Consumer Duty
Rathi reappointed FCA CEO
The Treasury has announced the reappointment of Nikhil Rathi as chief executive of the Financial Conduct Authority for a second term.
FCA to cut “clunky interactions” as it drives digitisation
The Financial Conduct Authority is focused on cutting “clunky interactions”, with a key move being the digitisation of forms, according to Sheree Howard, FCA executive director of authorisations.
FCA to consult on removing minimum training and development hours in insurance
The Financial Conduct Authority will open a consultation this summer including on the definition of SME used in the insurance market as part of its ongoing review of Consumer Duty rules.
FCA launches five-year strategy promising smarter, more efficient and effective regulation
The Financial Conduct Authority has launched its five-year strategy revealing the four priorities for 2025 to 2030.
FOI reveals smaller broker involvement in FCA’s first Consumer Duty board reports review
The Financial Conduct Authority included 34 firms from the insurance sector in its review of the first annual Consumer Duty board reports, a Freedom of Information request from Insurance Age has revealed.
FCA and PRA committed to driving competition and innovation
The Financial Conduct Authority is looking at what rules can be stripped out following Consumer Duty and if fair value assessments need to be every year.
Blog: The compliance threat to M&A
Jill Hambley, managing director of Insurance Compliance Solutions, tackles the compliance basics smaller brokers must keep front of mind before listing a business for a potential sale to make sure any deal doesn’t end up on the scrapheap.
Broking Success: Growing regional presence
Financial Affairs CEO Laurence O’Connor looks to grow the business ten fold three years ahead of schedule, after making four acquisitions in 18 months.
Economic Secretary Emma Reynolds supports calls for proportionate regulation
At the British Insurance Brokers’ Association manifesto launch Economic Secretary to the Treasury Emma Reynolds stated regulation “must be proportionate”.
SMEs satisfaction with insurance ended 2024 on a high – CII
Overall SME satisfaction with insurers rose to 83% in the final quarter of last year, according to data released by the Chartered Insurance Institute.
Review of the Year 2024: SSP’s Martyn Mathews
Martyn Mathews, MD of SSP Broker reflects on disappointing vote-winning rhetoric, renaming the NEC the Mathews Arena, and asks whether the FCA might roll back a little on some of the principles of Consumer Duty and Fair Value
FCA reveals review findings of first annual Consumer Duty board reports
The Financial Conduct Authority has set out five areas for improvements and five good aspects having reviewed the first annual Consumer Duty board reports from 180 firms.
Review of the Year 2024: Ageas’ Middle, Linklater, Clarke and Beckett
The senior Ageas team wish the term ghost broking is never uttered again, hope for a sustainable ecosystem for the repair and re-use of electric vehicle batteries, and consider what an insurance brokers showstopper might look like on Great British Bake…
Analysis: Placement strategies – are brokers turning the tables?
What is driving brokers’ decisions on which markets they use? While once it was insurers holding the aces, it now appears the boot is on the other foot, finds Rachel Gordon
Blog: What implications could the motor finance scandal have on insurance brokers?
As the industry shoots itself in the foot. Again. Matthew Maxwell Scott, founder and executive director of the Association of Consumer Support Organisations explores how the motor finance scandal fallout might see brokers caught in the cross-fire.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
Broker Expo 2024: Biba encouraged by ‘step-change’ in FCA’s approachability
Head of regulation for the British Insurance Brokers’ Association David Sparkes told delegates at Insurance Age’s Broker Expo yesterday that he is encouraged by the fact that the Financial Conduct Authority is being more receptive to feedback.
Experts say industry is improving on fair value despite FCA criticism
The Financial Conduct Authority’s findings that brokers are still struggling to provide evidence that their remuneration is consistent with fair value rules has sparked mixed reactions among people working in the sector. Ida Axling explores the fallout…
Underinsurance: how big is the problem and what can brokers do to solve it?
Inaccurate buildings sums insured are one of the biggest causes of claims disputes, creating problems for policyholders, brokers and insurers.
FCA: Reducing rulebook would lead to boost in international competitiveness
The Financial Conduct Authority believes sharing more information on good practice and its expectations will benefit the industry and help drive better outcomes, according to Graeme Reynolds, director of competition.
Broker Expo 2024 Countdown: Avoira’s Ian Taylor
As we count down to Insurance Age’s Broker Week, we asked our Broker Expo speakers to share some insights into the event, market issues and reveal their favourite chocolate bar. Today, we focus on Avoira’s head of commercial – customer experience Ian…