Regulation – Page 13
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News
Tribunal reverses £17.9m Compare the Market anti-competition fine
Tribunal panel rules that prior Competition and Markets Authority decision was based on ‘no reliable evidence’
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IT Interview
Simon McGinn: Clarifying ‘challenging’ BI wordings could lead to ‘narrowing the cover’
Insurers must help brokers carve out more time to have ‘critical’ client conversations around what policies do and do not cover, says commercial lines chief executive
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News
FCA confirms new rules on oversight of appointed representatives
The imposition of the new requirements highlights a ‘structural weakness in the present regime’, says financial services partner
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News
Biba welcomes consumer duty implementation extension
The trade body has also questioned a ‘lack of prescription’ within the new rules and invited firms to make use of its template fair value assessment solution
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News
Admiral and Direct Line face double-whammy margin hit in 2022 – Bloomberg Intelligence
Regulation implementation and inflation pushing up claims’ costs are among the causes
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News
Proposed Leasehold Reform bill a ‘red flag’ for industry over property insurance commission disclosures
‘Millions of people’ could be insured ‘for a lot less’, says financial compliance firm principal
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News
Personal injury motor claims continue to decline, says government’s CRU data
Nearly a quarter of a million claims have ‘disappeared’, according to executive director
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News
FCA publishes final rules for Consumer Duty regulation
The regulator has extended its implementation timeline for its ‘step change’ Consumer Duty principle by three months, but company boards must agree their implementation strategies by October 2022
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Analysis
Briefing: FCA must focus next on customers’ expectation gap following dual pricing ban
Consumer group managing director calls expectation gap the ‘number one problem in insurance’, over and above ‘sideshow’ price walking that the FCA has been focused on
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News
ACSO calls for mandatory insurance of e-scooters
The association has laid out a 10-step plan for the effective and safe legalisation of the micromobility vehicles in the UK
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News
Reported general insurance conduct rule breaches are ‘on the low side’ – Sicsic Advisory
Many Lloyd’s and London market brokers have failed to return required annual rule breach reports
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News
UK government publishes Financial Services and Markets Bill
The tabled bill represents ‘the beginning of the development of a new UK regulatory regime’, paves the way for Solvency II reform and furnishes the FCA with new regulatory powers
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News
Electric vehicle increase strikes fear into motor industry and its supply chains
Insurers need to ‘fundamentally change how they price, underwrite, insure and service’ electric vehicles, says credit hire firm managing director
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News
Cryptocurrency crisis leading to insurance policy wording amendments
Volatility in a market in its infancy is creating calls for regulation, says FCA chief executive
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News
Newest OIC performance data show continued decline in claims
The portal is also ‘failing’ to provide access to justice as average settlement times are increasing, according to ACSO executive director
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Sponsored Content
Rate increases must be expected as inflation bites – Pearson Ham
Stephen Kennedy, director of insurance pricing at Pearson Ham, explains recent pricing movements in the motor and home insurance markets
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News
Motor premiums see 7.8% increase during first five months of 2022 – Consumer Intelligence
Telematics products, meanwhile, have fallen in popularity as insurers plot their new pricing strategies
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News
FCA’s new chair revealed
The new hire will ‘bring much needed pragmatism to the FCA board from his experience of running a major regulator’, says law firm partner
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News
Two-day FCA staff strike postponed as further talks get under way
The regulator says it is looking ’forward to an open conversation’ with employees about union representation
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News
Brokers call for mandatory qualification requirements – CII
The CII’s president backs brokers’ call to action because it would ‘improve the image and professionalism of the sector hugely’