Compliance
Biba calls on FCA to cut out 'jargon' amid product governance confusion
The British Insurance Brokers’ Association has called for the Financial Conduct Authority to cut down on the amount of jargon in its rulebook, saying that the terminology used in new product governance rules risks confusing brokers.
General insurers lag behind reinsurers and investment managers in operational resilience readiness
General insurers are lagging behind reinsurers and investment managers in their preparation for operational resilience rules that come into force in March 2022, according to research by Oric International and Sicsic Advisory.
Trade bodies collaborate on product governance amid concerns of sluggish progress
Insurance industry trade bodies are working to agree templates for information sharing between firms to enable them to more easily come into line with the Financial Conduct Authority’s enhanced product governance rules.
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.
British Insurance Awards 2021: Specialist Insurer of the Year Award
The winners of the British Insurance Awards were revealed on Wednesday 15 September at Battersea Evolution.
Lucida adds Pearce as broking CEO and Davenport as CRO
Simon Pearce and Insiyah Davenport have joined Lucida as CEO of the broking division and group chief risk officer.
FCA yet to fully investigate more than half of Covid whistleblowers’ reports
Exclusive: The Financial Conduct Authority has yet to close investigations into more than half of the reports made by Covid whistleblowers in the first year of the pandemic, with general insurance businesses among firms that have faced allegations.
Analysis: Inside two years of insurance data breach reports
Exclusive: Insurers, brokers and other firms within the industry have made 315 data breach reports over two years, with many of the best known businesses in UK insurance among those to notify and cyber a growing concern.
Spotlight: Personalisation - Exemplary experience, the route to differentiation
If you get your customer experience right, there is the potential to create real differentiation. Tim Hood, vice-president for Europe, the Middle East and Africa and Asia Pacific for Hyland, highlights why insurance companies need to personalise,…
AR consultation prompts stifling innovation concerns
A Financial Conduct Authority consultation on appointed representatives will tackle firms "circumventing" requirements, compliance consultants told Post, though concerns have been raised around barriers to entry and innovation.
FCA pledges more accountability after recent parliamentary criticism
The Financial Conduct Authority committed to becoming a more ‘innovative, adaptive and assertive regulator’ as it published its annual business plan.
Staysure acquires Rock, Esure joins forces with Minster Law, and Allianz invests in Heycar
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Stuart Forsyth describes 'hellish experience' as Upper Tribunal overturns fine and ban by ruling against FCA and PRA
Stuart Forsyth, the former CEO of Scottish Boatowners Mutual Insurance, has called on regulators to “learn from the errors they made in my case and work to restore the faith of regulated professionals” as the Upper Tribunal overturned his fine and ban.
FCA delays to approving c-suite broker roles slammed as outrageous
Compliance experts have advised brokers to add time into their recruitment plans for c-suite positions to account for “backlogs” in the Financial Conduct Authority’s approval process as one leading broker hit out at the “ridiculous” delays.
FCA broker c-suite approval times soar with CEOs waiting 151 days for sign-off
The average time taken for the Financial Conduct Authority to approve CEO applications from brokers has nearly tripled from 57 days in 2019 to 151 days this year, a Freedom of Information request by Post has revealed.
FCA ‘Dear CEO letter’ warns brokers about client money amid concern of widespread non-compliance
The Financial Conduct Authority has issued a stark warning to brokers about client money shortcomings it has seen in the market stressing that it will take action.
Prince of Wales launches sustainable insurance task force; Aviva joins forces with WWF; Ford links up with By Miles; and LV reveals PI panel
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Broker and insurer FSCS levies still up despite forecasts being slashed
The Financial Services Compensation Scheme has issued final levies for 2021/22 of £73.8m for brokers and £189.8m for insurers, down significantly on initial estimates but still up on this year’s bills.
FCA urged to speed up broker authorisations with approvals taking 121 days
A freedom of information request by Post to the Financial Conduct Authority has revealed the watchdog is taking an average of 129 days to make a decision on authorising firms applying for permission to trade as general insurance brokers selling non…
Government will hold insurers' 'feet to the fire' on whiplash savings: MoJ's Chalk
Whiplash rules have edged closer to their 31 May commencement, as Parliamentary Under-Secretary of State for Justice Alex Chalk said the government and regulator will hold insurers' "feet to the fire" on consumer savings if necessary.
FCA contacts 2800 firms about missing SMCR directory data
Experts have warned of the potential for fines and regulatory permissions being removed as the Financial Conduct Authority contacted 2800 firms about their directory persons information after the deadline for submissions passed on 31 March.
‘Reporting gap’ warning as less than 1% of intermediaries reported conduct breaches under first year of SMCR rules
Last year just 15 insurance brokers or intermediaries reported conduct rule breaches under the Senior Managers & Certification Regime, a freedom of information request has revealed.
Analysis: Brokers face PI exclusion dangers
Compliance consultants have highlighted the dangers for brokers of buying professional indemnity insurance with Covid-19 exclusions, warning that the Financial Conduct Authority can suspend permissions if firms do not get the right cover