Financial Conduct Authority (FCA)
FCA threat of premium finance crackdown rises amid ‘fairness’ concerns
The Financial Conduct Authority has a list of concerns about premium finance, with two of its most powerful figures in general insurance expressing their unease over issues with the product.
Trade bodies battle to trim FCA fair value paperwork ‘crippling’ small firms
Trade bodies are working with the Financial Conduct Authority to narrow down the focus of its fair value assessments which comes with a huge regulatory burden.
GI firms need to step back and consider what to do differently under Consumer Duty, says FCA
The insurance sector is well placed ahead of the implementation of new Consumer Duty rules but “there will be changes needed”, according to Daniel Hurl, head of market analysis and policy, insurance, at the Financial Conduct Authority.
Enforcement director Mark Steward to leave FCA next year
Mark Steward will be stepping down as the Financial Conduct Authority’s executive director of enforcement and market oversight in Spring 2023 after seven years with the regulator.
Biba vows to fight for brokers in FCA meeting on fair value assessments
The British Insurance Brokers' Association has vowed to fight for brokers in a key meeting with the Financial Conduct Authority over fair value assessments.
Stonegate BI judgement criticised for giving insurers potential furlough 'windfall'
The High Court judgement in the Stonegate Pub Company vs MS Amlin & Others business interruption case has been criticised by a law firm for potentially offering insurance companies an unexpected ‘windfall’ by discounting furlough payments from claims.
FCA contemplated commission level ban in flats insurance review
The Financial Conduct Authority “considered a number of options” as it worked on the multi-occupancy buildings insurance review and “one of them would include whether we should go forward and try to think about potential price caps or bans”, Sheldon…
Insurance set for boom in machine learning, Bank of England survey finds
Insurance is growing its adoption of machine learning applications faster than any other financial sector, a Bank of England survey has found.
News analysis: Would a merged FCA/PRA make brokers’ lives any easier?
Team Truss have financial regulation in their sights… but just how far could they go? It’s mooted there are plans to create a single super regulator by merging the Financial Conduct Authority, the Prudential Regulatory Authority and the Payment Systems…
FCA continues to flounder on approved person authorisation targets
The Financial Conduct Authority is falling short on targets in speedily giving individuals approved person status to carry out work and has posted a worsening performance on approving changes of control requests for firms.
Lloyd’s finishes cyber threat investigation and starts restoring online systems
Lloyd’s has found “no evidence” its systems were compromised following an investigation into a cyber threat.
Headline Makers: October 2022
The key stories from the past month all in one place.
Editor's letter: Is the FCA living on borrowed time?
Unpopular as it is, the regulator still has market support. But for how long?
Lloyd’s cyber probe ‘advanced’ but online systems remain in shutdown
Lloyd’s external connectivity remains in shutdown as it continues to investigate the cyber threat that emerged last week.
Lloyd’s cuts off online delegated authority platforms amid cyber threat
Lloyd’s took swift action yesterday to safeguard its online security by resetting its systems and switching off all external connectivity after discovering “unusual activity” on its network.
FCA data shows 19% of BI insurance claimants still waiting for full payment
Figures from the Financial Conduct Authority have confirmed that 34,506 business interruption insurance claimants have received their full payment out of 42,586 accepted by insurers.
FOI reveals FCA insurance investigations running into thousands of days for firms and individuals
The Financial Conduct Authority closed five investigations into firms and individuals in its insurance portfolio in 2021 with each lasting over 1000 days, a Freedom of Information request by Insurance Age has revealed.
FCA mixes praise for insurers on BI claims handling with concerns and lessons to be learned
The Financial Conduct Authority has welcomed insurers quickly making interim payments, reallocating resources swiftly and proactively communicating with policyholders in its review of business interruption claims handling.
FCA warns insurers to support customers’ wellbeing during cost of living crisis
The Financial Conduct Authority has expressed concerns, in a new 'Dear CEO' letter, that customers may cut-back on the insurance they need as pressure mounts on household budgets.
Stark shortfall in fair value assessment requests from insurers
In a compliance webinar hosted by Kenneth Underhill, director of Implement Compliance Solutions and Resources, 76% of approximately 120 participating co-manufacturers and distributors said they had not received a fair value assessment from their…
FCA pinpoints good and poor practices for orderly broker wind-downs
The Financial Conduct Authority has listed broker failings as it reiterated expectations and requirements for wind-down planning.
Analysis: Brokers, insurers and the FCA’s product governance - confusion reigns
The FCA's new rules on product governance come into force on 1 October. But as Rachel Gordon discovers even with a three month extension or ‘forbearance,’ brokers are still in the dark about what is expected from them.
Aviva “disappointed” at other insurers for not offering fairly priced multi-occupancy building insurance
Aviva’s UK & Ireland general insurance CEO, Adam Winslow, has responded to the FCA’s report on insurance for multi-occupancy buildings and has expressed disappointment in other insurers for not offering fairly priced insurance.
Government summons ABI to meeting on FCA tower block insurance report
The Secretary of State for Levelling up, Housing & Communities has written to Hannah Gurga, director general of the Association of British Insurers, telling the industry to accelerate its work on multiple occupancy buildings insurance and solve the…