Financial Compensation Scheme (FSCS)
CMCs process £89m of the £136m FSCS paid in PPI claims
The Financial Services Compensation Scheme has paid out almost £136m in miss-sold pay protection insurance claims since 2008, with over £89m going through claim management companies.
ABI slams revised FSCS rules
The Association of British Insurers has condemned plans by the Financial Services Authority to update its rules for the Financial Services Compensation Scheme, saying that insurers will be paying for the failure of other financial institutions.
FSCS £21m levy increase on brokers is ‘kick in the teeth’
The Financial Services Compensation Scheme is to raise the insurance intermediary sub-class levy by a further £21m in the first quarter of 2013 owing to an increase in payment protection insurance compensation.
Interview: Reg Brown - Been there, done that, got the t-shirt
Reg Brown has seen it all in more than half a century working in insurance, but the chairman of the Managing General Agents’ Association’s drive to improve the industry and inspire its next generation is stronger than ever.
Biba asks Chancellor to consider the FSCS funding model
The British Insurance Brokers’ Association has urged George Osborne to “ensure appropriate and proportionate” regulation for brokers and to consider the Financial Services Compensation Scheme funding model for his Autumn Statement submission.
Deloitte appointed provisional Hill liquidator
Hill Insurance has seen Deloitte appointed as a provisional liquidator following withdrawal of approvals by the Gibraltar regulator.
Biba boss urges Financial Conduct Authority to regulate 'appropriately'
British Insurance Brokers' Association chief executive Eric Galbraith, pictured, has called for "more appropriate" regulation, and offered to "help point the gun" at problem areas to support the FCA's efforts to stamp out product mis-selling.
FSCS consultation: Burdening brokers
Proposed changes to the Financial Services Compensation Scheme could see brokers contributing more than ever, but are they still paying for the mistakes of others?
Post magazine - 6 September 2012
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
FSCS levy proposals could see MGAs facing the same liability as brokers
Managing general agents face being liable to bail out failed independent financial advisers or mortgage intermediaries that exceed the upper threshold of the Financial Services Compensation Scheme levy under new proposals.
Indie FSCS bill hits £404m in advance of scheme of arrangement
The Financial Services Authority has revealed that, since Independent Insurance went into liquidation in 2001, £500m of assets have been realised for the benefit of creditors.
£300m broker levy "affordable", says FSA
The proposal to double the threshold for claims within the Financial Services Compensation Scheme to £300m for the general insurance broking sub-class was based on the "affordability" of the figure rather than on the likelihood of high-value claims.
FSCS funding model consultation paper draws early concerns
The Financial Services Authority's proposed changes to the funding of the Financial Services Compensation Scheme have come under fire from the British Insurance Brokers' Association, amid concerns that the creation of a 'retail pool' will affect members.
Payment Protection Insurance: Ringing the changes
Could a redrawing of the Financial Services Compensation Scheme boundaries save brokers from a repeat of the adverse financial impact of the payment protection insurance mis-selling scandal?
Post Broking Supplement - 10 May 2012
Post's latest standalone supplement - focused entirely on the UK broking sector - is now available to subscribers as a digital and interactive e-book.
Post Broking Supplement: The big issues for brokers
With the British Insurance Brokers' Association conference looming, brokers are warming up for the networking event of the year and their best opportunity to thrash out market issues. Post caught up with some of the biggest hitting national players to…
Biba's budget submission slates regulators
The British Insurance Brokers' Association has warned the Chancellor that the value of insurance "is being eroded through inappropriate, disproportionate and costly regulation".
Employers’ liability: A fund of last resort
The need for a fund of last resort for employers’ liability claims still divides the insurance community. While plans to create an Employers’ Liability Insurance Bureau have stalled, it still has supporters who are determined to see these proposals come…
News analysis: Ombudsman moves to end ‘one size fits all’ fees for mass complaints
FOS consultation proposes supplementary fees to tackle record PPI complaints workload.
Industry called on to restore consumer confidence
The Financial Services Compensation Scheme has called on the industry to play a “powerful role” in restoring consumer confidence.
Aggregators get New Year honours
Peter Winslow, boss of Compare the Market owner BGL Group, and Go Compare boss Haley Parsons have been recognised in the Queen’s New Year Honours List.
Market moves: ‘Tis the season for recruiting
As Christmas draws closer, the insurance industry has prepared for the New Year with a raft of appointments. In the broking market, there were moves for Aon and Willis, while Howden added three new faces to its team.
Galbraith brands financial crisis terminology a "challenge" to the sector
British Insurance Brokers’ Association chief executive Eric Galbraith has today told parliament that the language used by the government and regulator about the financial crisis is a challenge facing the sector.