Regulation
Gove ‘outraged’ by broker leasehold commissions
In a letter to Financial Conduct Authority CEO Nikhil Rathi, the Secretary of State for Levelling Up, Housing and Communities, Michael Gove, said he is “outraged” by the findings of the FCA report into broker remuneration.
FCA tells brokers to stop paying third parties without justification
The Financial Conduct Authority expects brokers of multi-occupancy buildings to “immediately stop paying commissions to third parties where they do not have appropriate justification and evidence for doing so”.
Could the PRA soon be knocking on personal lines insurers’ doors?
Editor’s View: 2022 was tough for personal lines, but if you are an insurer who had a particularly difficult year, the Prudential Regulatory Authority could soon be knocking on your door.
Howden’s Peter Blanc on whether AI is the answer to Consumer Duty compliance
Peter Blanc, executive chairman of Howden UK and Ireland, examines the challenges inherent in the forthcoming Consumer Duty and asks whether artificial intelligence could help the industry meet its demands.
Regulator warns insurers it is ready to mark ESG homework
The Prudential Regulation Authority told insurers to make sure they are doing their environmental “homework” because the watchdog will soon be marking it.
Rental versus private e-scooter data and legal implications
New data on e-scooters will be vital in assisting regulators and insurers with future planning, says Petty Abrams, associate at Plexus Law.
Why the Consumer Duty could reduce general insurance options
Editor’s View: Insurance Post Editor Emma Ann Hughes is concerned the Consumer Duty combined with claims inflation could reduce choice for personal lines policyholders.
Could insurance brokers soon face caps on commission?
Analysis: As the government demands pulling the plug on unfair insurance commission, Frances Stebbing examines whether the regulator could change the rules for how brokers get paid.
Clash with CII prompts PFS to launch review
The recent decision from the Chartered Insurance Institute to appoint three new institute directors to the PFS board in December last year, prompted PFS to launch independent review.
Five key takeaways from the FCA's business plan
The Financial Conduct Authority's Business Plan for 2023 to 2024 detailed plans for the regulator to check the finances of brokers as well as MGAs in the year ahead.
Gallagher buys Buck; Pen’s latest deal; Spring’s commercial PI binder
Friday Round-Up: Ahead of Good Friday and the Easter Bank Holiday, Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Calls for e-scooter rules in UK to avoid a repeat of Parisian ban
After Parisians voted to ban rental e-scooters in their city, lawyers have called for lessons to be learned from fatal crashes in France and for comprehensive UK legislation to avoid a similar outcome here.
CII’s Connell on vast implications of the FCA’s sustainability strategy
Trade Voice: Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, explains how the FCA’s approach to sustainability will permeate every aspect of the insurance industry.
Is it time to overhaul the personal injury discount rate?
Ahead of the consultation on changes being made to the single personal injury discount rate closing on 11 April, Insurance Post explores what dual or multiple rate models could mean for claimants.
FCA reveals hundreds of BI claims still being considered
Three years on from the first Covid-19 lockdown, the industry is still considering whether 341 business interruption insurance claims are valid.
Ombudsman expects uptick in insurance complaints
The Financial Ombudsman Service expects the number of general insurance complaints it receives to go back to pre-pandemic levels in the year ahead.
Why we need fire and brimstone over Consumer Duty
Editor's View: Emma Ann Hughes asks whether Old Testament-style regulation is required to push general insurers to meet the Consumer Duty requirements.
View from the top: Money and Mental Health Institute's Conor D'Arcy on how to help customers with mental health problems
Conor D'Arcy, head of research and policy at the charity founded by Martin Lewis, explains what general insurers must do to make the industry accessible for customers with mental health problems.
Martin Lewis’s charity outlines steps for Consumer Duty compliance
A charity established by campaigning journalist Martin Lewis has urged insurers to provide mental health training for underwriters and frontline staff if they wish to adhere to the FCA’s Consumer Duty requirements.
Open insurance: A reality or a pipe dream?
Blog: Karim Derrick, product and innovation director at Kennedys IQ considers how prepared the insurance industry is for introducing the concept of open insurance.
A smooth exit strategy is essential should things go south, says PRA
Shoib Khan, director of insurance supervision at the Prudential Regulatory Authority, warned that businesses and senior management must be ready to pull the plug on writing new business before things get too messy should market conditions become too…
Who is responsible for ending the insurance poverty premium?
Analysis: Social Market Foundation research shows insurance is increasingly unaffordable for those on low incomes; news editor Scott McGee examines who is responsible for preventing a “poverty premium” being charged.
FCA still asking insurers if they have heard of Consumer Duty
With only four months to go until the Financial Conduct Authority’s Consumer Duty comes into force, the regulator has reached out to insurers to ask if they have even heard of the new set of rules.
‘Serious concerns’ about Ombudsman power to increase redress awards by 20% in two years
Industry experts shared concerns that the Financial Ombudsman Service's award limits are “very high” and could push small firms out of business.