Could premium finance face Gap-like FCA action?
After the Financial Conduct Authority’s Matt Brewis labelled premium finance a “poor product”, Scott McGee examines if the industry has done enough to defend this method of paying for insurance or whether the regulator will soon feel forced to clamp down on the pricing practice.
The Financial Conduct Authority’s firing shots at the industry about premium finance couldn’t have been clearer at the start of this year.
In an interview with Insurance Post in January, the FCA’s
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on News
Convex’s Brand urges rivals to stop moaning about brokers’ profits
Paul Brand, CEO of Convex, has told carriers to focus on harnessing technology to drive down their own operational expenses rather than wishing brokers would charge less.
Bspoke’s Hood partnership; CFC’s European expansion; Pool Re’s head of underwriting
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
It is the (changing) name of the game
News Editor's View: With the RSA and NIG names potentially being dropped next year, Scott McGee looks at other brands insurance has lost over the years, what others could be in danger, and asks: Do any brands still have staying power?
RSA brand name to be dropped for Intact next year
Insurance Post understands the RSA and NIG brand names are both to be dropped next year, to be replaced by the branding of parent company, Intact.
RSA fraud chief spotlights growing commercial fraud threat
Adele Sumner, head of counter fraud and financial crime at RSA, has called for increased awareness on the growing threat of commercial insurance fraud.
Howden rolls out pilots to increase efficiency
Carl Shuker, UK & Ireland CEO for Howden Insurance Brokers, has outlined three examples of how the broker has increased efficiency within its operations.
FCA’s Brewis urges use of sandboxes to aid innovation
The Financial Conduct Authority’s director of insurance, Matt Brewis, has urged the insurance industry to utilise the regulators innovation sandbox, because it wants to work together with the industry to facilitate innovation.
FCA takes trio to court for arranging vacuum cover
The Financial Conduct Authority has started criminal proceedings against three individuals accused of arranging insurance cover for vacuum cleaners without the regulator’s permission.