Regulation
FOS plans to increase levy by £10m
The regulatory body will ask firms for £106m as it flags increase in motor and pet insurance complaints but PPI comes to a close.
Opinion: Remote working – what the FCA expects
PKF Littlejohn’s Richard Willshire explores how Financial Conduct Authority rules could impact on home and hybrid working
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
Kroll reverses “reckless” MCE MTA decision
The administrator will now allow the provider to process mid-term adjustments.
MCE: Edwards hits out at administrator over MTA u-turn
MCE Edwards says he is “ashamed of the profession” and warns that the decision could impact vulnerable customers.
HMRC flags potential code of conduct for brokers in IPT consultation update
Government outlines the next steps and details responses from industry stakeholders, including brokers, insurers and trade bodies.
Blog: Is the industry falling in love with GAP insurance again?
Avid's Steve Duxbury discusses how the market for GAP insurance has changed since the FCA's 2015 thematic review and argues that it is set for accelerated growth.
FCA reforms decision-making to tackle consumer harm
The “sensible streamlining” changes are designed to improve the speed and allow FCA senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
Gibraltar regulator denies accusations from MCE
MCE criticised the regulator earlier this week after its Gibraltar-based insurance arm went into run-off.
MCE slams Gibraltar regulator after insurer arm goes into run-off
MCE condemns GFSC for applying capital add-ons on its Gibraltar-based insurance company, which went into run-off on 5 November.
FSCS confirms MCE Insurance Company has failed
The Gibraltar-based business went into run-off on 5 November, citing difficulties with Solvency II, while the UK-headquartered division of the company has signed a fresh capacity deal with Sabre.
FSCS postpones retail pool contribution in levy update
Biba welcomes the move as brokers were previously expected to contribute £60.9m to the retail pool for the financial year 2021/22.
Regulation roundup: Fair’s fair
Biba’s David Sparkes shines the spotlight on fair value and vulnerable customers in our new quarterly examination of the regulatory landscape
Broker Expo: How to tackle PI
Panelists shared their views on increased regulation, getting adequate cover, and the difficulties and future of the PI sector.
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
Insurance trade associations create fair value template
In an attempt to help firms better prepare for the Financial Conduct Authority's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
Opinion: Fair value – fair play
The FCA’s rules on fair value have come at the right time, and those not ready to follow them may soon fall by the wayside, writes Partners& chairman Stuart Reid
Interview: Adrian Saunders, Ecclesiastical
The commercial director tells Insurance Age about the insurer's developments, its relationship with brokers throughout the pandemic, and its plans for the coming year.
Experts slam "badly worded" and "intrusive" FCA D&I survey
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
John Lewis pulls controversial home insurance ad
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell stands down as FCA chair
Randell will exit in Spring 2022 and the government is now seeking a successor.
FCA focus on fair value causes confusion for brokers
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.
FCA signals litigation threat as it highlights priorities
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.