Financial Conduct Authority (FCA)
This week: Easter egg-citement
As we head towards a welcome four-day weekend, the insurance world has been getting in the spirit for Easter in the only natural way: smashing chocolate eggs.
Brexit and fair pricing lead FCA general insurance agenda for 2019/20
The Financial Conduct Authority has set out its priorities for the year ahead in its 2019/20 business plan, identifying Brexit as its “immediate priority”.
Analysis: Loss assessors and their terms of business
As insurers are likely to appoint a loss adjuster when acting on a claim, customers making large claims may wish to employ a loss assessor to represent their interests. How well are these relationships currently working?
This week in Post: Funds, loyalty and crime
Gift cards may not be very personal, but they are perfect when you are not sure what to get someone. However, if you are anything like me you put them away in a “safe” place and forget to use them in time.
Home insurers make 100% of their profits through the 'loyalty penalty': Citizens Advice
Citizens Advice is calling for the FCA to identify concrete solutions to the loyalty penalty as part of its insurance market study, after its research found that 100% of home insurance profits come from loyal customers.
Premiums 'more likely' to edge up despite claims fraud crackdown: Fitch Ratings
Insurers are unlikely to get a profit boost from a reduction in fraudulent claims and are instead expected to use savings to keep premiums down amid surging average claim sizes, according to Fitch Ratings.
FCA pledges crackdown on firms displaying disregard for customer outcomes: updated
The Financial Conduct Authority has warned general insurance firms that it "will not hesitate to intervene" if firms fail to meet their obligations to customers.
Analysis: Moving the premium finance roadblock for SMEs
The penetration of premium finance into the SME market has been stuck stubbornly in the 40% to 45% range for many years. Could that be about to change as slicker offerings from the main providers and new entrants hit the market just at a time when small…
Biba supports FCA’s multi-lateral approach to signposting service for people with pre-existing medical conditions
The British Insurance Brokers’ Association believes it ‘has a significant role to play’ in the Financial Conduct Authority’s approach to signposting initiative.
This Month: Figures, finalists and fools
Our cover interview for April features Amanda Blanc’s move from Axa to Zurich which was perhaps the most talked about people move of 2018. The Association of British Insurers' chair spoke to Jen Frost about her plans for the business in the coming year.
Editor's comment: Knowing what is good for you
My son is learning about healthy living at school and a recent exercise sent home was to spend a day eating according to the Eatwell Guide.
FCA takes over CMC regulation
The Financial Conduct Authority now oversees regulation for claims management companies in England, Scotland and Wales.
Analysis: Are the barriers too high for CMCs?
Claims management companies come under the regulation of the Financial Conduct Authority today, but do the high barriers for entry threaten to create unintended consequences?
Special Report: Motor Insurance Research 2019
What’s fueling motor insurance today? Michele Bacchus talks to the industry and gives the low-down on what’s heading down the highway towards insurers in both the fast and slow lanes
Insurtech saw ‘possible’ data breach earlier this year
Exclusive: Insurtech So-sure alerted its customers to a possible data breach in January.
This week: The end of the hard sell
When the regulator fined Carphone Warehouse £29m this week, the real target was the use of high pressure sales techniques in insurance.
Carphone Warehouse fined £29m for mobile insurance mis-selling
Carphone Warehouse has been fined £29m by the Financial Conduct Authority for mis-selling mobile phone insurance.
Analysis: Are the barriers too high for CMCs?
Claims management companies will see registration fees increase by 400% when they come under the regulation of the Financial Conduct Authority next month, prompting fears that smaller firms will move into unregulated areas.
Insurers to pay up to double compensation for FOS complaints
Insurers will have to pay more than double compensation to consumers and businesses who complain under the Financial Ombudsman Service.
This week in Post: Storm, Brexit and diversity
This week, the sunshine we were blessed with last week was replaced by a more winter-appropriate grey sky and rain.
Insurers warned not to use Brexit to ‘offload customers’
The regulator has issued a warning to insurance companies not to use Brexit as “an excuse to offload customers”.
LV's Mike Crane on dealing with changing customer expectations
Customers’ expectations are changing and they are demanding to be more informed. Mike Crane says insurers risk alienating customers if they don’t explain how and why they price risks
This week in Post: Sun, scams and Brexit
As we draw closer to the start of spring, the UK has seen unseasonably warm weather, with temperatures climbing into the double digits in recent days. But it’s not just the weather that’s heating up.
FCA gives wholesale broking market a clean bill of health
The Financial Conduct Authority has closed its market study of wholesale insurance brokers, saying it had “not found evidence of significant levels of harm that merit the introduction of intrusive remedies”.