Consumer Duty
Brokers face ‘fair value’ dilemma on premium finance amid interest rate rises
Brokers are faced with a dilemma as interest rates rise. The Financial Conduct Authority’s demand for them to offer ‘fair value’ products is at the forefront of their minds when they decide how to deal with the customer. Saxon East reports.
FCA boss Brewis to address Consumer Duty concerns at Insurance Age event
Matthew Brewis, director of insurance at the Financial Conduct Authority, has been confirmed as the keynote speaker for the first Insurance Age Broker Breakfast event in Leeds next month.
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.
MGAA edges closer to membership milestone
The Managing General Agents’ Association’s CEO Mike Keating has revealed that the trade body is close to surpassing 200 full members in the next couple of months.
Minister concerned Consumer Duty could unleash claims farmers – report
City of London minister Andrew Griffith is concerned Consumer Duty could unleash spurious lawsuits from claims management companies, according to a report in the Financial Times.
Opinion: Tips to get your clients’ claims across the line quickly
Getting claims paid is not as straightforward as it once was, according to Malcolm Harvey, founder and executive director of Qlaims. Here, he explains a few hacks that might at least help speed up settlements.
News analysis: The 1/1 reinsurance renewals – What will 2023’s ‘challenging’ reinsurance market mean for UK brokers?
The annual 1/1 reinsurance renewal season might not have been on the list of major concerns of the average UK broker at the start of 2023. But as Rachel Gordon reports it could have a sting in the tail this year when it comes to capacity shrinkage and…
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.
Sicsic Advisory urges treatment of vulnerable customers should be top priority
Associate director at Sicsic Advisory, Sue Mallender, has stressed that the treatment of vulnerable customers is seen by the Financial Conduct Authority as an integral part of how businesses should operate.
FCA's Consumer Duty update is a ‘warning against complacency’ as firms fall behind
The Financial Conduct Authority has warned firms risk falling behind as the deadline for Consumer Duty looms.
Cost-of-living crisis to place additional regulatory focus on market
DAC Beachcroft has published its predictions for 2023, which touches on the impending implementation of the Consumer Duty and what the Financial Conduct Authority will expect of the insurance industry during the cost-of-living crisis.
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.
Review of the Year 2022: Steve Wright and Bryan Banbury, Russell Scanlan
In the latest part of Insurance Age's review of the year Russell Scanlan's managing director Bryan Banbury, and claims director Steve Wright offer their reflections on 2022 and predictions for the next 12 months.
Review of the Year 2022: Sean Kemple, managing director, Close Brothers Premium Finance
In the latest part of Insurance Age's review of the year Sean Kemple, managing director, Close Brothers Premium Finance offers his reflections on 2022 and predictions for the next 12 months.
Review of the Year 2022: Ross Barrington, managing director of Markerstudy Broking
In the latest part of Insurance Age's review of the year Ross Barrington, managing director of Markerstudy Broking, offers his reflections on 2022 and predictions for the next 12 months.
News analysis: What next for brokers amid FCA premium finance crackdown?
The Financial Conduct Authority’s premium finance crackdown threatens a significant revenue earner for brokers. Big players with strong balance sheets are making moves
IFAs who mis-sold pensions to steel workers fear insurers will reject PI claims
Financial advisers who mis-sold pensions to British Steel workers ‘are concerned that their professional indemnity insurance may not respond to claims’, it has emerged in a regulatory update.
FCA takes aim at gap between industry statements and results of first value measures data
The Financial Conduct Authority has warned it will consider which tools it can use to protect consumers as it unveiled its first personal lines value measures data.
EY: UK motor and home insurers to report largest losses in a decade
According to a report by EY, UK motor and home insurers are expected to make the biggest annual loss in over a decade this year, with further losses forecast for 2023.
Broker Expo 2022: Brokers urged to act now over looming AR rules deadline
As the implementation of the appointed representative requirements edges closer, senior consultant Sue Mallender at Sicsic Advisory has warned Broker Expo delegates that principal firms need to act to make sure they hit the deadline.
Headline makers: November 2022
The key stories from the past month all in one place.
GI firms need to step back and consider what to do differently under Consumer Duty, says FCA
The insurance sector is well placed ahead of the implementation of new Consumer Duty rules but “there will be changes needed”, according to Daniel Hurl, head of market analysis and policy, insurance, at the Financial Conduct Authority.