Hefty FCA fines highlight importance of delegated authority chain controls
The £15.5m of fines handed to individuals and firms involved in the collapse of several unrated insurers operating in the solicitors' professional indemnity market have highlighted the need for all parties involved in the delegated authority chain to have stringent controls in place.
On 1 February, the Financial Conduct Authority announced it was fining five individuals and two companies £15.5m for their part in a market failure that left hundreds of solicitors without valid
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 Regulation
Government to consult on leasehold commission ban
In a written statement published yesterday, the Minister of State for Housing, Communities and Local Government has said the government “will go out to consultation very shortly on the detail of the Act’s ban on buildings insurance remuneration”.
ABI’s Gurga urges regulators to slash red tape
Hannah Gurga, director general of the Association of British Insurers, has urged the government and regulators to grab Alexander the Great’s sword and slash through the Gordian knot of regulation.
How to support vulnerable insurance customers
Steps insurers should take to understand the needs of customers in vulnerable circumstances and ensure their products and services are suitable are outlined in the latest Insurance Post Podcast.
UN insurance head highlights transition plan shortage
Butch Bacani, head of insurance for the United Nations Environment Programme, has said there are currently not enough underwriting transition plans in the insurance industry.
PRA finally throws Solvency II on Brexit bonfire
Four years after the Conservative Party promised a Brexit dividend for insurers, the Prudential Regulation Authority has published the set of rules that will replace the European Union’s Solvency II requirements.
Reeves announces consultation on UK captives regime
Rachel Reeves has announced a consultation on a new approach to regulating UK captive insurers in her first Mansion House speech as Chancellor of the Exchequer.
LexisNexis develops check to address ‘squeeze on consumer finances’
LexisNexis has started to offer insurance providers predictive credit reporting and affordability solutions, in the aftermath of the industry’s premium finance issues.
Greenwashing risks and the path to real progress
As the 2024 United Nations Climate Change Conference, also known as COP29, begins Damisola Sulaiman explores the unique greenwashing risks the insurance industry faces, how those risks can be mitigated and the challenges faced in proving sustainability claims.