Regulation
Blog: PIB’s Brendan McManus on the future of insurance broking M&A
Fragmentation, low market maturity, employee benefit opportunities and lower pricing make Europe ripe for broking consolidation, according to PIB Group CEO Brendan McManus.
Brokers still not Consumer Duty ready despite survey boost – compliance experts
Compliance experts have issued warnings to brokers still not ready for the fast-approaching Consumer Duty deadline.
Ex-Swinton duo Normand and Beaven join Academy as it receives Blixt PE injection
Academy Insurance Services has been given external investment from private equity house Blixt Group with its sights set on growth through further acquisition.
Editor's letter: Consumer Duty – maybe not so 'Mission Impossible' after all?
I am really looking forward to the film 'Mission Impossible Seven', or to give it it’s exact title: ‘Mission Impossible – Dead Reckoning Part One’.
Graeme Trudgill on taking up the reins at Biba
Graeme Trudgill has committed to fighting strongly for brokers and to getting even more access to the Financial Conduct Authority for members as he takes up the role of CEO of the British Insurance Brokers’ Association.
New Biba CEO Trudgill urged to fight for compliance-hit small brokers
The new CEO of the British Insurance Brokers’ Association, Graeme Trudgill, has been urged to fight for smaller brokers, who complain they are being swamped by regulation.
Graeme Trudgill succeeds Steve White as Biba CEO
The British Insurance Brokers’ Association has appointed Graeme Trudgill, its current executive director, as CEO taking over from Steve White.
Zurich UK CEO Bailey takes over as ABI president
Tim Bailey, UK CEO at Zurich, is the new president of the Association of British Insurers.
FCA cracking down on home and motor insurers
The Financial Conduct Authority has warned insurers about the support provided to struggling customers.
Brokers split on benefits versus costs of Consumer Duty
Only 49% of brokers agree the long-term benefits to their firm of the Consumer Duty will outweigh the short-term costs, according to research by the Financial Conduct Authority.
FCA reveals 69% of brokers feel fully ready for Consumer Duty deadline
The Financial Conduct Authority has set out that 69% of brokers believe they will be ready to comply with all requirements of the Consumer Duty when it comes into force on 31 July.
FCA research shows brokers outperforming financial services on Consumer Duty understanding
Detailed research by the Financial Conduct Authority has revealed brokers are ahead of the financial services industry on almost all metrics of Consumer Duty understanding.
EY pegs UK motor NCR at decade worst 109.5%
The UK motor insurance market experienced its worst performing year in a decade in 2022, with further losses expected this year, according to EY’s latest UK Motor Insurance Results report.
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
Lemonade gets UK carrier licence from PRA
The Prudential Regulation Authority has granted insurtech Lemonade a UK carrier licence.
Academy Insurance updates on sale after deal fell through
Personal lines specialist Academy Insurance Services’ shareholders are going through due diligence in a sale process, according to a filing at Companies House.
Biba rolls out partnership to help brokers on Net Zero journey
The British Insurance Brokers’ Association has added Flotilla Group as an associate to help support members with their own sustainability ambitions.
FCA issues restrictions on four insurance ARs in 10-firm crackdown
The Financial Conduct Authority has put 10 firms under restrictions for failing to meet its expectations on overseeing appointed representatives including four in the insurance industry.
Sicsic Advisory teams up with software experts for fair value product
Regulation consultancy Sicsic Advisory has teamed up with lifecycle management experts Skyjed to launch a new all-in-one product oversight and governance solution.
Brokers waiting on insurers and tech vendors to demonstrate value of AI and ChatGPT
Brokers are unlikely to actively embrace artificial intelligence and explore the potential of ChatGPT until insurers and technology vendors have demonstrated their value, and none need fear that they will replace them in giving advice.
FCA issues warning on UKGlobal Broking Group clone
The Financial Conduct Authority has warned that fraudsters have been trying to scam people using a clone of Howden-owned UKGlobal Broking Group.
Brightstar launches insurance broker Solstar
The Brightstar Group, predominantly a mortgage intermediary business, has launched an insurance brokerage which offers advice direct to clients and a referral service for mortgage brokers.
In Depth: Building a USP to make a broker network stand out
Networks are playing an increasingly important role in helping build and grow the independent broking successes of the future. With so much competition to choose from though, how are these businesses looking to differentiate themselves? Martin Friel…
Cobra CEO Tedstone aims to hit £1bn by 2025
The boss of broking network Cobra has said that it has identified a pipeline of 700 potential ‘unicorns’ as it seeks new members to meet its target of £1bn of premium by the end of 2025.