Regulation
Biba recruits standalone public affairs manager from FTSE 100 firm
The British Insurance Brokers’ Association has appointed Shayne Halfpenny-Ray, social affairs manager at Phoenix Group, as its new head of policy and public affairs.
FCA data reveals spike in insurance skilled persons reports
The Financial Conduct Authority has revealed commissioning seven skilled person reports across the general insurance and protection sector between July and September.
Biba delivers fair value assessment framework
The British Insurance Brokers’ Association has launched a fair value assessment framework, after the Financial Conduct Authority took aim at brokers in its review of flat insurance costs.
FSCS adds Martyn Beauchamp as interim CEO
The Financial Services Compensation Scheme has appointed Martyn Beauchamp as interim CEO. Beauchamp will join the board as an executive director.
Has the FCA’s new appointed representatives regime agenda hurt the sector?
The Financial Conduct Authority’s new regime for appointed representatives came into force in December last year. It puts a fresh burden on those working in the AR sector. What has the impact been?
FCA not banning commission for brokers, says Sheldon Mills
The Financial Conduct Authority is not looking to ban or set commission levels, but brokers have more work to do in valuing their services, according to executive director of consumers and competition Sheldon Mills.
Biba welcomes FCA flat insurance reforms
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s rule changes on residential multi-occupancy buildings insurance.
FCA confirms start date for leasehold buildings insurance reforms
The Financial Conduct Authority has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market will come into force on 31 December which for brokers will mean being transparent on commission and a near ban on paying…
FCA flags PI concern in AR update
The Financial Conduct Authority has highlighted the need for principal firms to have compliant professional indemnity insurance to cover the activities of current and former appointed representatives.
Premium finance market warned of serious consequences amid latest FCA concerns
The premium finance market is being warned it faces serious regulatory consequences after the Financial Conduct Authority issued yet more concerns about industry practices.
Regulators consult on measures to boost D&I in financial services
The Financial Conduct Authority and the Prudential Regulation Authority have released consultation papers setting out proposals to boost diversity and inclusion to support healthy work cultures, reduce groupthink and unlock talent.
FCA ready to swoop on ‘outliers’ amid concerns on cyber insurance
The Financial Conduct Authority has warned the cyber insurance market over its concerns on policy wordings.
FCA hammers GAP insurance as it issues general warning on high commission levels
The Financial Conduct Authority has written to insurers, calling on them to take action, as it released the latest set of fair value data and again brought the spotlight onto the issue of high commission levels.
Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic
Insurance is facing a ‘big, big bombshell’ on commissions, as the shockwaves reverberate from the Financial Conduct Authority’s property buildings’ investigation, according to regulatory consultant Michael Sicsic.
Direct Line customers in line for £30m refund as insurer reviews past pricing in regulatory first
Direct Line has agreed to a voluntary review of previous home and motor insurance pricing having charged some customers more for their renewal than they would have done if they were a new customer, the Financial Conduct Authority has confirmed.
Motor broker Verex Insurance Services enters into administration
Car Care Plan has bought the assets of both Verex Insurance Services and its appointed representative Verex Assistance.
FCA authorisation service improvements continue
The Financial Conduct Authority has improved its authorisations performance in four out of five categories affecting brokers, with none of these service levels now in the red.
Markerstudy investor Pollen Street gets PRA approval for Tradex deal
Markerstudy’s owner Pollen Street Capital has completed the delayed purchase of motor trade and taxi specialist insurer Tradex after getting the greenlight from the Prudential Regulation Authority, Insurance Age can reveal.
Verlingue boosts employee benefits division with Brunsdon buy
Verlingue has snapped up Gloucester-based Brunsdon Employee Benefits, extending its sector capabilities in the SME and mid-corporate market.
Biba adds Sparkes and Chapman to board
The British Insurance Brokers’ Association has unveiled a pair of appointments to its main board and broadened access to it.
Gauntlet launches ‘try before you fly’ AR option
The Gauntlet Group has launched a new ‘try before you fly’ option for people looking to become an appointed representative of the network, Insurance Age can reveal.
FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
Editor's letter: Consumer Duty – maybe not so 'Mission Impossible' after all?
I am really looking forward to the film 'Mission Impossible Seven', or to give it it’s exact title: ‘Mission Impossible – Dead Reckoning Part One’.
Former CII COO Bissell appointed Cila executive director
The Chartered Institute of Loss Adjusters has appointed John Bissell as executive director. He will take on the leadership role in September 2023.