Financial Conduct Authority (FCA)
Blog: Are insurance add-ons still relevant in 2024?
Julian Tomlinson, chairman of Alps, argues some insurance add-ons are more vital for policyholders today than they’ve ever been.
Biba calls on FCA to remove large SMEs from scope of Consumer Duty
The British Insurance Brokers’ Association has called for larger commercial customers to be removed from the scope of the Consumer Duty
Claims – are brokers confident in insurers, MGAs and TPAs to deliver at the moment of truth?
Both the Financial Conduct Authority and Financial Ombudsman Service have recently highlighted issues around insurers and managing general agents outsourcing claims to third party administrators. Siân Barton examines whether brokers hold similar concerns…
Lloyd’s looks to better protect whistleblowers as it consults on misconduct framework
Lloyd’s has begun a consultation as it looks to modernise and streamline its approach to dealing with poor conduct and behaviours in the market including both financial and non-financial misconduct.
Which? sounds the alarm again on “eye-watering” motor and home insurance interest rates
Research by Which? has revealed the average annual percentage rate for motor insurance on monthly premium finance at 22% and 20% for home policies.
Marsh and LMG leaders call for proportionate regulation at parliamentary session
Chris Lay, CEO of Marsh McLennan UK and of Marsh in the UK, and Caroline Wagstaff CEO of the London Market Group, have called for proportionate and agile regulation of insurance in an evidence session at Parliament.
FCA warns principals against ‘tick-box’ approach to ARs
A review by the Financial Conduct Authority of its rules on appointed representatives has found some firms taking a tick-box approach to compliance, relying on basic information like website checks, or using self-declarations from their ARs to…
New FCA S166 investigations into brokers drops to zero
The Financial Conduct Authority did not open any new S166 investigations into brokers in the first three months of the year, as the number issued across financial services hit a high of 27.
Alps teams up with Fortega on GAP sales
Fortegra Europe Insurance has partnered with Alps for the distribution of Guaranteed Asset Protection insurance.
FCA warns it might repeat GAP intervention in other product sectors
The Financial Conduct Authority has said that it might need to repeat the intervention it has taken in the guaranteed asset protection [GAP] market in other sectors.
FCA: brokers struggling to marry remuneration with evidence of fair value assessment
Brokers are still struggling to provide adequate evidence they are appropriately assessing whether their remuneration is consistent with the fair value of the product they are selling.
FCA fines and bans broker who failed to pass premiums on to insurers
The Financial Conduct Authority has imposed a financial penalty of £5,021 and banned an insurance broker from performing any function in relation to any regulated activity carried on by any authorised person, exempt person, or exempt professional firm.
FCA sweeps further into green on authorisations services
The Financial Conduct Authority upped its authorisation services delivery in the categories affecting brokers during the first quarter of the financial year.
FCA to boost headcount in Leeds by 100
The Financial Conduct Authority is to base a further 100 of its workforce in Leeds as it expands its footprint in the city.
London-based wholesale broker Lonsdale goes into liquidation
Independent Lloyd’s wholesaler Lonsdale Insurance Brokers went into liquidation on 24 July 2024, after sale talks did not lead anywhere and the directors decided to cease trading in June.
Biba to be fully engaged on FCA’s regulation reviews
David Sparkes, regulation director at the British Insurance Brokers’ Association, has committed the trade body will be “fully engaged” throughout the process for the Financial Conduct Authority’s commercial insurance regulation discussion paper.
Biba among trade bodies welcoming FCA’s regulation moves
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s regulation discussion paper, calling it a “positive first step”.
Consumer Duty one year old – Mills stresses FCA support for smaller firms
The Financial Conduct Authority has been, and will continue to be, proportionate in its approach to supervising the Consumer Duty, according to Sheldon Mills on the one-year anniversary of the rules.
FCA doubles down as it seeks to lower burden on firms and support growth
The Financial Conduct Authority has launched a review which it claimed could streamline the rules governing financial services to reduce burdens on businesses.
FCA opens discussion on commercial insurance regulation
The Financial Conduct Authority has launched a discussion paper on the regulation of commercial and bespoke insurance business.
Which? finds 48% of people making claims experience at least one problem
Which? has called on the Financial Conduct Authority to take tough action against firms over claims handling failures, arguing consumers are suffering from “significant harm”.
Whistleblowing to FCA slips back
The Financial Conduct Authority received 253 reports from whistleblowers between April and June, down on the same period of last year and the first quarter of 2024.
FCA head warns firms about “abdicating responsibility” by outsourcing claims
Lisa Sturley head of department of market interventions, insurance at the Financial Conduct Authority, has warned insurance firms about outsourcing claims to third parties.
FCA trims broker fees hike to 9.3%
The Financial Conduct Authority has confirmed it is raising the financial contribution of the general insurance mediation fee block by 9.3% for 2024/25, down from its initial projection of a 9.8% increase.