Client money
Has Elon Musk been put off launching Tesla Insurance UK?
News Editor's View: With electric vehicle claims costs, and therefore premiums skyrocketing, some insurers are refusing to insure certain Tesla models. Scott McGee considers whether Elon Musk is set to disappoint consumers by ditching plans for Tesla's own UK insurance arm.
Simplifai’s AI tool; Howden’s telematics app; A-One joins Brokerbility
FCA does not aim to be a price regulator, says Sheldon Mills
Marsh/Volante launch shareholder activism product; insurance sector launches flood directory; GRP buys Hamilton Fraser; Liberty rolls out real-time flood warning solution
FCA warns public about broker Professional Construction Risks
The Financial Conduct Authority has warned consumers not to do business with Weston-super-Mare broker Professional Construction Risks Limited or any of its representatives.
FCA ‘Dear CEO letter’ warns brokers about client money amid concern of widespread non-compliance
The Financial Conduct Authority has issued a stark warning to brokers about client money shortcomings it has seen in the market stressing that it will take action.
GRP’s Stephen Ross on why sometimes selling your house is like selling your broking business
After looking at over 100 potential deals last year but only striking a small proportion of them Stephen Ross, head of mergers and acquisitions at Global Risk Partners, details what brokers considering a sale need to think about.
GRP strikes biggest deal since Searchlight investment with Marsh Networks buy
Global Risk Partners has agreed to buy Marsh’s UK networks for an undisclosed sum in a deal expected to close next quarter.
Insurers face £1.4m shortfall from Inspire failure
Insurance providers are set to be left with a £1.4m hole from the collapse of Coventry-based Inspire Insurance Services, with the broker's total deficit estimated at £2.7m by liquidators.
Blog: Lloyd’s and the London Market, your time has come
With Lloyd’s, London market and wholesale broker accountability drawing the regulator’s attention in recent weeks, Michael Sicsic, managing director of Sicsic Advisory and former Financial Conduct Authority head of retail general insurance supervision,…
Needham buys book as FCA shuttered broker Inspire goes into liquidation
Inspire Insurance Services has gone into liquidation after the Financial Conduct Authority ordered the Coventry-based broker to shut up shop last month.
FCA issues client money order as it closes Midlands broker
The Financial Conduct Authority has shut down Inspire Insurance Services and ordered the broker to ringfence relevant funds in a string of sweeping instructions.
FCA digs for details on financial resilience of brokers and MGAs
The Financial Conduct Authority has sent out letters to approximately 300 brokers and managing general agents asking them to provide detailed information regarding their financial resources and client money accounts.
Trade bodies back FCA's insurance key workers stance
The Association of British Insurers and the British Insurance Brokers’ Association have both welcomed the steps outlined by the Financial Conduct Authority to help identify key workers in financial services.
Members voice support for Marsh’s network merger plans
Members of Marsh Probroker, Purple Partnership and Bluefin Network have welcomed the plans to combine the three into one single proposition called Marsh Networks.
FCA: Client money handling a 'continual focus'
The Financial Conduct Authority advised that oversight of how brokers handle client money is a continual focus at a seminar exploring ‘Customers – at the heart of our business’.
Blog: Letting agents, beware of an energy shake-up
No stone is being left unturned by the government in its aim to make renting fair and reasonable. Marc Brewer, underwriting manager for professional risks, Tokio Marine HCC, says it could prove a tough year for the letting industry.
This Month In Post: Truth or dare on cyber
At the ABI annual dinner on Monday, as guests at my table predicted future insurance trends, I was struck by a suggestion. People will want to protect their most precious belongings and, in 10 years’ time, that will be their personal data, a KPMG partner…
Analysis: Does the One Call fine signal wider issues with client money?
John Radford, 53-year-old businessman and saviour of Mansfield Town Football Club, was fined £468,600 for a “lack of competence” in his handling of client money.
This month in Post: Renewals, rates and redundancies
The year started with an executive merry-go-round but this week proved that less senior people were also liable to redundancy, as it was revealed that a total of 480 jobs are at risk as a result of the LV/Allianz deal.
One Call ‘regrets’ mishandling of client money
One Call said it has rectified the client money errors that led to more than £1m in fines from the Financial Conduct Authority.
One Call slapped with huge fines by FCA
One Call and its CEO John Radford have been slapped with fines totalling more than £1m by the Financial Conduct Authority.
Blog: Rekindling the broking passion and preserving independence
Broker Network CEO Andy Fairchild urges experienced brokers to mentor the younger generation.
FCA refuses to disclose cost of abandoned Cass 5 review
The Financial Conduct Authority has declined an official request on how much it spent on its now shelved Cass 5 review.