Regulation
Lloyds Bank hit by record £117m PPI fine
Regulator slams bank’s unacceptable conduct in mishandling claims.
FCA defends secondments with ‘Big Four’ accountants
Regulator says secondments to and from Deloitte, KPMG, PwC, and Ernst & Young bring critical skills and knowledge.
Brokers urged to keep delegated authority records
Sector urges intermediaries to keep accurate records following FCA review and calls for further work ahead of Solvency II.
Brokers failing on delegated authority
FCA says intermediaries and insurers did not appear to have adequately considered their regulatory obligations.
Biba 2015 Video: Regulatory Efficiency Gains
Michael Phair, director of Regulatory Efficiency Gains tells all about how its products can help brokers with compliance and risk assessment.
Brokers disquiet over FCA fees hike
Regulator proposes 8.4% increase in fees but brokers question if rise is justified
Editor's letter - May 2015
“At a time of 0% inflation how is an 8.4% rise justified? Are you 8.4% more in need of regulation than you were this time last year?”
FCA fines Moorhouse £159,300
Broker fined for failures on oversight and control of vehicle add-on insurance products.
FCA points out the pitfalls of social media
Regulator’s guidance on financial promotions serves as useful reminder for brokers
New rules on NEDs spark broker concern
Worries raised over changes to the way the regulator oversees the role of non-executive directors
FCA proposes to ban opt-out selling
Regulator to abolish opt-out selling following study into the general insurance add-ons industry.
No claims bonus deadline extended
Biba welcomes CMA decision to extend deadline for protected no claims bonus information to August 2016.
CMA opts to ban all motor aggregator deals
Regulator decides that price parity agreements between insurers and brokers and price comparison sites should be banned across the board.
Polishing the profession
One year after forming, the Insurance Brokers’ Standards Council is still working to combat poor broking behaviour, says Paul Anscombe
Directors’ and Officers’: We need to talk
SMEs need to be informed of the benefits of directors' and officers' insurance and that conversation must be initiated by brokers
FCA takes firm stance on NED accountability
Roles of chairman, senior independent director and chairs of risk, audit, remuneration and nominations committees to come under new Senior Managers Regime.
Experts advise brokers to prepare for the Insurance Act
The Act has received Royal Assent and will become law in autumn 2016.
Insurance Bill passed unanimously by MPs
The bill now awaits Royal Assent to become law.
Industry welcomes forthcoming Insurance Bill
Legal update to 1906 legislation to cover disclosure, warranties and remedies for fraudulent claims
Brokers back FCA promise to work with Biba on regulation
FCA pledges to “work constructively” with Biba as trade body launches 2015 manifesto
FCA to reassess PPI complaints
Regulator to examine if current approach to PPI is working.
FCA consults on FSCS management levy
FCA proposes management costs of £74.4m for Financial Services Compensation Scheme.
The CMA publishes draft order after motor market report
The draft order includes compliance requirements for insurers and aggregators.
Ombudsman freezes levy
Regulator reveals plans for 2015 and fees for FCA-regulated businesses.