Regulation – Page 116
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NewsFCA slams brokers over lax AR controls
The FCA has slammed brokers for having poor oversight over their appointed representatives. In its thematic review released today, the FCA found significant shortcomings in the control and oversight of appointed representatives by their principal firms in the general insurance sector in a thematic review published ...
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NewsFCA issues two S166 reviews against brokers over 'AR mis-selling'
The FCA has taken action against five firms, including issuing two Section 116 skilled person reviews, as a result of its probe into appointed representatives. At the appointed representatives of one principal firm there was significant evidence of mis-selling leading to actual customer detriment, the regulator ...
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NewsSupreme Court ruling is setback in fight against fraudulent claims - ABI
The ABI has warned that a Supreme Court decision which ruled that insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim will push up the cost of insurance. Earlier today judges voted four to one to change the ...
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NewsFCA to publish proposed new mission statement in autumn
The FCA is planning to publish proposal for a new mission statement in early autumn. It will invite “intensive public consultation” on the new mission, which is designed to provide greater clarity to consumers and companies about the regulator’s obligations to them. The FCA believes it ...
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NewsFCA’s Bailey: Brexit will not trigger regulatory ‘bonfire’
The UK’s exit from the European Union will not necessarily mean a big clear-out of EU-derived legislation, new FCA chief executive Andrew Bailey said. Responding to a question about the potential for deregulation post-Brexit at the FCA’s annual public meeting yesterday, Bailey said: “It is important ...
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NewsGable shares rise as trading resumes on Stock Exchange
Gable shares resumed trading on the London Stock Exchange this morning, after the company’s self-imposed suspension was lifted. In early trading, Gable shares recovered to 350 pence, up from 338 at the time of their suspension on 1 July. Gable said that following the release of ...
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NewsTech & Innovation Awards finalists on challenges and successes they have faced
As the insurance market becomes increasingly digitised established firms find themselves trying to keep up with the pace of customer demand, while disrupters rush into the market. In the run-up to this year’s Tech and Innovation Awards our shortlist of finalists presented their submissions in front ...
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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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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 ...
