Financial Conduct Authority (FCA)
FCA warns on Tempcover clone
The Financial Conduct Authority has issued a warning of fraudsters trying to scam people by pretending to be short-term car insurance specialist broker Tempcover including on TikTok.
Wakam receives PRA approval for new £500m GWP UK insurer
French insurance group Wakam has told brokers thinking of setting up their own managing general agents to consider it as a capacity partner after receiving regulatory approval for a new UK subsidiary.
FCA defends investigation transparency proposals
The Financial Conduct Authority has responded to concerns raised by the House of Lords Financial Services Regulation Committee on its proposal to name firms under investigation.
Biba responds to FCA’s travel insurance signposting review
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s post implementation review of travel insurance signposting.
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
FCA adds four more S166s to sector
The Financial Conduct Authority has slapped the general insurance and protection sector with another four skilled person reports as the crackdown continues.
FCA warns insurers, again, on undervaluing total loss motor claims
The Financial Conduct Authority has confirmed finding evidence that suggests motor insurers are offering customers less than the full value of written-off or stolen vehicles and, in some cases, only increasing offers when a customer complains.
FCA to raise budget by 10.7%
The Financial Conduct Authority has set its annual funding requirement for 2024/25 at £755m, an increase of 10.7%.
Fair value not a Trojan Horse for price regulation, says FCA boss Nikhil Rathi
The onus on firms to satisfy themselves about fair value under the Consumer Duty is “not a Trojan horse for price regulation”, according to Nikhil Rathi, CEO of the Financial Conduct Authority.
FCA warns of Admiral clone
The Financial Conduct Authority has warned of a clone claiming to be Admiral Insurance.
FOI request pulls back the curtain on FCA’s broker S166s
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has revealed further details on the spike in insurance skilled persons reports.
FCA reveals slight decline in whistleblowing
The Financial Conduct Authority received 249 whistleblowing reports containing 649 allegations in the fourth quarter of last year.
Select Committtee slams lack of progress on sexual harassment and bullying
A House of Commons Treasury Select Committee has released its ‘Sexism in the City’ report revealing a lack of progress on sexual harassment and bullying, including serious sexual misconduct in financial services.
Buying or selling an intermediary: Lessons from the front line part 3 – Technology
In the final instalment of a three-part series on broker M&A, Phil Broadbery, a partner and head of PKF’s technology team, examines some of the most common IT and data-related pitfalls that broker leaders should look out for during the acquisition…
FCA’s Mills commits to using all regulatory tools in flats insurance update
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority, has promised to use all regulatory tools at the watchdog’s disposal in an update on progress for multi-occupancy buildings insurance.
A leap yeAR blog
On this different numerical day, Emmanuel Kenning takes a look at two sets of intriguing stats from the past month.
FCA ‘still learning’ about Consumer Duty, claims GI boss Brewis
No single metric will decide whether the Consumer Duty has been a success. But if people are no longer talking about it, that will be a positive sign.
FCA promises more speed and transparency on enforcement cases
The Financial Conduct Authority has committed to carrying out enforcement cases more quickly as it opened a consultation on a “step change” in being more transparent when opening an investigation into a firm.
FCA survey outlines broker Consumer Duty performance and room for improvement
The Financial Conduct Authority has released the findings of a survey of 634 mainly SME firms, including 82 personal and commercial lines intermediaries, on compliance and action taken in response to the Consumer Duty.