Compliance
Insurers face £1.4m shortfall from Inspire failure
Insurance providers are set to be left with a £1.4m hole from the collapse of Coventry-based Inspire Insurance Services, with the broker's total deficit estimated at £2.7m by liquidators.
FCA's product governance proposals could have longer term impact than price walking ban
Proposed changes to the Financial Conduct Authority’s product governance rules could prove to have a greater long-term impact than the regulator’s prospective price walking ban, consumer research and compliance experts have said.
Kingfisher alleges deceit and software breaches in £25m claim against ex-Fresh owners
Kingfisher UK Holdings has accused the former owners of personal lines specialist broker Fresh Insurance of covering up that its software used the Motor Insurance Bureau’s My Licence system in a way that breached its agreement with the MIB and the Data…
Needham buys book as FCA shuttered broker Inspire goes into liquidation
Inspire Insurance Services has gone into liquidation after the Financial Conduct Authority ordered the Coventry-based broker to shut up shop last month.
FCA issues client money order as it closes Midlands broker
The Financial Conduct Authority has shut down Inspire Insurance Services and ordered the broker to ringfence relevant funds in a string of sweeping instructions.
FCA reminder could be 'final warning' to CMCs
A Financial Conduct Authority letter to claims management company CEOs could foreshadow hefty enforcement action, industry sources told Post.
Analysis: FCA takes the ‘nuclear option’ on dual pricing
In September, the Financial Conduct Authority published its long-awaited final report on pricing practices in the home and motor insurance markets, putting forward a package of measures that its interim CEO described as “probably the most radical shake…
Q&A: CILA president and Crawford chief ethics officer Shaun Kelly
As the Chartered Institute of Loss Adjusters looks set to change its charter and by-laws to be more inclusive, its president Shaun Kelly talks to Jonathan Swift about why the value proposition of the loss adjuster and ethics are so important to him
Analysis: FCA sets sights on broker failures
The Financial Conduct Authority’s Dear CEO letter at the start of September revisited its concerns about insurance intermediaries being at risk of financial failure during the Covid-19 crisis and the need to plan for orderly wind-downs.
Insurtech Cytora unveils £2000 travel perk as it switches to permanent home working model
Commerical insurance focused insurtech Cytora has moved to a remote-first set-up for employees including a £2000 annual budget for each member of staff to spend on travel within the UK and around the world.
Have your say: How well are trade bodies and professional associations performing for you?
The coronavirus pandemic has upended how we go about our day to day lives, with organisations forced to rapidly change how they operate while facing new challenges. Against this backdrop, Post wants to find out how your trade bodies and professional…
Inquiry slams Ecclesiastical over evidence 'failings' in Church of England child abuse report
Insurer Ecclesiastical has faced criticism after failing to provide evidence “in a candid manner” during the Independent Inquiry into Child Sexual Abuse’s investigation into Anglican Church abuse.
Future Focus 2030: The Lloyd’s and London Market podcast
It is the year 2030. Following the success of 2019’s Blueprint One and 2025’s Blueprint Two [which also co-opted in the IUA and broader stakeholder representation], Lloyd’s and the wider London market is now ready for the highly anticipated third…
FCA defends predicted £1.06bn dual pricing compliance cost
The Financial Conduct Authority has estimated it will cost the insurance sector £1.06bn over 10 years to comply with its package of measures designed to tackle dual pricing in the general insurance market.
Ex-Jelf boss Alway and former Aston Scott owner buy RWA
Alex Alway and Andrew Scott have teamed up to form UKGI Group and have bought compliance consultancy firm RWA, Post can reveal.
FCA to issue insurance value data measures policy statement this autumn
The Financial Conduct Authority expects to publish a policy statement this autumn following its consultation on compelling firms to report value measures data on most general insurance products.
CII teams up with UEA to promote insurance careers
The Chartered Insurance Institute has joined forces with the University of East Anglia to help students develop a career in insurance through a programme that includes substantial savings on CII qualifications.
Ardonagh completes Bennetts buy as CMA orders no integration
The Competition and Markets Authority has ordered Ardonagh not to integrate with Bennetts, transfer control or stop competing with it as the consolidator completed the deal to buy the motorcycle specialist.
Sun Capital injected £7m into Mulsanne as SCR fell below 100%
The new backers of Mulsanne Insurance Company had to invest £7m into the Gibraltar-based underwriter this April to meet solvency capital requirements.
FCA sexual misconduct whistleblowing hotline figures for insurance firms revealed
Exclusive: The Financial Conduct Authority has confirmed there were 21 instances of individuals using its whistleblowing hotline to share information on sexual misconduct at insurance firms over six years.
Biba welcomes FCA consultation on SMCR deadline extension
The consultation by the Financial Conduct Authority on extending the deadline for the implementation of conduct rules is “welcome news”, according to David Sparkes, head of compliance and training at the British Insurance Brokers’ Association.
Briefing: Ecclesiastical’s child abuse claims shame – CEO Hews’ admission too little too late?
If Ecclesiastical CEO Mark Hews is sorry for how the insurer has handled non-recent child sexual abuse claims, should he not be addressing the victims rather than shareholders?
US Department of Justice requests extra info on Aon WTW merger
The antitrust division of the US Department of Justice has asked Aon and Willis Towers Watson for additional information and documentary materials about the proposed $30bn (£23bn) takeover.
Davies appoints Jeff Chang as general counsel
Davies has appointed Jeff Chang to the recently created global role of general counsel.