Compliance
Investments bring downward pressure on profits at Bridge for 2024
Bridge Insurance Brokers has reported a drop in profits for the year ended 31 March 2024 as turnover fell 3% year-on-year.
Experts say industry is improving on fair value despite FCA criticism
The Financial Conduct Authority’s findings that brokers are still struggling to provide evidence that their remuneration is consistent with fair value rules has sparked mixed reactions among people working in the sector. Ida Axling explores the fallout…
FCA: Reducing rulebook would lead to boost in international competitiveness
The Financial Conduct Authority believes sharing more information on good practice and its expectations will benefit the industry and help drive better outcomes, according to Graeme Reynolds, director of competition.
JMG Group buys ISO management system specialist
JMG Group’s health and safety and employment law consultancy Lighthouse Risk Services has bought ISO management system specialist HSEQ Smart.
Broking Success: Galloping forward with Harry Hall
Liz Hopper, managing director of equine specialist Harry Hall and CEO of the group holding company, aims to double gross written premiums in the next 24 months and broaden the product offer.
Axa UK & Ireland looks to Aviva for new CRO
Axa UK & Ireland has appointed Rahul Gumber as chief risk officer, subject to regulatory approval.
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.
When it comes to risk management do brokers practice what they preach?
Brokers are being asked to constantly bang the drum for risk management to make sure a client is adequately insured. But what are intermediaries doing to protect and ready their own businesses for all eventualities? Martin Friel investigates.
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.
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.
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.
Interview: Addept Group managing director Richard Finan
Addept MD Richard Finan gives Insurance Age the lowdown on his return to the market; his thoughts on changes to the MGA market in the wake of Consumer Duty; and the challenges of creating ancillary products in a post-FCA GAP intervention world.
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.
How specialist incubators are helping fuel MGA growth
The managing general agent sector is booming, creating increased demand for specialists who can help would-be MGAs get set up. Edward Murray explores this world of ‘incubators’, and highlights how they can help fledging businesses.
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.
Avid targets £100m GWP by end of 2025
Managing director of Avid Insurance Services, Stephen Gibson, is targeting £100m of gross written premium by the end of 2025, growing from around £75m to £80m this year.
FCA encourages monitoring review ahead of first Consumer Duty annual report deadline
The Financial Conduct Authority has found many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers, as required by the Consumer Duty.
Gallagher arm swoops for London-based advisory firm
Arthur J Gallagher’s captive and alternative risk transfer solutions subsidiary, Artex, has acquired London-based Implement Compliance Solutions & Resources.
Whistleblowing to FCA increases
The level of whistleblowing to the Financial Conduct Authority increased in the first quarter of the year, reversing previous declines.
FCA cancels Northern Ireland broker’s regulatory permission
The Financial Conduct Authority cancelled Down Insurances’ Part 4A permission on 7 June, confirming it “no longer has permission to carry on any regulated activity”.