Compliance
Broadstone launches insurance, regulatory, and risk advisory division
Independent consultancy Broadstone has launched a standalone insurance, regulatory, and risk advisory division to sit alongside its existing Pensions Advisory and Administration and Employee Benefits Consulting units.
FOI confirms broker S166s including one financial crime review
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has confirmed four broker S166s, indicated they were most likely smaller-sized firms, and revealed one of the reviews fell into the category of financial crime.
FCA improves all broker-impacting authorisation metrics
The Financial Conduct Authority has built on its steady progress in delivering authorisations with an across-the-board improvement in the areas affecting brokers.
Ecclesiastical seeks further schemes growth with new broker tool
Ecclesiastical has launched a digital portal, Schemes+, for brokers to help them manage their schemes more effectively, Insurance Age can reveal.
FCA defends investigation transparency proposals
The Financial Conduct Authority has responded to concerns raised by the House of Lords Financial Services Regulation Committee on its proposal to name firms under investigation.
Blog: Does size matter when it comes to complaining about the regulator?
With the Consumer Duty kicking in under a year ago, regulation continues to be at the forefront of everyone’s minds, with the cost of compliance comparably hitting smaller firms the most, argues Rosie Simms.
In Depth: Managing cyber risk in an ever-changing security landscape
In today’s interconnected digital landscape, cyber threats are becoming more sophisticated, posing serious risks to organisations and their partners. Aviva’s cyber senior risk consultant, Oliver Osei-Ofosu, explains the importance of cyber security can…
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
Momentum to increase funding to help members acquire and recruit
Momentum Broker Solutions is looking to provide more financial support for its appointed representative partners, according to founder and managing director Howard Pepper.
FCA adds four more S166s to sector
The Financial Conduct Authority has slapped the general insurance and protection sector with another four skilled person reports as the crackdown continues.
Biba appoints Julie Comer as head of compliance
The British Insurance Brokers’ Association has recruited Julie Comer from Lloyd & Whyte as head of compliance.
Fair value not a Trojan Horse for price regulation, says FCA boss Nikhil Rathi
The onus on firms to satisfy themselves about fair value under the Consumer Duty is “not a Trojan horse for price regulation”, according to Nikhil Rathi, CEO of the Financial Conduct Authority.
FOI request pulls back the curtain on FCA’s broker S166s
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has revealed further details on the spike in insurance skilled persons reports.
FCA reveals slight decline in whistleblowing
The Financial Conduct Authority received 249 whistleblowing reports containing 649 allegations in the fourth quarter of last year.
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.
A leap yeAR blog
On this different numerical day, Emmanuel Kenning takes a look at two sets of intriguing stats from the past month.
FCA promises more speed and transparency on enforcement cases
The Financial Conduct Authority has committed to carrying out enforcement cases more quickly as it opened a consultation on a “step change” in being more transparent when opening an investigation into a firm.
Blog: How brokers can help clients prepare for the next wave of cybersecurity regulation
Brokers can’t afford to be mere bystanders in understanding the upgraded cyber rules of GDPR, and the benefits and process involved in being SOC 2 compliant. Simon Hughes, VP and general manager at Cowbell, explains.
FCA survey outlines broker Consumer Duty performance and room for improvement
The Financial Conduct Authority has released the findings of a survey of 634 mainly SME firms, including 82 personal and commercial lines intermediaries, on compliance and action taken in response to the Consumer Duty.
How AI can help brokers overcome the fear and frustration of compliance in 2024
With compliance costs on the up, brokers need all the help they can get to address this regulatory burden. FullCircl's Ashleigh Gwilliam, and David Sparkes of the British Insurance Brokers’ Association, outline the benefits of a data-drive approach to…
GI & Protection accounted for 4% of FCA financial promotions cases in Q4
The Financial Conduct Authority intervened to get 10,008 financial adverts and other promotions withdrawn or changed in 2023, a year-on-year rise of 17%.
All FCA authorisation metrics out of red zone
No Financial Conduct Authority authorisation metrics were rated red in the third quarter of 2023/24, with brokers also seeing an improvement in most key areas affecting the sector.
Prosura hits £3m GWP in a year
Prosura has already reached £3m gross written premiums, according to Jon Newall, managing director, since it began trading at the beginning of 2023.