Politics
Jack Straw warns of regulatory threat facing motor insurers
Jack Straw has called on the industry, particularly insurers, to do much more to reform the private motor market or face further government intervention.
Treasury aims to tackle aloof nature and expense of regulator
The Financial Services Authority (FSA) is too expensive, aloof and bureaucratic and does not protect consumers from regulatory failure.
Biba commits to regulatory focus for 2012
The British Insurance Brokers’ Association (Biba) has revealed that its main focus for 2012 will be achieving appropriate, proportionate and cost effective regulation for its members.
Industry laments lack of referral fee bite in TSC report
The Transport Select Committee’s follow up report into the cost of motor insurance has been widely welcomed by the insurance industry but there is frustration that proposed measures to tackle referral fees do not go far enough.
Select Committee report focuses on whiplash claims and referral fees
The Transport Select Committee has called for the bar to receiving compensation for whiplash to be raised and for the receipt of referral fees to be banned across the board.
Taxman punishes SMEs while indulging big business
The Forum of Private Business has accused HMRC of indulging in the “harassment and mistreatment” of small business while arranging “sweetheart deals” with large companies.
OFT launches third party repair and credit hire investigation
The Office of Fair Trading (OFT) has launched an investigation into the provision of third party vehicle repairs and credit hire replacement vehicles in the UK motor market.
Winners and losers
If the ban on referral fees goes ahead next year, the repercussions could be felt throughout the industry, explains Tony Cornell
LMA urges Ombudsman to look at true costs of rising motor premiums
The Lloyd’s Market Association (LMA) has stressed that losses in the motor insurance market and unnecessary costs faced by insurers are responsible for pushing up prices for customers.
ABI sets out the top five motor insurance priorities
The Association of British Insurers (ABI) has highlighted the need to reduce young driver deaths and serious injuries as one of the five key priorities for the industry.
Trade bodies respond to flood insurance concerns
The British Insurance Brokers’ Association (Biba) and the Association of British Insurers (ABI) have both moved to address the insurance problems being faced by homeowners in flood affected regions.
Insurance premiums up 500% in flood areas, MP says
Diana Johnson MP has claimed that homeowners in flood risk areas have seen insurance premiums rise by up to 500% and called for a review looking into the cost.
RBS offered £4bn for insurance division
Royal Bank of Scotland (RBS) has been offered £4bn for its insurance arm by private equity group CVC Capital Partners.
ABI welcomes vote on banning referral fees
The banning of referral fees will be debated in the House of Commons next week and provided the vote is successful, will be added to Legal Aid, Sentencing and Punishment of Offenders Bill, Justice Secretary Kenneth Clarke has announced.
Flood cover could be pulled following reforms warns ABI
Government tactics to reform the planning process must not lead to uninsurable building developments, the Association of British Insurers (ABI) has warned.
Djanogly stripped of CMC powers
The justice minister, Jonathan Djanogly, has been stripped of his responsibility to regulate claims management companies after it was revealed he and his family could profit from changes to legal aid he was proposing.
Labour Party criticised for generating referral fees
The Daily Mail has reported that the Labour Party has received over £350,000 in donations from personal injury lawyers.
Confidence among SMEs slumps
The Federation of Small Businesses’ (FSB) Voice of Small Business Index has revealed that confidence among SMEs slumped by 9.6 points from a positive 0.3 to -9.3 in the third quarter of 2011.
Claims experts defend firms against Straw’s “parasite” comments
Claims specialists have defended their offerings after Jack Straw branded claims management companies (CMCs) and credit hire companies as “parasites in the system”.
Straw slams CMC “parasites” and near criminal activity
Jack Straw MP has attacked claims management companies (CMCs) and credit hire firms as “parasites in the system” in his evidence to the Transport Select Committee’s investigation into the cost of motor insurance.
ABI warns Transport Select Committee
The Association of British Insurers (ABI) has warned that “not for the first time” the Transport Select Committee risked “missing the point” about motor insurance as it re-opened its inquiry.
'Tesco law' arrives today
The new Legal Services Act comes into force today, allowing insurance companies to take a majority stake in law firms.
Medical experts challenge Straw to defend whiplash claim
A group of medical experts has claimed that Jack Straw MP’s comments made on 13 September in the House of Commons presented an unfair generalisation of the independent medical sector.
Referral fee ban could be catastrophic for brokers
Industry experts have warned that brokers reliant on an income stream from referral fees could find the government’s ban disastrous for their business.