Regulation – Page 21
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NewsInsureds facing higher renewal prices despite FCA’s price walking ban – Which?
The regulator previously stated that its rules against price walking should see consumers save £4.2bn, however
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AnalysisSector cautiously welcomes UK government amendments to planning guidance for preventing flooding in new builds
Affordable home insurance is ’essential to public trust’ in insurance and is impossible without ‘drastic improvements’ to flood resilience, says CII director of policy and public affairs
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NewsBrokers set for key role around possible post-Brexit IPT changes
Changes to insurance premium tax could lead to greater administration burden for the UK’s insurance sector
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NewsAllianz Holdings names Aviva director in newly created compliance role
The hire continues Allianz’s investment in ‘second line defence’, says chief executive
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NewsLiz Truss prime minister victory could spell FCA and PRA merger
Any regulator - combined or separate - must be ’accountable, agile [and] responsive’, says compliance expert
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NewsCurrent level of industry regulation is ‘suffocating small brokers’ – Stanhope Cooper
Broker boss believes regulation for brokers has ‘gone too far’ and is ‘anti-entrepreneurialism’
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NewsCyclists could be required to purchase mandatory insurance following Transport Bill review
UK’s transport secretary implied that he is not a fan of unnecessary ‘bureaucracy’, however
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NewsLloyd’s of London sets cyber policy exclusions for state-backed attacks
Managing agents must show that exclusion clauses have been legally reviewed
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NewsBeazley receives ‘in principle’ approval to establish Lloyd’s Syndicate 5623
The insurer’s Smart Tracker will transition into a ‘full market-facing syndicate’ at the beginning of next year
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NewsTribunal 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 InterviewSimon 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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NewsFCA 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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NewsBiba 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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NewsAdmiral 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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NewsProposed 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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NewsPersonal 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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NewsFCA 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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AnalysisBriefing: 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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NewsACSO 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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NewsReported 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
