Regulation
UK could be 'leader' in drone technology with right regulation says Lords committee
The UK could become a global leader in drone technology, but regulation is needed to ensure public concern about the safety of unmanned systems does not set the industry back.
A quarter of firms likely to miss Solvency II deadline
Most insurers expect to be ready for the reporting and disclosure requirements of Solvency II by the end of the year, however a significant minority will struggle to meet to deadline, a survey by financial adviser Grant Thornton has found.
Editor's comment: Golf anyone?
The image of an insurance non-executive director having an easy life where they just pop in and attend quarterly business meetings and spend the rest of their life on the golf course is long gone.
Solvency II NEDs told to ‘up their game' in face of increased regulation
The risk of a decreased talent pool has been highlighted by market players as a potential ramification of “onerous” regulation targeting non-executive directors at Solvency II insurance companies.
FCA whistleblowing proposals to cost large firms £280,000
A Financial Conduct Authority consultation that would require insurers to implement formal whistleblowing procedures has an indicative annual cost of £280,000 for large firms.
Blog: ERRA Update - Scotland poised to reverse the impact of s69?
The Enterprise and Regulatory Reform Act 2013 came into effect over a year ago. Brodies solicitor David Hennessy looks at the Act's impact and a bill proposed to reverse its effects
Political Interview: Matthew Hancock: A positive relationship
In the countdown to the general election, Post caught up with Matthew Hancock, Minister of State at the Department for Business, Innovation and Skills, to find out his views on the insurance industry
Brain Training ...handling client money
The top 10 things you should know about handling client money.
SII insurer NEDs to face same regulation as banks
Changes to the banking industry's senior managers regime that affect non-executive directors are to be implemented for Solvency II insurers, the Financial Conduct Authority says.
Company policies failing to protect vulnerable consumers finds FCA
The Financial Conduct Authority has challenged financial services firms to develop new approaches to support vulnerable consumers.
UK-based multinationals face VAT hike after HMRC decision
UK-based multinational insurers face a hike in their VAT bill from 1 January 2016 following a ruling by HM Revenue and Customs.
Political Interview: Steven Woolfe: Woolfe at the door
With the UK Independence Party preparing to swoop for an unprecedented number of seats on 7 May, the party’s spokesman for Financial Services and Immigration Steven Woolfe tells Post what his party would do in power
Brokers welcome changes to 100-year old legislation as Insurance Bill gains Royal Assent
The British Insurance Brokers’ Association has welcomed the Insurance Act, which has today received Royal Assent.
Interview: Brendan McCafferty: Closing the floodgates
With just months to go until Flood Re is expected to be operational, CEO Brendan McCafferty gives Post a run-down of what he and his team need to achieve
IUA calls for clarity on individual responsibilities
The International Underwriting Association has called on UK insurance regulators to clearly state the prime authority of company boards over individual responsibilities for complying with industry rules.
India's Insurance Bill could open door for Lloyd's
Lloyd's is keen for India's long awaited Insurance Bill to be ratified by Parliament.
Towergate Financial facing £85m mis-selling bill
Towergate expects to pay up to £85m in redress costs for the mis-selling of two financial products to the end of 2012.
11 banks facing 2 million compensation bills over card protection product
Eleven banks and credit card issuers may be forced to pay compensation to approximately two million people over the sales of a card security product.
FCA launches fresh PPI complaints investigation
The Financial Conduct Authority has announced a new probe into complaints over the sale of payment protection insurance that may see it set a time limit for complaints.
IUA airs experience fears over PRA's new insurance lead
The International Underwriting Association has revealed concerns over a lack of insurance experience at the Bank of England after Sam Woods was named executive director of insurance supervision.
PRA names Woods as insurance supervision lead
The Prudential Regulatory Authority has named financial stability strategy and risk director Sam Woods as its new executive director of Insurance supervision, replacing Julian Adams.
Gibraltar to overhaul regulatory regime for financial services
Gibraltar's government and its Financial Services Commission have joined forces to develop a new regulatory framework for financial and professional services.
CPP CEO Escott warns brokers about PE snubs if they ignore regulation
Insurance businesses need to “embrace” regulation or face tough consequences if they continue their current “amateurish” practices. Not least the fact they will struggle to sell a business if their compliance is not up to scratch, says CPP's Brent Escott.
49 law firms enter PI cessation period
12 law firms have been forced to close their businesses after failing to obtain professional indemnity cover, the Solicitors Regulation Authority has confirmed, while 49 have yet to renew PI cover.