurers have defended their data collection processes following the publication of a critical Competition and Markets Authority report and calls from a consumer champion for greater transparency around how telematics data is used.
Lure of Liechtenstein questioned as reports of insurer interest surface
The Liechtenstein financial regulator has flagged an uptick in insurance companies looking to establish a presence in the principality despite analyst scepticism about the benefit of the territory as an outpost for UK insurers.
Brain training: 10 things you need to know about...
...anti-bribery and corruption regulations
Video: ABI Huw Evans
Association of British Insurers director general Huw Evans tells Post senior reporter Katie Marriner what general insurance issue is top of his agenda.
Motor insurance sector data collection practices scrutinised by CMA
The Competition and Markets Authority has highlighted widespread concerns about the use of consumer data and a "fragile level of trust" over future methods of data collection in a report focusing on three sectors, including motor insurance.
Editor's Comment: Heeding the warning shot
Following the Financial Conduct Authority’s recent thematic review into delegated authorities, compliance experts have cautioned this is a warning shot across the bow.
GAP market faces shake-up after FCA competition remedy
Firms distributing guaranteed asset protection insurance in connection with the sale of a vehicle from 1 September 2015 will be required to provide customers with information to help them shop around following new rules published by the Financial Conduct…
Product ratings championed as alternative to claims ratios for add-ons
Legal expenses insurers have supported product ratings as an alternative remedy to publishing claims ratio information for add-on products, but only if the ratings are based on detailed and relevant criteria.
Alps pitches product ratings as alternative to FCA claims ratios
Auto Legal Protection Services has suggested broker training and product ratings as alternative remedies to the Financial Conduct Authority's claims ratio conundrum for add-on products.
C-Suite - Insurer: Pulling in the same direction
We all need to work together to provide clarity and give clients a fairer deal, says Amanda Doran, head of commercial combined, QBE.
FCA appoints Sicsic as GI retail department head
Aviva group risk director and Oric International chairman Michael Sicsic has been appointed general insurance retail sector department head at the Financial Conduct Authority.
FCA slams Lloyds Bank's ‘unacceptable conduct’ as it issues £117m PPI fine
Lloyds Banking Group today (05 June) received a landmark fine over its mishandling of Payment Protection Insurance Complaints.