Regulation
How can the insurance industry bust ghost brokers for good?
With ghost broking a growing and persistent threat to the insurance industry, Rosie Simms asks whether technology is making the problem more prevalent – or easier for insurers to spot.
FCA fines and bans broker who failed to pass premiums on to insurers
The Financial Conduct Authority has imposed a financial penalty of £5,021 and banned an insurance broker from performing any function in relation to any regulated activity carried on by any authorised person, exempt person, or exempt professional firm.
FCA sweeps further into green on authorisations services
The Financial Conduct Authority upped its authorisation services delivery in the categories affecting brokers during the first quarter of the financial year.
FCA to boost headcount in Leeds by 100
The Financial Conduct Authority is to base a further 100 of its workforce in Leeds as it expands its footprint in the city.
Biba to be fully engaged on FCA’s regulation reviews
David Sparkes, regulation director at the British Insurance Brokers’ Association, has committed the trade body will be “fully engaged” throughout the process for the Financial Conduct Authority’s commercial insurance regulation discussion paper.
Biba among trade bodies welcoming FCA’s regulation moves
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s regulation discussion paper, calling it a “positive first step”.
Consumer Duty one year old – Mills stresses FCA support for smaller firms
The Financial Conduct Authority has been, and will continue to be, proportionate in its approach to supervising the Consumer Duty, according to Sheldon Mills on the one-year anniversary of the rules.
FCA doubles down as it seeks to lower burden on firms and support growth
The Financial Conduct Authority has launched a review which it claimed could streamline the rules governing financial services to reduce burdens on businesses.
FCA opens discussion on commercial insurance regulation
The Financial Conduct Authority has launched a discussion paper on the regulation of commercial and bespoke insurance business.
Whistleblowing to FCA slips back
The Financial Conduct Authority received 253 reports from whistleblowers between April and June, down on the same period of last year and the first quarter of 2024.
Former Premium Credit bosses resurrect ‘tifco’ brand for new venture
The Insurance Finance Consultants (tifco) has formally launched today with the aim of supporting all firms, including brokers, that offer insurance premium finance.
FCA head warns firms about “abdicating responsibility” by outsourcing claims
Lisa Sturley head of department of market interventions, insurance at the Financial Conduct Authority, has warned insurance firms about outsourcing claims to third parties.
Biba calls on Labour government to act on broker commissions and fees
The British Insurance Brokers’ Association has called on the new Labour government to introduce secondary legislation in relation to the Leasehold Reform Act to allow for broker commissions and fees to be deemed permitted insurance payments as they are…
Former broker Tracey loses seat as ex-Erskine Murray boss unsuccessful in bid to be MP
Former insurance broker and chair of the All-Party Parliamentary Group on Insurance and Financial Services, Craig Tracey, has lost his seat at the 2024 General Election.
FCA trims broker fees hike to 9.3%
The Financial Conduct Authority has confirmed it is raising the financial contribution of the general insurance mediation fee block by 9.3% for 2024/25, down from its initial projection of a 9.8% increase.
Trudgill: One year as Biba CEO
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, looks to tackle challenges facing brokers as he celebrates a year in the role.
Avid targets £100m GWP by end of 2025
Managing director of Avid Insurance Services, Stephen Gibson, is targeting £100m of gross written premium by the end of 2025, growing from around £75m to £80m this year.
FCA encourages monitoring review ahead of first Consumer Duty annual report deadline
The Financial Conduct Authority has found many firms need to make improvements in their monitoring to enable them to determine whether they are delivering good outcomes for retail customers, as required by the Consumer Duty.
Meet the MGA: Kova Professions
Having worked in both the insurer and MGA sectors, as well as the FCA, Kate Albert has a well-rounded view of the market. The Kova Professions CEO and founder explains to Jonathan Swift why service has become a point of difference in setting apart her…
Whistleblowing to FCA increases
The level of whistleblowing to the Financial Conduct Authority increased in the first quarter of the year, reversing previous declines.
Howden to remain private but IPO not ruled out in future
Howden is “very happy” being private at the moment but could be listed at some point in the future, according to CEO and founder David Howden.
Aviva’s Blanc: UK insurance industry needs to start planning for a post-Flood Re world
Amanda Blanc, group CEO at Aviva, claimed the UK must be cautious about what happens in a post-Flood Re world come 2039.
Interview: Sabre CEO Geoff Carter
Sabre boss Geoff Carter tells Insurance Age about the upsides for brokers from its IHP rollout, growing in motorbikes after the collapse of MCE and profitable expansion plans in taxi.
FCA cancels Northern Ireland broker’s regulatory permission
The Financial Conduct Authority cancelled Down Insurances’ Part 4A permission on 7 June, confirming it “no longer has permission to carry on any regulated activity”.