Financial Conduct Authority (FCA)
Dual pricing complaint likely to result in ‘significant market change’
The super complaint over dual pricing is likely to result in “serious and profound” change in the insurance market, analysts believe.
Consumer 'super complaint' forces investigation into dual pricing
Consumer champion Citizens Advice has submitted a super complaint to the Competition and Markets Authority over the “loyalty penalty” in insurance, forcing an investigation.
Supply chain focus: How TPAs view the changing landscape
Supply chain procurement continues to evolve against a backdrop of consolidation among both insurers and third party administrators. Edward Murray looks at how tendering is changing from the demands on suppliers to the length of partnerships
CMCs look elsewhere as industry calls time on travel claims 'epidemic'
The epidemic of holiday sickness claims might be over, but insurers have been warned claims management companies are already moving into new areas to make up for the shortfall in revenue.
Insurers will not be forced to pass on whiplash savings
Insurers will not be required to pass on savings from whiplash reform to customers, but they will have to report what those savings are.
Blog: The gaping hole in the FCA regulation of CMCs
The Financial Conduct Authority’s consultation into claims management companies has a gaping hole, warns Kurt Rowe, associate at Weightmans, explaining why it matters for insurers.
Insurers welcome government crackdown on 'cold call sharks'
Insurers have welcomed rules aimed at limiting claims management companies from calling vast swathes of the population.
Insurers to be held to account over whiplash savings
A government amendment to planned personal injury reforms could see insurers have to prove to the regulator that they are passing on savings to customers.
BGL's Peter Thompson on the unintended consequences of the IDD
The Insurance Distribution Directive brings transparency but also unintended consequences for customers, writes Peter Thompson, group director of insurance distribution and outsourcing at BGL Group.
Commercial insurance fraud: Improving detection
There might be disagreement as to how large the gap is between the resources committed to combatting commercial fraud when compared to personal lines – underlined by the recent Post/Crif research. But, there is at least some consensus around a lack of…
Claims management company posing as ABI to scam public
The Association of British Insurers has issued a warning after scammers from a claims management company posed as the body in cold calls to members of the public.
This week in Post: One every minute
For those of us back in the office while the holiday season continues it might seem like time is moving slowly but the Association of British Insurers revealed this week that for every minute we count down until silly season is over and the out of office…
Regulation of CMCs to cost £16.8m
The cost of regulating claims management companies could be £16.8m with the bill falling on the firms themselves, according to the Financial Conduct Authority.
Blog: Open banking offers a new insurance distribution channel
Some might have already labelled it a failure but open banking will continue to evolve and insurers should sit up and take notice. That is the view of The Marketing Eye's Neil Edwards, who believes these platforms could eliminate form filling and make…
This month in Post: The great summer recess
It’s that time of year again. The trains are relatively empty, and out of office replies are basically a given.
Interview: Jonathan Davidson, Financial Conduct Authority
Insurance has come under fire for the way it prices policies. Jonathan Davidson, director of retail at the Financial Conduct Authority, discusses the problem with Martin Croucher
Primary and Arch back Q3 launch of McNamee's insurtech C-Quence
Insurance investment vehicle Primary Group has today been revealed as the backer for the new digital-enabled managing general agent to be launched by former AIG UK CEO Jacqueline McNamee in autumn this year.
This week in Post: Insurance industry captures the heart and mind of at least one Millennial
Two years ago, when I told my friends that I got a job as an insurance journalist, they were baffled. They still are.
Roundtable: Future-proofing claims for the digital age
Claims has not received as much attention as many front-end processes when it comes to investment, even though it is the moment of truth on which long-term policyholder loyalty can be built
FCA prepares for no deal Brexit
The Financial Conduct Authority has said that it is planning for a no deal Brexit and is hoping for a transition deal through late 2020.
This month in Post: Prizes, proposals and pledges
This month began with a bang as the annual British Insurance Awards highlighted the talent in the sector in 1950s style, with industry stalwart John O’Roarke being handed the Achievement Award.
FCA proposes new directory of financial services workers
The Financial Conduct Authority is consulting on proposals to introduce a new directory - a public register for checking the details of key individuals working in financial services.
This Week in Post: cars and courts
As Britain is basking in glorious summer, the sun is also shining on the motor insurance market.
FCA preparing for range of Brexit scenarios
The Financial Conduct Authority has revealed that it is continuing to prepare for a range of post-Brexit scenarios, including a no deal scenario which would see the UK leave the EU on 29 May 2019 with no agreement or transitional arrangement in place.