Compliance
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.
Fresh sellers hit back and deny misleading Kingfisher
The group issued a raft of denials and counter claims following Kingfisher accusations of misconduct, data breaches and misuse of the MyLicence platform.
Broker Exchange: Regulation deluge impacting some brokers’ survival chance
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
Brokers urged to take FCA letter on "risks of harm" in sector seriously
Compliance specialists say brokers should make sure their procedures are in line with the expectations of the FCA.
Brokers under attack as FCA identifies "risks of harm" in sector
In a Dear CEO letter, Roma Pearson, head of retail GI, calls on brokers to address their strategies and improve their governance and warns the watchdog will take action.
Unprecedented challenge for broker PI as prices double and exclusions threaten non-compliance
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
FCA zones in on broker resilience amid Covid-19 outbreak
Watchdog surveys 13,000 firms as it seeks to understand the effect Covid-19 is having on the finances of regulated firms and guide its supervisory actions.
News analysis: Why do brokers need to care about the FCA focus on D&I?
A recent letter from the regulator could indicate that it wants to widen its remit to include diversity and inclusion. Should brokers be worried? Martin Friel reports.
Former FCA insider develops compliance platform for brokers
Industry veteran Michael Sicsic partners with Governor Software to help brokers and insurers digitalise key compliance processes in a changing regulatory environment.
Blog: Is it curtains for net-rated products?
Ann Peel, technical consultant at Insurance Compliance Services, discusses the potential impact of the FCA's latest interventions.
Experts urge brokers to look over remuneration after FCA warning on GI distribution failings
Compliance specialists say brokers need to look at the distribution chain and make sure they act in the best interest of the customer.
FCA admits to concerns over private warnings as usage drops to zero
Freedom of Information request shows regulator has stopped using them.
Opinion: Branko Bjelobaba on why there are no excuses for getting renewal transparency wrong
If brokers can’t get renewal transparency right, what else are they getting wrong? Branko Bjelobaba asks
Opinion: David Sparkes on why delaying the Insurance Distribution Directive is a good thing
Delays are not often welcome, but in the case of implementing the Insurance Distribution Directive it’s the best possible outcome, explains David Sparkes