Commission disclosure
Could premium finance face Gap-like FCA action?
After the Financial Conduct Authority’s Matt Brewis labelled premium finance a “poor product”, Scott McGee examines if the industry has done enough to defend this method of paying for insurance or whether the regulator will soon feel forced to clamp down on the pricing practice.
Gove brings Bill banning excessive commission to parliament
Michael Gove, Secretary of State for Levelling Up, has brought a Bill to give leaseholders more power, while banning opaque and excessive buildings insurance commissions for freeholders and managing agents.
Five brokers to scrap third-party leasehold commissions
Five insurance broking groups have pledged to stop sharing buildings insurance commissions with landlords and to cap their own fees.
Biba launches FVA framework after FCA scrutiny
The British Insurance Brokers’ Association has launched a new framework to help members better articulate fair value.
FCA rules out banning broker commission
The Financial Conduct Authority has ruled out banning broker commission, despite being concerned by “high” 62% charges for arranging cladding insurance.
FCA promises action against overcharging brokers
The Financial Conduct Authority has warned brokers it will “take action” against those charging inflated commissions for arranging cladding cover, with some charging up to 62%.
View from the top: GRP’s Duncan Carter on cooling down a political hot potato
Duncan Carter, CEO of retail at Global Risk Partners, warns that a ban on paying commission to property-managing agents could backfire for leaseholders.
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 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.
Experts advise FCA to 'tweak their rules urgently' in multi-occupancy reform
Regulation experts say “there is no immediate implementation of anything” in the Financial Conduct Authority’s report on multiple-occupancy buildings and rules could be modified to extend product value assessments.
2021 insurtech funding breaks record; Aviva in Tractable tie-up; Dive-In Festival theme announced and Lloyd's syndicate offers adjusters green bonus
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Settlement reached in Besso 'secret profits' case
Long-running litigation between Besso and a group of Caribbean hotel and resort companies has ended in an out-of-court settlement.
Analysis: Commission in the crosshairs as FCA warns on product governance rules
The shift in the regulatory landscape could lead to “massive upheaval” experts have warned as brokers have been urged to engage with the process amid fears that the scope of fair value changes has not been understood.
This week in Post: Back to business
With the holiday break over, this week has seen people across the UK – some somewhat sluggishly – get back to business.
Besso faces near $10m lawsuit over ‘secret profits’ extracted by rogue former director
Exclusive: Besso is facing an almost $10m lawsuit from a group of hotel companies in the Caribbean, after an ex-director was alleged to have concealed brokerage.
Brokerbility chair calls for a move towards broker fees
Brokerbility chair Ashwin Mistry has called for the market to band together to cut distribution costs and bring in mandatory fees for transactions over £50,000.
This month in Post: Prizes, proposals and pledges
This month began with a bang as the annual British Insurance Awards highlighted the talent in the sector in 1950s style, with industry stalwart John O’Roarke being handed the Achievement Award.
Analysis: Commission costs and conflicts
Aviva and GRP’s split rekindles the consolidator commission debate
Allianz replaces Aviva capacity for GRP-backed Higos
Allianz will provide capacity for Higos’ SME business, following Aviva’s decision to cancel agencies with all GRP-backed brokers.
Blog: Eight things to look out for at Biba 2018
As the UK insurance sector descends on Manchester for the 2018 British Insurance Brokers' Association conference, Jonathan Swift predicts some of the key talking points on the floor and in the bars around the venue.
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.