Regulation
Biba weighs in with “grave concerns” on FCA ‘name and shame’ proposals
The British Insurance Brokers’ Association has called on the Financial Conduct Authority to consider the risk of the damaging impact its proposal to name firms at the start of an investigation could have and flagged the danger of serious injustice for innocent businesses.
ABI among trade bodies slamming FCA proposals to name firms under investigation
The Association of British Insurers and the London & International Insurance Brokers’ Association are part of a group of 16 trade bodies that have signed a letter to the Chancellor asking for help to push back against the Financial Conduct Authority’s…
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.
Blog: Does size matter when it comes to complaining about the regulator?
With the Consumer Duty kicking in under a year ago, regulation continues to be at the forefront of everyone’s minds, with the cost of compliance comparably hitting smaller firms the most, argues Rosie Simms.
Biba Conference 2024 countdown: Flood Re’s Kelly Ostler-Coyle
For today’s Biba Conference countdown Kelly Ostler-Coyle, head of communications at Flood Re, remembers the puppies in the wellbeing zone and teases the grand unveiling of its new interactive property flood resilience model.
Hedron CEO Haggart eyes-up offering branded products
Chris Haggart, CEO of Hedron, intends to offer branded products drawing on the strength of the partnership with Broker Insights it entered into last year.
FCA’s Brewis warns MPs premium finance action could have ‘waterbed effect’ for consumers
The Financial Conduct Authority’s insurance director Matt Brewis has raised the concern that taking action on premium finance would have little or no impact on the price of motor cover.
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.
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.
Markerstudy gets CMA greenlight to complete £1.2bn Atlanta deal
The Competition & Markets Authority has cleared Markerstudy to pursue its proposed £1.2bn acquisition of Ardonagh-owned personal lines broking arm Atlanta.
Biba appoints Julie Comer as head of compliance
The British Insurance Brokers’ Association has recruited Julie Comer from Lloyd & Whyte as head of compliance.
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.
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.
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.