Regulation – Page 111
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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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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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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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NewsBiba joins sharing economy standards scheme
Biba has lent its support to a scheme to set standards for the new sharing economy. The brokers’ association has joined the expert advisory panel for the Sharing Economy UK’s (SEUK) TrustSeal programme. SEUK will award its stamp of approval to sharing economy schemes like AirBnB ...
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NewsBrexit unlikely to dilute Solvency II rules
Brexit is unlikely to lead to a big dilution of the EU’s Solvency II capital rules, insurance experts have warned. Last week, Lord Turnbull, a former board member at Prudential, told the Treasury select committee that Solvency II was “an absolutely dreadful piece of legislation”. He ...
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Online onlyGable crisis deepens amid stock market suspension request
The crisis swirling around unrated insurer Gable deepened today as it requested suspension from the AIM stock market. The Liechtenstein-based insurer requested a suspension of its share trading on AIM until the publication of its audited annual report and accounts for the year ended 31 December ...
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NewsQBE: Brexit may require “revised approach” for £500m of premium
QBE has warned that it may have to take a “revised approach” to around £500m of the insurance and reinsurance premium it sources from the EU following the UK’s decision to leave the bloc. This could involve writing the business through new EU-licensed entities, the insurer ...
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NewsGibraltar insurer Elite considering new European unit post-Brexit
Gibraltar-based insurer Elite is considering setting up a new company so it can continue writing mainland European business after the UK leaves the European Union. Elite currently takes advantage of passporting rules, which allow companies to operate across the EU and European Economic Area with a ...
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NewsFCA: EU-derived rules still apply despite Brexit vote
The FCA has reminded companies that they must continue to abide by their obligations under UK law, including any derived by the EU, following the vote to leave the European Union. The regulator said the rules would apply until the government changes legislation to reflect the ...
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NewsPRA approves Direct Line Group’s Solvency II model
The PRA has approved Direct Line Group’s Solvency II partial internal model. It means the insurer will be able to use the model to calculate its capital requirements under Solvency II from 1 July this year. The company plans to publish more details about its Solvency ...
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Online onlyCustomers should push industry to reinvent itself – KPMG
Customers should be the “inspiration” for insurers to reinvent themselves, after KMPG research found insurers focus more on complying with new regulations instead. The report says insurers are failing to adapt to changing customer needs and technology, with 57% of executives admitting that efforts to transform ...
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NewsCopying Norway's EU model will exclude us from big decisions – ABI
The ABI has given its support to the prime minister’s campaign to remain in the EU. During an interview on BBC’s Andrew Marr show yesterday, David Cameron said that even if the UK replicated the Norway model of being outside the EU with access to the ...
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NewsSurvey: FCA's TCF agenda overloading brokers
The FCA’s drive for better behaviour in the insurance broking sector is overloading firms and customers with information, according to the first Insurance Times Broker Regulation Survey. According to RWA Business Consultancy founder and compliance expert Robin Wood this overload could hinder the FCA’s Treating Customers ...
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Pass notes – the FCA
How is the FCA addressing the issue of information disclosure? The FCA has consulted on the removal of some ineffective disclosure requirements to encourage greater transparency and communication to reduce the regulatory burden because they do not inform consumers about a product or service. What is the consultation proposed ...
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NewsEuropean regulator insurer stress test is ‘half cooked’ – Allianz
Allianz has criticised plans by the EU’s pensions and insurance regulator Eiopa for EU-wide stress tests, calling them “half cooked”. The insurer is also worried that the test results could be used by the European Systemic Risk Board, which looks for risks to the financial system ...
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NewsRevealed: What brokers really think about the FCA
The regulator is overloading brokers and customers in its drive to improve industry behaviour. The cost of regulation and amount of paperwork were among the top reasons for broker unhappiness in our exclusive survey
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NewsEx-Biba small broker chair: 'speak candidly about commissions'
Yutree Insurance managing director Kevin Hancock said it was time for brokers to speak candidly to customers about commissions they earned and what a client might get for the payments. He was responding to comments by ABI director of general insurance policy James Dalton calling for ...
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Online onlyABI warns on transparency of broker commissions
It is “only a matter of time” before regulators force greater transparency of broker commission, according to the ABI. Speaking at the Birmingham Insurance Institute on Wednesday, ABI director general insurance policy James Dalton questioned if it was fair that commercial customers had to ask brokers ...
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NewsAirmic 2016: Insurance Act will bring period of 'chaos and muddle'
The inception of the Insurance Act is going to be followed by a period of chaos and muddle in the insurance market, delegates at the Airmic leadership debate were told. BT Group insurance and risk financing director Tracey Skinner, who sat on the panel yesterday to ...
