Financial Conduct Authority (FCA)
News analysis: How to boost organic customer acquisition through lead generation
From specialist commercial players to mass market personal lines, lead generation has been part of the broker sales armoury for years. But with a greater focus on digital channels and data, Sian Barton explores how the practice is evolving.
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.
‘A major breakthrough’ – ChatGPT bots to revolutionise broker customer service
Ignite Insurance Systems has launched a super-advanced artificial intelligence bot to answer insurance customer queries. Technology enthusiasts believe this is the start of an AI-powered chatbot revolution in dealing with customer interactions. But this…
Brokers still not Consumer Duty ready despite survey boost – compliance experts
Compliance experts have issued warnings to brokers still not ready for the fast-approaching Consumer Duty deadline.
In Depth: Legal expenses cover… needed more than ever?
Clients may want brokers to advise on how to reduce premiums, but this is the one add-on to hang onto according to providers as Rachel Gordon discovers.
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’.
FCA cracking down on home and motor insurers
The Financial Conduct Authority has warned insurers about the support provided to struggling customers.
Brokers split on benefits versus costs of Consumer Duty
Only 49% of brokers agree the long-term benefits to their firm of the Consumer Duty will outweigh the short-term costs, according to research by the Financial Conduct Authority.
FCA reveals 69% of brokers feel fully ready for Consumer Duty deadline
The Financial Conduct Authority has set out that 69% of brokers believe they will be ready to comply with all requirements of the Consumer Duty when it comes into force on 31 July.
FCA research shows brokers outperforming financial services on Consumer Duty understanding
Detailed research by the Financial Conduct Authority has revealed brokers are ahead of the financial services industry on almost all metrics of Consumer Duty understanding.
FCA orders DLG to compensate any customers short-changed on total loss motor claims
The Financial Conduct Authority has ordered Direct Line Group to compensate any customers who have been short-changed on settlements for their written-off vehicles.
Lemonade gets UK carrier licence from PRA
The Prudential Regulation Authority has granted insurtech Lemonade a UK carrier licence.
Biba rolls out partnership to help brokers on Net Zero journey
The British Insurance Brokers’ Association has added Flotilla Group as an associate to help support members with their own sustainability ambitions.
FCA issues restrictions on four insurance ARs in 10-firm crackdown
The Financial Conduct Authority has put 10 firms under restrictions for failing to meet its expectations on overseeing appointed representatives including four in the insurance industry.
Oxbow Partners forecasts motor market COR of 106.1% in 2023 and 100% in 2024
Oxbow Partners has predicted a combined operating ratio for the UK personal lines motor market of 106.1% in 2023, improving to a break even point of 100% in 2024.
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.
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…
FCA survey data tracks 13% of consumers cut back on insurance due to cost-of-living crisis
More than six million people cut or cancelled insurance cover in the six months to January 2023 to save money in the cost-of-living crisis, the Financial Conduct Authority has calculated.
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.