Latest News – Page 734
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NewsAnalysis: What Towergate's fine means for brokers and insurers
The giant menacing shadow of the FCA looms larger than ever over all brokers and insurers today. It is Towergate that is once again caught in the fangs of the regulator, following its £2.6m fine for failing to protect client money. But there are implications ...
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NewsTowergate 'regrets' historical client money rule breach
Towergate said it regrets its failings in protecting client and insurer money that have led to an FCA fine of £2.632m. “While this issue is historic, isolated, and had no financial impact on any clients or insurer partners, it does not excuse the fact that the ...
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NewsFCA fines Towergate £2.6m for failing to protect client money
The Financial Conduct Authority has today fined Towergate Underwriting Group £2.632m for failing to protect client and insurer money. Towergate accumulated a shortfall of £12.6m in its client and insurer money bank accounts which, due to systems and controls weaknesses, went undetected for a number of ...
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NewsTesla cars in a third Autopilot crash
For the third time in a few weeks, a Tesla electric car has crashed while the driver claimed the car’s self-driving system was switched on. Montana police said the Tesla driver claimed the Autopilot system was activated when the latest accident occurred early on Sunday morning. ...
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NewsLawyers team up to fight whiplash crackdown plans
The Law Society has joined forces with claimant groups to lobby against the government’s whiplash crackdown. The national solicitor’s organisation has teamed up with the Association of Personal Injury Lawyers and Motor Accident Solicitors Society to oppose the planned changes. Chancellor of the Exchequer George Osborne ...
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NewsInsurance law firm offers home working for staff
Insurance law firm Addleshaw Goddard has told most of its staff they can work regularly from home, the Law Gazette reported. The firm said the move will affect staff its Leeds, London and Manchester offices. Partner Michael Leftley said “agile working” has already brought benefits for the ...
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NewsTrip claim questioned in court after Facebook comment
A painter and decorator who sued Surrey Council, claiming he tripped on an uneven pavement, could be facing jail for alleged fraud after a Facebook post cast doubt on his story. John Wootton, of Saville Crescent, Ashford, Surrey, injured his wrist when he fell in December ...
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NewsBuilding Block, Right to Health in car hire excess partnership
Malta-based insurer Building Block has teamed up with UK health insurer Right to Health to sell Building Block’s car hire excess product to their private health customers and their lead generation book. Building Block chief executive Paul Brierley said Right to Health already had a successful ...
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NewsHastings appoints two new non-executive directors
Hastings Group said it has appointed two new non-executive directors. Alison Burns (pictured above) has held executive and non-executive roles within Aviva, including the chief executive of Aviva Ireland. She has financial services experience in senior roles with Santander, Bupa, Lloyds TSB and AXA UK. Dr ...
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NewsBroker Service Survey – Your forum to drive change in UKGI
Broker Service Survey – Your forum to drive change in UKGI Insurance Times has launched the annual Broker Service Survey – now in its 11th year. Brokers up and down the country are keen to reveal which insurers provide the best service levels, and which areas they ...
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NewsFCA paid ex-chief Wheatley more than acting head last year
The FCA paid its former chief executive Martin Wheatley a total of £641,233 in the year to 31 March 2016, the regulator’s annual report shows. This is more than the £570,000 paid to acting chief executive Tracey McDermott in the same period. However it is less ...
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NewsHolidaymakers don’t understand travel insurance - study
UK holidaymakers don’t understand their travel insurance policies, according to a new study. Research from the Travel Insurance Facilities Group found that 60% of Londoners think their policies cover unattended items left on the beach while they go swimming in the sea. In the northeast and ...
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NewsMarsh and Chaucer do first deal on new London market platform
Marsh and Chaucer have bound the first risk on PPL, the London market’s newly launched electronic placement system, yesterday morning. Marsh was the broker for the standalone terrorism risk bound on the platform, and Chaucer the underwriter. PPL went live yesterday for standalone terrorism risks – ...
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NewsBrexit could mean end for gender pricing ban – report
Insurers are hoping that the UK’s decision to leave the European Union will mean an end for the ban on basing premiums on a customer’s gender, the Telegraph reports. Since 21 December 2012, the EU Gender Directive has required that insurers offer gender-neutral pricing, which has ...
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NewsHyperion’s DUAL looks to XL Catlin for new UK chief executive
Hyperion-owned underwriting agency DUAL has hired former XL Catlin executive Richard Clapham as UK chief executive and regional chief executive of DUAL Europe. Clapham will take up his new job on 5 September and report to DUAL International chief executive Talbir Bains. He will be based ...
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NewsBrightside replaces lost Markerstudy capacity with two deals
Brightside said it has fully replaced its lost Markerstudy capacity by signing new deals with Covéa Insurance and another insurer, which it declined to name. The broking group is also planning to sign up more insurers in the coming months. Markerstudy, one of Brightside’s main capacity ...
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NewsHowden UK chief operating officer departs
Howden UK Group’s chief operating officer Stephen Reid has left the company, Insurance Times has learned. A spokeswoman for parent group Hyperion confirmed Reid’s departure and said that the company wished him well. Reid joined Howden UK as chief operating officer in June 2014. He had ...
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NewsInsurers ‘leading charge’ on Women in Finance Charter
Fifteen companies from the insurance industry have signed up to the government’s new Women in Finance charter, unveiled today. This means that the insurance industry is “leading the charge” for gender diversity, the Treasury said in a statement announcing the charter. The list includes big-name insurers ...
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NewsGovernment launches automated car insurance consultation
The government has launched a consultation on rule changes that will pave the way for automated cars to be used on the country’s roads. Under the proposals, rules will be changed so automated vehicles can be insured for road use. The Highway Code and regulations will ...
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NewsAIG rolls out second work experience scheme to attract inner city youths
AIG is rolling out its second work experience programme for inner city students today. The insurer wants to attract more young people to the insurance industry by giving them first-hand exposure of what it is like to work in risk and insurance. Thirty students from four ...
