Commission disclosure
Brokers closed Q1 with optimism on growth at five-year high – Aviva
Brokers’ optimism for growth reached its highest level in the past five years this March, according to Aviva’s Broker Barometer research.
No change to Premium Credit disclosure arrangements
Premium Credit is not asking distribution partners to make any changes to existing customer journeys after reviewing the implications of a legal ruling for commission disclosure in motor finance.
FCA: brokers struggling to marry remuneration with evidence of fair value assessment
Brokers are still struggling to provide adequate evidence they are appropriately assessing whether their remuneration is consistent with the fair value of the product they are selling.
FCA’s Mills commits to using all regulatory tools in flats insurance update
Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority, has promised to use all regulatory tools at the watchdog’s disposal in an update on progress for multi-occupancy buildings insurance.
Review of the Year 2023: Clear Group’s Neil Bunce
Neil Bunce, regional managing director at Clear Group, reflects on why penetration – not AI – is his buzzword of the year, and predicts Aviva might make a major UK acquisition in 2024.
Biba delivers fair value assessment framework
The British Insurance Brokers’ Association has launched a fair value assessment framework, after the Financial Conduct Authority took aim at brokers in its review of flat insurance costs.
Biba welcomes FCA flat insurance reforms
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s rule changes on residential multi-occupancy buildings insurance.
FCA confirms start date for leasehold buildings insurance reforms
The Financial Conduct Authority has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market will come into force on 31 December which for brokers will mean being transparent on commission and a near ban on paying…
Insurance sector facing FCA ‘big bombshell’ on commission model – Michael Sicsic
Insurance is facing a ‘big, big bombshell’ on commissions, as the shockwaves reverberate from the Financial Conduct Authority’s property buildings’ investigation, according to regulatory consultant Michael Sicsic.
Treasury Committee calls for consumer questions ahead of sector grilling
The Treasury Committee has called on the public to submit questions ahead of an evidence session with insurance bosses, as it warned of hearing ‘anecdotal evidence’ in recent months of premiums rising faster than inflation, insurers refusing to pay out,…
Gallagher firm business model challenged amid FCA property commission crackdown
Gallagher-owned Artex could find its business model in the UK property sector challenged after the latest regulatory crackdown, it was claimed.
Biba urges Government to bring forward ban on sharing property commission
The British Insurance Brokers’ Association urged the Government to bring forward legislation to ban the sharing of commission with property managing agents, freeholders and landlords to create a ‘level playing field and avoid an early mover penalty’.
‘Failing consumers’ – Gove gives Biba one month for commissions action plan
Government minister Michael Gove has given the British Insurance Brokers’ Association one month to drum up an action plan to address ‘completely unacceptable’ practices in the buildings’ insurance market.
‘Outraged’ Gove demands immediate penalties on brokers failing on property commissions
An “outraged” Michael Gove is demanding the regulator takes “immediate enforcement action” on brokers who cannot demonstrate their buildings’ insurance commissions are fair value.
Big brokers making ‘silly money’ blamed for FCA property commission crackdown
Large brokers taking ‘silly commissions’ are being blamed for the Financial Conduct Authority’s crackdown in buildings’ insurance.
Biba defends broker earnings after FCA overhaul in property commissions
The British Insurance Brokers’ Association backed changes the Financial Conduct Authority wants to improve transparency for leaseholders, while also defending broker earnings.
Sicsic warns brokers leaseholder commission disclosure sets a ‘precedent’
Michael Sicsic, managing partner of Sicsic Advisory, urged brokers to review all their remuneration arrangements following the Financial Conduct Authority’s report today revealing incompetence and unjustifiable remuneration in the buildings’ insurance…
FCA announces overhaul in broker property commissions amid market failure
Brokers face a near ban on paying commissions to third parties after a shock FCA report revealed incompetence and unjustifiable remuneration in the buildings’ insurance market.
Thin end of the wedge – Could an FCA property commissions crackdown extend to all SME products?
Could the government’s plan to ban insurance commissions being taken by landlords, managing agents and freeholders on buildings insurance be extended to other lines? Saxon East looks at what might happen if this proves to be the start of something more…
Gove vows commission-chain ban as FCA buildings review on highest charging brokers imminent
A Financial Conduct Authority review into brokers charging the highest commissions for work on buildings insurance is due in just a few weeks as government minister Michael Gove vowed to ban commission-chains and bring in ‘transparent’ fees.
Review of the Year 2022: John Warburton, Konsileo CEO
In the latest part of Insurance Age's review of the year John Warburton, Konsileo CEO offers his reflections on 2022 and predictions for the next 12 months.