Compliance
Blog: Sanctions screening and responsibilities of UK insurance brokers
It’s critical for brokers to understand and manage sanctions screening and anti-money laundering compliance to avoid possible penalties, including fines, reputational damage and potential imprisonment for senior decision makers, says Paul Tasker CEO of…
Experts dissect FCA three-year strategy
The Financial Conduct Authority’s three-year strategy has “a number of headlines for all financial services firms” according to Michael Sicsic, managing director of Sicsic Advisory.
Brokers facing 3.2% FCA fee rise as regulator budget grows to £640.1m
The Financial Conduct Authority has proposed that the general insurance mediation pot where brokers sit will pay £31.4m towards its annual funding requirement in 2022/23.
FCA puts broker commission under the spotlight in multi-occupancy property insurance review
The regulator’s survey includes asking if brokers have a bribery and corruption policy and a request for a copy.
Stubben Edge launches AR network with target of up to 30 in first year
The business has calculated that 75% of ARs cease trading in the first four years as it stated more could be done to support growth and success.
Q&A: Mike Keating – MGAA CEO
Ahead of the Meet the MGA event which takes place on 30 March in Birmingham, Mike Keating explains the value of MGAs to the broker space.
Brokers urged to engage with Lords' Committee's insurance market regulation inquiry
Biba confirms it will be will be putting in a response to the consultation which closes on 11 February as compliance experts discuss whether the inquiry could have an effect on the regional broker market.
Mixed response to latest FCA AR review
Experts welcome oversight but some feel the focus on commercial broker ARs has “little relevancy” and call for a “proportionate” outcome.
Regulation roundup: Fair’s fair
Biba’s David Sparkes shines the spotlight on fair value and vulnerable customers in our new quarterly examination of the regulatory landscape
Broker Expo: How to tackle PI
Panelists shared their views on increased regulation, getting adequate cover, and the difficulties and future of the PI sector.
Insurance trade associations create fair value template
In an attempt to help firms better prepare for the Financial Conduct Authority's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
FCA focus on fair value causes confusion for brokers
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
Brokers urged to take action after FCA calls for clarity on remuneration
Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
Peril in product governance – who you gonna call?
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
FCA urges insurers to take action on BI claims payments
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
FCA's product governance rules to have "significant ramifications" for commercial brokers
Compliance expert Branko Bjelobaba urges commercial lines brokers to pay attention as the FCA zones in on fair value across the whole of the insurance sector.
Analysis: Gefion collapse highlights risks of unrated capacity
Niche brokers say they have no choice but to use unrated insurers as compliance experts call for a change of the "unfair" FSCS levy system after the scheme steps in to pay claims following Gefion's bankruptcy.
News analysis: A question of fair value
Brokers and insurers could face increased scrutiny as the Financial Conduct Authority zones in on fair value. Martin Friel investigates what this means for insurance businesses
Industry warned of "bumpy ride" ahead after FCA confirms dual pricing ban
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.
“Wake-up call” for brokers as FCA zones in on fair value
The regulator sends a shot across the bow to brokers about leaseholder buildings insurance as the sector is warned to look at the wider picture.
Opinion: Beyond compliance
Sicsic Advisory’s Nindy Mellett on how brokers can embed new conduct rules for better business
FCA confirms MGAs are exempt from £7.5m BI special levy
The regulator has reissued its consultation paper on fee rates for 2021/22 after the initial document wrongly said that MGAs were expected to contribute.
Covid-19: Experts concerned about financial resilience of brokers
Specialists outline worries for insurance space following FCA survey which showed 4,000 financial services firms are at risk, but Biba flags vaccine as a reason for hope.