Financial Conduct Authority (FCA)
Could the FCA follow the Australian regulator’s claims lead?
After Australia’s financial regulator sent a letter to the country’s general insurance firms asking for improvement in claim handling practices, Vitesse’s CEO Philip McGriskin asks could the Financial Conduct Authority take a similar approach.
ABI unveils financial inclusion strategy
The Association of British Insurers has unveiled a financial inclusion strategy, which commits to addressing “unfavourable” premium finance practices and suggests exploring ways to subsidise motor cover for some drivers.
FCA to work with Big Tech on sharing data with insurers
The Financial Conduct Authority intends to examine how Big Tech firms’ datasets could unlock better insurance products, more competitive prices, and wider choice for customers.
Motor premiums fall for first time in over two years
Car insurance premiums have fallen by 5% during the past three months, according to the latest data from Confused.com.
FCA tells motor finance firms to hang onto cash
The Financial Conduct Authority has warned motor finance firms to keep hold of enough capital to deal with the results of its ongoing probe into discretionary commission payments.
FCA urges insurers to do more for tourists with health issues
A Financial Conduct Authority review of signposting rules for tourists with pre-existing medical conditions has raised concerns about fair value and concluded travel insurers can do more to help tourists with health issues.
Blog: How can insurers make like-for-like EV replacement vehicles a reality?
The variety and cost of vehicles makes credit hire replacement more challenging than ever, but replacing EVs doesn’t have to be the headache it once was, explains James Roberts, head of insurance sales at Europcar.
CII’s Connell on workplace bullying, discrimination and harassment
Trade Voice: Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, outlines the everyday steps people can take to clean up company cultures.
FCA still unhappy with motor insurance valuations
Despite previous enforcement action, the Financial Conduct Authority has felt in necessary to issue motor insurers another warning against undervaluing written-off or stolen vehicles
Motor insurers warned about political and regulatory intervention
Motor insurers stand on the precipice of a possible explosion in complaints relating to essentials and value policies. And if the industry does not act it should be ready for political and regulatory intervention.
FCA to review how insurance claims are being handled
The Financial Conduct Authority intends to check claims handling response times, and whether insurers are doing enough to help customers in vulnerable circumstances.
ABI insists fire safety scheme is temporary
Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning…
Price of tower block insurance finally slashed
Insurance premiums for leaseholders waiting for combustible material to be removed from their blocks of flats could plummet by up to two thirds following the launch of the Association of British Insurers’ Fire Safety Reinsurance Scheme today (13 March),…
Consumer Duty will be a success ‘when we stop talking about it’
According to a panel at the Association of British Insurers’ annual conference, the Financial Conduct Authority’s Consumer Duty has a way to go before it is considered a success.
FCA moves to make enforcement quicker and more transparent
The Financial Conduct Authority has said it will carry out enforcement cases more quickly and has begun a consultation on plans to make its investigations more transparent.
ABI outlines plan to tackle motor insurance premiums
The Association of British Insurers has unveiled steps the industry will take to bring down motor insurance premiums after the cost of cover soared by 25% in 2023.
FCA commission crackdown goes beyond flats
Editor’s View: The Financial Conduct Authority’s policy statement on multi-occupancy buildings insurance in September plus the decision to push the pause button on guaranteed asset protection insurance sales last week was “a shot across the bow” on…
How Gwyneth Paltrow’s ski crash case has affected winter sports cover
With winter sports season in full swing, Aamina Zafar examines how the case against the A-list Hollywood actress highlighted the need for appropriate cover and training for claims handlers receiving calls from those who may have forgotten slope etiquette…
Insurers warned Consumer Duty checks cannot paper over cracks
Insurance chiefs and boards must produce an annual assessment of compliance with the Consumer Duty that highlights flaws rather than papers over cracks, a former Financial Conduct Authority leader has warned.
Close Brothers partners with Hedron; Howden buys Laurie Ross; Admiral rebrands Toolbox
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA warns insurers to prepare for the ‘techlash’
Nikhil Rathi, CEO of the Financial Conduct Authority, has urged insurers to keep a human hand in the loop, as a “hyper-digitised” future is not for everyone.
FCA to probe insurers on non-financial misconduct
The Financial Conduct Authority has revealed it is “strengthening its expectations” on how regulated firms consider non-financial misconduct, and will commence a survey to assess the number of cases in financial services.
Bloomberg warns Admiral and DLG could suffer from FCA premium finance action
Admiral and Direct Line’s profits could be threatened if the Financial Conduct Authority clamps down on companies charging customers for paying motor insurance premiums monthly, Bloomberg Intelligence has warned.
MP highlights loophole in Leasehold Reform Bill
Matt Brewis, head of insurance for the Financial Conduct Authority, has appeared before a parliamentary committee to discuss the Leasehold and Freehold Reform Bill and been challenged by MPs over whether the current crop of rules ensure insurance costs…