Financial Services Authority (FSA)
Even FSA staff in the dark over regulatory changes
Staff at the Financial Services Authority (FSA) are being left in the dark over the imminent changes to the regulatory system.
IIB 'delighted' with FSCS funding review decision
The Institute of Insurance Brokers (IIB) has welcomed news that the Financial Services Authority (FSA) is to restart its funding review of the Financial Services Compensation Scheme (FSCS).
Biba backs FSCS funding review
The British Insurance Brokers’ Association (Biba) has given its full backing to the Financial Services Authority (FSA) following its announcement that it is restarting its funding review of the Financial Services Compensation Scheme (FSCS).
FSA chairman says regulation may be holding the economy back
The chairman of the Financial Services Authority has admitted that regulation may be holding the economy back.
Complaints about general insurance increase
The Financial Services Authority (FSA) has published the aggregate complaints figures for the first half of 2011.
FSA refuses to refund FSCS levy to exempted firm
The Financial Services Authority (FSA) has declined to refund a regulated firm a portion of its FSCS levies after the firm discovered it should have been exempt from the payment.
FSA spending longer on permission extensions
The length of time it takes the Financial Services Authority (FSA) to grant financial services firms permission to expand their businesses has increased by another 10% in the last year, according to a City law firm.
Broker Expo South: FCA a “more dangerous and unpredictable animal”
Delegates at the inaugural Broker Expo South event have been warned that the new regulator will be a more dangerous and unpredictable animal and that brokers should prepare themselves for more intrusion.
MGAA continues with recruitment drive
The chairman of the Managing General Agents’ Association (MGAA) steering committee has vowed to continue recruiting members following the association’s launch last week.
Biba questions duplication in OFT inquiry
The British Insurance Brokers’ Association (Biba) has welcomed the announcement of an Office of Fair Trading (OFT) inquiry, particularly regarding comparison sites, but added it did risk going over old ground.
IIB turns the screw on regulator
The Institute of Insurance Brokers (IIB) has called for “fundamental regime changes” in regulation.
PPI complaints soar to new high
The Financial Ombudsman Service (FOS) has revealed it handled 98,632 new complaint cases for payment protection insurance (PPI) in the first six months of 2011, more than double the total of 46,275 in the previous half year.
Editor’s letter - September 2011
“Brokers would do well to pay attention to the spirit of what TCF was trying to achieve, even if the regulator’s beady eye is elsewhere at the moment”
How to… plan for broker PI cover
▶ Prior to regulation by the Financial Services Authority (FSA) when professional indemnity (PI) cover became compulsory for general insurance brokers, very few firms purchased the cover. It could be argued that this is because at that time the industry,…
What will the FCA look like?
The new regulatory regime could have a very different complexion to the current watchdog, explains Terence Clark
Broker trade bodies want lower regulatory barriers
The British Insurance Brokers’ Association (Biba) and the Institute of Insurance Brokers (IIB) have called for regulatory barriers to be lowered and for the current inappropriate style and intensity of regulation to be reformed.
Trade body warns against using claims management companies
The British Bankers’ Association (BBA) has said the increase in Payment Protection Insurance (PPI) claims was “not unexpected” and warned consumers against using claims management companies to make a claim.
Compliance consultant wants client name cleared, not apology
The compliance consultant at the centre of a bullying claim with the regulator has insisted she wants her client’s reputation cleared rather than receive an apology.
PPI payments hit £215m in first half of 2011
The Financial Services Authority (FSA) has revealed that consumers who complained about being mis-sold payment protection insurance (PPI) received £215m from firms in the first six months of 2011.
Banks accused of another insurance rip-off
An investigation has uncovered further evidence of high street banks deliberately mis-selling insurance products.
FSA to apologise over "bullying" TCF assessors
The Financial Services Authority (FSA) has said it will apologise to a firm's compliance officer for the conduct of two treating customers fairly (TCF) assessors during a supervisory visit after an official complaint was upheld.
FSA threatens action against small brokers over add-ons
Small brokers are not treating their customers fairly and are not even sure whether they are conducting an advised or non-advised sale when selling add-ons according to a report from the regulator.
FSA sharpens teeth in advance of new powers of intervention
More financial services businesses are being forced to amend or withdraw advertising material following intervention by the Financial Services Authority (FSA) as it clamps down on misleading adverts, Reynolds Porter Chamberlain (RPC) has claimed.
Confidence in insurance sector drops as losses, regulation and soft market bite
The latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM) has revealed that a year of catastrophic losses, on-going soft pricing and regulatory uncertainty has hit confidence in the insurance sector hard.