Regulation
Applied approaching 100 Epic milestone
Applied Systems has 72 brokers live on Epic in the UK and is onboarding another 30 customers that have already been won, which will take the total to more than 100 by the end of the year, Europe CEO Tom Needs confirmed to Insurance Age.
FSCS slashes broker 2023/24 levy to zero
The Financial Services Compensation Scheme has dropped plans to charge general insurance brokers £5.3m in 2023/24 as it cut the contribution to nil.
FCA posts improved SMCR approval times but AR permissions still lagging
The Financial Conduct Authority has revealed the average days taken in 2022-23 to process five key authorisations that affect brokers were within its target timeframes, but there is further to go to hit the statutory requirement for 100% of cases.
Government planning to limit non-compete clauses to three months
The government has issued a policy paper setting out plans to bring in legislation limiting non-compete clauses in employment contracts to three months.
Binders could be next in FCA commissions crackdown - compliance experts
The Financial Conduct Authority crackdown on property commissions could be the 'tip of a very large iceberg', with binding authority arrangements next in line for a change, according to regulatory experts.
Brokers raise concerns about FCA’s regulatory and compliance burden
In roundtables hosted by Zurich and the APPG for Insurance and Financial Services, brokers flagged their concerns about the regulatory and compliance burden created by the Financial Conduct Authority and claimed it is affecting the financial resilience…
Blog: Who will replace Steve White as Biba CEO?
Seven days on from Steve White dropping the biggest Biba Conference bombshell since Boris Johnson announced he was running for the Tory leadership, Jonathan Swift considers who might be among the early front runners to replace White as the trade body’s…
Biba 2023: A period of regulatory and legislative stability tops broker wish list
Attendees at the British Insurance Brokers’ Association conference in Manchester voted for a period of stability with no regulatory or legislative changes as their top desire in a poll at the event yesterday.
Firms not challenging themselves enough on fair value – FCA boss Brewis
Financial Conduct Authority director of general insurance Matt Brewis believes insurance firms are applying a ‘tick box’ approach to fair value assessments.
Biba CEO White: FCA needs to act on broker regulatory burden
The Financial Conduct Authority has been urged to reduced the “unacceptably high” regulatory burden faced by insurance brokers.
FCA sets out whistleblower commitments
The Financial Conduct Authority has unveiled a series of actions to boost whistleblowers’ confidence.
Sicsic Advisory becomes Biba associate
Regulatory and risk consultancy Sicsic Advisory has become an associate of the British Insurance Brokers’ Association.
Ex-FCA leader Salter joins Sicsic Advisory
Former Financial Conduct Authority director Philip Salter has joined strategic risk and regulatory consultancy Sicsic Advisory as a senior adviser.
Biba defends broker earnings after FCA overhaul in property commissions
The British Insurance Brokers’ Association backed changes the Financial Conduct Authority wants to improve transparency for leaseholders, while also defending broker earnings.
Sicsic warns brokers leaseholder commission disclosure sets a ‘precedent’
Michael Sicsic, managing partner of Sicsic Advisory, urged brokers to review all their remuneration arrangements following the Financial Conduct Authority’s report today revealing incompetence and unjustifiable remuneration in the buildings’ insurance…
Stubben Edge sets new goal after hitting first year AR network target
Stubben Edge is eyeing up boosting its appointed representatives network to 40 after hitting its launch goals, network director Gemma Jarrett has revealed to Insurance Age.
Editor’s letter: Marking the FCA’s muted 10th birthday
However, perhaps they were so optimistic about them being successful they were confident that the date would ultimately never come back to haunt them in the shape of unpleasant headIf the government and law makers of the time could go back to 2013, they…
FCA proposes 10.4% hike to broker fees block
The Financial Conduct Authority is poised to raise fees for the general insurance mediation pot where brokers sit to £34.7m for 2023 to 2024, as its budget rises to £684.2m, including a £5.3m Consumer Duty cost.
FCA cracks down on MGA for unfair fees
The Financial Conduct Authority cracked down on an MGA with contract wordings that would have allowed it to charge a fee to customers for not renewing.
The FCA: 10 years on has it been a success, failure – or somewhere in between?
On 1 April 2013 insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age canvassed opinion throughout the market to find out views on how the first decade…
Government launches SMCR review and calls for insurance feedback
The government has launched its review of the Senior Managers and Certification Regime, part of a wide-ranging shake-up to make UK financial services more competitive post-Brexit.
FCA appoints two directors to co-lead enforcement and market oversight
The Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
FCA approval times worsen for new firms as overall picture improves
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
FOS compensation limit hiked to £415,000
The Financial Conduct Authority has raised the limit on complaints awards that the Financial Ombudsman Service can dish out to £415,000.