Compliance
The FCA: 10 years on has it been a success, failure – or somewhere in between?
On 1 April 2013 insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age canvassed opinion throughout the market to find out views on how the first decade…
MGAs and insurers are urged to chase brokers as Consumer Duty deadline looms
Insurers and MGAs have until the end of April to ensure they have all the product reviews handed in to comply with Consumer Duty deadlines.
Interview: Biba CEO Steve White - Leading from the front
To coincide with the 10th anniversary of his appointment as CEO of the British Insurance Brokers’ Association, Insurance Age takes Steve White on a trip down memory lane.
Opinion: How long have directly authorised independent brokers got left?
Lea Cheesbrough, managing director of Movo Partnership argues the appointed representative model is becoming the preferred choice for start-up brokers and increasingly popular among directly authorised firms looking to switch.
Biba demands FCA turn up the heat on authorisations ‘burndown’
The Financial Conduct Authority is taking “far too long” to authorise firms seeking to trade general insurance business for the first time and also needs to up its game on key c-suite broker approvals, executive director of the British Insurance Brokers’…
FCA broker c-suite volumes stable as decision delays tick down
The Financial Conduct Authority authorised 1129 general insurance intermediary CEOs in 2021 and a further 994 in the first 10 months of 2022, an Insurance Age Freedom of Information request to the regulator has revealed.
FCA brings broker role approval turnaround time down to 92 days
The Financial Conduct Authority has begun to improve its turnaround times for approving key general insurance broking roles, bringing the average down to 92 days from 105 days in 2021.
Brokers hit as FCA authorisation sign-off lengthens to 237 days
The Financial Conduct Authority’s authorisation service for new brokers looking to trade general insurance business worsened up to the end of October 2022, a Freedom of Information request by Insurance Age has revealed.
FCA urges bosses to make Consumer Duty top personal priority in Dear CEO letter
Financial Conduct Authority leader Matt Brewis has written to general insurance businesses reminding them to embed the interests of customers into their firms’ culture and purpose.
Senior managers’ regulatory reform could heap extra costs on firms
Changes to the Senior Managers and Certification Regime could lead to extra regulatory costs, especially if the government pursues a major shake-up, experts have warned.
Shock survey results reveal broker ignorance on Consumer Duty is ‘a big concern’
The findings of a survey, which revealed that nearly half of brokers interviewed were not aware of the Financial Conduct Authority’s Consumer Duty rules, is a ‘big concern’, according to compliance experts.
FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
Ecclesiastical survey finds half of brokers aren’t aware of FCA’s Consumer Duty rules
A survey of 250 brokers has found that only just over half (53%) are aware of the FCA’s new Consumer Duty rules. This raises concerns that a significant number of brokers are behind schedule with plans to implement them, Insurance Age can reveal.
People Moves: 2 - 6 January 2023
Keep up to date with the latest personnel moves in insurance.
FCA fines drop to £214.3m in 2022
The Financial Conduct Authority dished out £214,250,056 in fines in 2022, the fourth lowest on record since the FCA was formed in 2013.
Is it a golden age for broker start-ups, despite rising costs?
The CEO of Brokerring, Stuart Randall, recently told delegates at Broker Expo 2022 it can cost £250,000 to start-up a brokerage. Sophie Locke-Cooper explores why it is now so expensive - and whether it is proving detrimental to those seeking to go alone.
Broker Diversity Push – Q&A with Ardonagh’s CFO Diane Cougill
In an exclusive interview with Insurance Age as part of our Broker Diversity Push - Gender Leadership Gap campaign, Diane Cougill, chief financial officer at The Ardonagh Group shares her insights from a firm that while it has a rising percentage of…
Gender gap stats no surprise but “crushingly disappointing” – Freedom’s Sam White
Sam White, founder of Freedom of Services Group, tackles the broking sector’s image, recruiting from other industries and the question of quotas as she shares her reaction to the gender diversity leader gap statistics.
Only 8% of broking CEO and 5.4% of chair roles held by women
With gender diversity falling in key regulated senior management functions at brokers and lagging behind the low levels in the FCA-regulated financial services sector Insurance Age takes a deep-dive into which posts are held by women as our Broker…
FCA raises concerns on D&I strategies
The Financial Conduct Authority has warned that firms’ diversity and inclusion strategies are not consistently based on a clear diagnosis of their specific circumstances and challenges, meaning actions and initiatives may not be appropriately focused.
FCA reveals ESG committee line-up
The Financial Conduct Authority has established an environmental, social and governance advisory committee to help the regulator execute its ESG-related responsibilities.
Stark FOI data reveals scale of broking’s gender diversity leadership gap
Broking’s lack of gender diversity in key senior management function roles has got worse since 2020 with the sector also falling behind the current low levels set by the FCA-regulated financial services industry, a Freedom of Information request by…
FCA outlines rogue financial promotions clamp down
The Financial Conduct Authority has proposed new measures to stamp out illegal, unfair or misleading financial marketing.
Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.