Financial Compensation Scheme (FSCS)
GI insurers to face 175% FSCS levy hike
Insurers will face a £56m Financial Services Compensation Scheme levy hike in 2018/19.
Post Power List 2018: Andrew Bailey
CEO, Financial Conduct Authority
Post Power List 2018: Steve White
CEO, British Insurance Brokers’ Association
FSCS paid out £375m over 2016/17
The Financial Services Compensation Scheme’s compensation costs totalled £375m in 2016/17 in response to almost 37,000 claims.
Blog: Brokers need to cross-sell more
Brokers need to exploit cross-seeling opportunities to protect their business, writes Nick Mohan, joint managing director at Jackson Lee Underwriting, pointing to gap insurance and other niche covers.
Blog: Brokers needn't fear FCA commission reforms
If the Financial Conduct Authority restricted gross rate commissions on finance arrangements, brokers could feel a painful blow. However, they could claw back income elsewhere, argues Ravi Takhar, CEO of Bexhill UK, urging them to bring the premium…
Brokers: The unbearable weight of regulation
Brokers are becoming increasingly frustrated with the Financial Conduct Authority, citing rising compliance costs and an overbearing regulatory regime as hurdles to growth and innovation
Week in Post: Darts, brokers and wooden spoons
The first rule is that you shouldn’t talk about it, but nevertheless I had the pleasure of hearing all about Post’s team visit to trendy Shoreditch darts venue Flight Club this week.
Remaining Enterprise claims 'progressing rapidly', liquidator confirms
Premium claims yet to be returned to Enterprise policyholders will "progress rapidly" over the coming weeks, liquidator Freddie White has confirmed.
FSCS refunds 75% of Enterprise customers
Three out of four former policyholders of Enterprise have been compensated by the Financial Services Compensation Scheme.
FCA launches consultation on handbook changes
The Financial Conduct Authority has launched a consultation paper on the handbook changes needed to reflect the new insurance linked securities regime.
This Week in Post: Trump, restructuring and asparagus
One of the silver linings of my job is the fact I receive emails about a wide range of subjects, most relevant, some less so.
Biba calls on the FCA to address rising regulation costs
The British Insurance Brokers’ Association has called on the Financial Conduct Authority to address the cost of regulation on small brokerages.
Biba's Steve White on unravelling unrated insurers
I spent a large part of the last quarter of 2016 visiting the British Insurance Brokers' Association regions and talking to the advisory boards and committees as we usually do as part of our manifesto preparations.
Tailored policies and cyber set to influence market in 2017
Tailored insurance for new professions, cyber policies for SMEs, and the FCA’s consultation on the Financial Services Compensation Scheme are three key trends expected to influence the insurance market over 2017.
Enterprise and Gable will cost insurers £63m this year
Insurers will have to pay £63m in supplementary levies to the Financial Services Compensation Scheme this year, to cover the failures of Enterprise and Gable.
FSCS pays out over £26m on Enterprise claims
The Financial Services Compensation Scheme has paid out over £26m in compensation on claims following the collapse of Enterprise Insurance.
This week in Post: Unrated insurers and reasons to detox
The sallow, downbeat faces of my colleagues today can only mean one thing: it’s the morning after the staff Christmas party.
Industry 'concerned' over FSCS levy proposals
Trade bodies are concerned over the Financial Conduct Authority’s suggestions on Financial Services Compensation Scheme funding.
FSCS levy may rise for brokers that use unrated insurers
The financial services watchdog could make brokers that deal with unrated insurers pay a higher levy to the Financial Services Compensation Scheme.
Time running out for Gable motor and EL policyholders to find alternative cover
Motor and employers' liability policies underwritten by Gable will expire in two weeks, the Financial Services Compensation Scheme has warned.
Gable policies will expire in a month, FCA warns
Policies with Gable will automatically be cancelled in less than a month’s time, the Financial Conduct Authority has warned.
FSCS declares Gable in default
Gable has been declared in default by the Financial Services Compensation Scheme.
Thousands of motorists potentially uninsured following Enterprise collapse
More than 10,000 motorists may be driving without insurance following the collapse of Enterprise.