Compliance
Allianz in Uber tie-up; Assured Partners acquires SW broker; BGL and Covea to launch new direct brand; and Twelve Capital/Eos unveil insurtech focused growth fund
Post wraps up the major insurance deals, launches and investments of the week
'Challenging' changes ahead under consumer duty
The Financial Conduct Authority’s consumer duty proposals are set to 'change the face' of the consumer financial services market, experts have said.
FCA's consumer duty to cost firms up to £2.4bn
The Financial Conduct Authority has estimated that businesses will face a one-off bill of up to £2.4bn to comply with its proposed consumer duty rules, with ongoing annual direct costs of up to £176m.
FCA unveils consumer duty 'to drive a fundamental shift in industry mindset'
The Financial Conduct Authority has opened a consultation on the introduction of a consumer duty highlighting its concerns that financial services do not currently always work well for consumers.
FCA launches consultation on improving AR regime
The Financial Conduct Authority has launched a consultation on improving the appointed representatives regime and tackling harm from this model.
HMRC's IPT decision hailed as good news for brokers
Her Majesty’s Revenue & Customs has opted against making brokers liable for any unpaid Insurance Premium Tax where they used IPT unregistered insurers and against introducing IPT on brokers’ administration fees.
FCA streamlines decision making process to prevent consumer harm
As part of its transformation to become a more innovative and assertive regulator, the Financial Conduct Authority has confirmed more decisions will be taken by its senior managers than by the Regulatory Decisions Committee.
HDI in London market launch; Marsh teams up with Pedalsure; Zurich UK bolsters healthcare offering and BMS in Tysers swoop
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Jensten Group hires compliance boss from BGL
Steve Folkard will join Jensten Group as group risk and compliance director from December.
Briefing: Carrying the can in the AR sector
The debacle which led to the Financial Conduct Authority ordering Munich Re Digital Partners to get John Lewis to pull its ‘Let Life Happen’ home insurance advert has intensified the focus on appointed representatives, a sector not short of regulatory…
FSCS cancels 2021/22 retail pool contribution but forecasts £900m levy for following year
The Financial Services Compensation Scheme has dropped its 2021/22 levy to £717m from a forecast £833m as it cancelled the predicted £116m contribution to the retail pool.
COP26 Blog: Climate change and the regulatory landscape
With a growing trend towards compliance with climate-related reporting standards and a flurry of other regulatory proposals in the post, companies and their insurers will be forced to put green issues at the head of the agenda if they haven’t already…
Analysis: Saga's ICO fine provides cautionary tale on third-party marketer pitfalls
Saga was fined £225,000 by the Information Commissioner’s Office in September after it was found that its marketing partners had sent millions of nuisance emails, highlighting the pitfalls companies face chasing leads.
Biba calls on FCA to cut out 'jargon' amid product governance confusion
The British Insurance Brokers’ Association has called for the Financial Conduct Authority to cut down on the amount of jargon in its rulebook, saying that the terminology used in new product governance rules risks confusing brokers.
General insurers lag behind reinsurers and investment managers in operational resilience readiness
General insurers are lagging behind reinsurers and investment managers in their preparation for operational resilience rules that come into force in March 2022, according to research by Oric International and Sicsic Advisory.
Trade bodies collaborate on product governance amid concerns of sluggish progress
Insurance industry trade bodies are working to agree templates for information sharing between firms to enable them to more easily come into line with the Financial Conduct Authority’s enhanced product governance rules.
Analysis: Commission in the crosshairs as FCA warns on product governance rules
The shift in the regulatory landscape could lead to “massive upheaval” experts have warned as brokers have been urged to engage with the process amid fears that the scope of fair value changes has not been understood.
British Insurance Awards 2021: Specialist Insurer of the Year Award
The winners of the British Insurance Awards were revealed on Wednesday 15 September at Battersea Evolution.
Lucida adds Pearce as broking CEO and Davenport as CRO
Simon Pearce and Insiyah Davenport have joined Lucida as CEO of the broking division and group chief risk officer.
FCA yet to fully investigate more than half of Covid whistleblowers’ reports
Exclusive: The Financial Conduct Authority has yet to close investigations into more than half of the reports made by Covid whistleblowers in the first year of the pandemic, with general insurance businesses among firms that have faced allegations.
Analysis: Inside two years of insurance data breach reports
Exclusive: Insurers, brokers and other firms within the industry have made 315 data breach reports over two years, with many of the best known businesses in UK insurance among those to notify and cyber a growing concern.
Spotlight: Personalisation - Exemplary experience, the route to differentiation
If you get your customer experience right, there is the potential to create real differentiation. Tim Hood, vice-president for Europe, the Middle East and Africa and Asia Pacific for Hyland, highlights why insurance companies need to personalise,…
AR consultation prompts stifling innovation concerns
A Financial Conduct Authority consultation on appointed representatives will tackle firms "circumventing" requirements, compliance consultants told Post, though concerns have been raised around barriers to entry and innovation.