Financial Conduct Authority (FCA)
FCA responds to Sir Trevor Phillips questioning EDI delay
Financial Conduct Authority CEO Nikhil Rathi has said the Treasury Select Committee’s feedback on its diversity and inclusion proposals contributed to its decision to pause the work.
Biba calls for larger SMEs to be exempt from Consumer Duty rules
The British Insurance Brokers’ Association has called for larger SME commercial customers to be removed from the scope of the Consumer Duty requirements.
Lessons insurers should learn from Ticketmaster’s dynamic pricing
Editor’s View: Emma Ann Hughes questions whether the fallout from Ticketmaster’s dynamic pricing approach to selling Oasis tickets could have an impact on insurance premiums.
ABI starts allyship training after Sexism in the City
The Association of British Insurers has rolled out allyship training to its member firms in response to the Treasury Select Committee’s Sexism in the City findings.
CII criticises insurers’ profiting from premium finance
The Chartered Insurance Institute has questioned the ethics of making money from customers who pay monthly for insurance after Which? found several motor and home insurers were charging what the consumer watchdog called “excessively high levels of…
Sorry saga signals signposting shortcomings
Editor’s View: Emma Ann Hughes argues the regulator needs to check how and when travel insurers are directing people with pre-existing medical conditions towards alternative products and services.
FCA is banging its head against a wall on fair value
News Editor’s View: Following yet another thematic review where the Financial Conduct Authority says firms are unable to show fair value, and are even breaching rules, Scott McGee considers how the regulator could tackle poor conduct and asks if a…
Consumer group warns of insurers overcharging vulnerable customers
The Financial Services Consumer Panel has published a research paper raising concerns that vulnerable customers may be at risk of overpaying for insurance.
Insurers that paused EDI work told to redouble efforts
The insurance industry may need to renew ethnicity and disability data collection efforts due to Labour’s diversity pay reporting proposals.
Operational resilience: will insurers meet the March 2025 deadline?
Sarah Ouarbya, partner for financial services consulting at Forvis Mazars, examines how insurers should prepare for the Financial Conduct Authority and the Prudential Regulation Authority’s operational resilience rules coming into force.
FCA bans broker for misusing policyholders’ premiums
The Financial Conduct Authority has banned the former director of an Exeter-based insurance brokerage from working in the financial services industry.
What insurers should know about the FCA’s anti-greenwashing rule
Alexandra Nurse, a partner at Kennedys, explains how the Financial Conduct Authority’s new anti-greenwashing rule will, in the long term, mitigate the risk of claims brought in the insurance sector so long as providers review their communications.
FCA takes first steps to achieve proportionate regulation
The Financial Conduct Authority is looking for comment on the level of regulation regarding commercial and bespoke insurance products and companies, while also opening its review of requirements following the introduction of the Consumer Duty.
Crunch time for insurers’ Consumer Duty reports
One year on from the introduction of the Financial Conduct Authority’s Consumer Duty requirements for open products, Emma Ann Hughes investigates whether insurers will get a pat on the back or a clip round the ear from the regulator when they hand in…
Consumer Duty fails to improve insurance customer’s experiences
Most general insurance customers have seen zero improvement in service from general insurance providers since the implementation of the Financial Conduct Authority’s Consumer Duty a year ago, with some even saying things have gotten worse, research has…
Which? demands FCA action over ‘widespread’ claims-handling failures
Consumer champion Which? has launched a new campaign to end “the insurance rip-off” and has called on the Financial Conduct Authority to take tough action against claims handlers who fall short of the regulator’s required standards.
FCA issues warning as it continues to identify ‘low value’ products
The Financial Conduct Authority has identified further “low value” insurance products, the regulator’s head of market interventions for insurance has said.
Which? demands action against insurers that are poorly handling complaints
Rocio Concha, director of policy and advocacy at Which?, urges the regulator to hold the insurance firms’ feet to the fire for causing customers unfair delay or distress.
Defaqto unveils plan to prepare insurers for data revolution
Defaqto CEO John Milliken has revealed plans to shift his organisation’s offering from giving general insurers an overview of where their products sit compared with their competitor’s offerings to equipping them with data to shape their strategy.
Insurers should stop looking at AI as a cost-saver
Eddie Longworth, the founder of JEL Consulting who launched the Artificial Intelligence Code of Conduct earlier this year, says the insurance industry hasn’t realised the “conundrum” about using AI and the need for talent to operate it.
Regulators challenge two thirds of GI firms on operational plans
Two thirds of general insurance firms have been challenged by regulators on their work to come into line with operational resilience regulations during the last 12 months, a benchmarking exercise by Sicsic Advisory and Oric International has revealed.
FCA demands insurers up their Consumer Duty monitoring game
With just a month to go until insurers need to file their first Consumer Duty annual board report, the Financial Conduct Authority has raised concerns about how providers are monitoring customer outcomes.
Insurtech UK demands MPs tackle barriers to insurtech growth
Insurtech UK has called on the government to tweak regulation to help start-ups and outlined ways to boost the funding available to scale-up more businesses to Lemonade-like proportions.
How the FCA aims to stamp out toxic workplace cultures
Thomas Beale, partner and head of the bullying and harassment team at Bolt Burdon Kemp, examines how the Financial Conduct Authority’s rules for non-financial misconduct are set to change plus the ramifications for the insurance industry.