The insurance industry is desperate for the FCA to become more public
By Content Director Saxon East
With the Covid-19 pandemic abating and face-to-face meetings gathering pace, this is now a fine chance for the FCA’s general insurance chiefs to step up their public appearances.
At Insurance Times’ Broker CEO Forum last month, there was a feeling that brokers have requested face-to-face time with the regulator, but that this is difficult to achieve.
One attendee said there has been a number of secondments at the FCA’s senior levels, making it hard to find consistent faces to form relationships with.
The FCA has shown in the past that it is willing to put in public appearances.
Former FCA general insurance chief Simon Green showed it is possible to build bridges with insurance bosses - and they were grateful for the in-person contact.
He even wrote some columns for the industry’s favourite read, Insurance Times.
Insurance chiefs really desire having some face time with key FCA personnel, where details of important regulation can be discussed.
The changes around pricing and fair value are some of the most profound to impact our sector.
The regulator’s focus on fair pricing is likely to have a major impact on personal lines brokers, especially those that rely on premium finance as a source of income.
The fair value rules will impact all brokers dealing with client firms of 250 staff and less than £10m turnover.
The changes are so great that some insurance firms may not survive the upheaval.
Insurance Times readers and Broker CEO Forum attendees can be sure that we will be trying our best to bring the FCA into the public arena.
It’s the least you deserve.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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