Regulation
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Latest NewsFCA urges insurance intermediaries to address ‘significant risks of potential harm’
The regulator said it has continued to observe ’ineffective governance and control arrangements’ from insurance intermediaries
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Latest News
LMG identifies six metrics designed to secure London market’s global competitiveness
The trade body outlines ‘six priority initiatives’ through which the insurance industry’s ‘competitiveness agenda can start to be established and measured’
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Gove welcomes FCA findings on buildings insurance market
The secretary of state is also ‘keen to review’ the insurance industry’s role in contributing to ‘high premiums’ for leaseholders
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Brokers are ‘safe haven’ for M&A capital
Amid record amounts of M&A, independent brokers can showcase their status to build customers, while consolidation potentially makes room for broking startups – if they can pass regulatory muster
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Top Premier League clubs to pursue BI claim against major insurers
A ruling in this case could represent a ‘new test case’ for business interruption claims
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FCA confirms significant delays in M&A process
Firms looking to complete acquisitions could face waits of over two months for regulator approval
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Brokers’ commission must be ‘reflective of the value’ provided to customers, says FCA
The regulator’s executive director of consumers and competition emphasised that brokers must not recommend a product based on their own remuneration, although ‘high prices may sometimes be appropriate’
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Insight
Briefing: FCA backs Biba on FSCS levy reductions, but admits change ‘will take some time’
Despite some alignment in thinking, Biba’s chair still believes the regulator needs to take ‘a long, hard look at its own responsibilities and approach to our low risk sector’
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Sheldon Mills: FCA does not have ‘one-size-fits-all approach to regulation’
Achieving balance between the regulator’s 4,500 staff and the 55,000 firms its regulates is a challenge, notes the executive director
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Regulation in the ‘age of acceleration’ represents a ‘black elephant’ for the sector
Quick-fire technology developments mean the government is at risk of ’regulating the previous innovation, rather than the next’
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Latest News
FCA considering ‘rules to limit commission’ for multioccupancy buildings insurance
The regulator is collecting data from the insurance industry to help inform ‘potential interventions’, says executive director for consumers and competition
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Insight
House of Lords advocates more proportional regulation for London market
Inquiry calls for ‘broader reassessment of regulatory culture’ as current London market oversight is described as ‘inflexible’ and ‘unnecessarily complex’ by committee chair
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Latest News
Average cost of motor insurance has fallen 5% – ABI
This means consumers are enjoying the lowest average costs for nearly seven years
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Insight
Briefing: LiPs not ‘disadvantaged’ by OIC process despite industry-wide concerns
Law firm argues that OIC portal process is not a ‘disincentive’ because LiPs are ‘clearly able’ to submit and progress claims
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Insight
ESG concerns look set to grow
’ESG reputation could become as important as product, service and price,’ says Allianz Commercial’s chief underwriting officer
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Latest News
Direct Line’s premiums slide by 2.4% during Q1 2022
The group put the hit to GWP down to the FCA’s pricing reform, but trading was ’broadly in line’ with its expectations
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FCA boosts hiring spree with three new appointments
Two appointees have been promoted internally, with the other joining from Goldman Sachs
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FCA collecting data on fair value for leaseholders
Leaseholders have warned that a ‘major financial scandal’ is developing over hidden commission fees
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Latest News
Government seeking to double Solvency II regulatory threshold for industry
This will help smaller firms entering the market
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Latest News
New CRU data confirms continued decline in motor claims
Numbers for motor injury claims are at ‘historic lows’, says ACSO executive
