Financial Services Authority (FSA)
Review of the year - General insurance: Regulatory dramas
2011, a year dominated by regulatory and legislative change, could yet prove to be a landmark 12 months for the insurance industry.
OFT to review car repairs and credit hire
The Office of Fair Trading has launched an investigation into the provision of third party vehicle repairs and credit hire replacement vehicles to private motor insurance claimants.
Final Solvency II deadline for Jan 2014
Insurers will be expected to fully comply with Solvency II by 1 January 2014, according to financial secretary to the Treasury, Mark Hoban MP.
OFT refers private healthcare market to Competition Commission
The Office of Fair Trading has decided to refer the market for privately funded healthcare services in the UK for further investigation by the Competition Commission.
Market moves: ‘Tis the season for recruiting
As Christmas draws closer, the insurance industry has prepared for the New Year with a raft of appointments. In the broking market, there were moves for Aon and Willis, while Howden added three new faces to its team.
Your say: Urgent lessons must be learnt from the government’s critical riot report
The government’s interim report on the summer riots makes uncomfortable reading for the insurance industry.
FSA appoints non-exec director for FSCS
The Financial Services Authority has appointed Paul Stockton as non-executive director to the Board of the Financial Services Compensation Scheme with effect from 1 December 2011.
As Brit looks to sell UK arm, Simply Business attracts PE interest
Online broker Simply Business is expected to be targeted by a number of private equity houses and insurance firms, following the news that significant shareholder Brit Holdings is looking to sell its UK arm for £150m.
News analysis: Forensic claims analyst issues warning as insurers fail to focus on audits
A specialist forensic claims analyst has warned that insurers need to take claims auditing “far more seriously” in the wake of the High Court case brought against Endsleigh.
FSA slams RBSI for ‘unfair’ pet terms
The Financial Services Authority has told RBSI to cease using a term in its Direct Line pet insurance that it suggests may be unfair and has reported the insurer to the Office of Fair Trading.
FSA appoints Montagu chairman of FOS
The Financial Services Authority has appointed Sir Nicholas Montagu KCB as the new chairman of the Financial Ombudsman Service.
Homeserve set to lose 5% of customers
Homeserve, the home repair business hit by a mis-selling scandal, has warned customer numbers will fall by 5% as a result of its telephone selling problems - costing it £15m.
Amtrust to open office in Italy
Amtrust Europe is to change its operations in Italy and open an office in Milan, following approval from the FSA.
FSA bans broker for insurance fraud
The Financial Services Authority has fined broker John Folan £195 117 for insurance fraud and banned him from carrying out regulated financial services activity.
Fraud: On the side of the angels
When investigating claims fraud, insurers must not overstep the mark and remain transparent, empathic and ethical.
Homeserve expands mis-selling review
Homeserve is to revise its direct marketing materials as part of its mis-selling review. The materials are due to be sent out in the New Year.
Customers revolt over hefty fines as eCar takes zero tolerance approach
Brightside has rebutted policyholder complaints about the practices of its online broker eCar. It follows claims by customers that they have reported the broker to the Financial Services Authority and the Financial Ombudsman Service.
News analysis: An Olympian effort to prevent an impact on the business
If the trains and tubes are overcrowded and the roads gridlocked, will London’s brokers and insurers cope during the Olympics?
Interview - Duncan Spencer: Calling the shots
Mobile phone insurance has been branded ‘useless’ by some and touted as the next potential mis-selling scandal, but Duncan Spencer believes there is a growing need for the product.
FCA and PRA collaboration is the key, says Adams
Prudential Regulation Authority boss Julian Adams has pledged the organisation will collaborate with the Financial Conduct Authority to ensure the bodies do not duplicate work.
FSA fines Coutts £6.3m
The Financial Services Authority has fined Royal Bank of Scotland-owned Coutts for failings in connection with the sale of an AIG fund.
FSA to work with insurers to avoid costs from Solvency II delay
Commenting on the announcement yesterday that the Financial Services Authority plans to work with insurers to help them avoid costs from a 12 month delay to the introduction of Solvency II, Steven McEwan, of counsel in Hogan Lovells Financial…
Firms warned of hardline FSA approach
A UK insurance boss has welcomed the Financial Services Authority proposals to properly inform customers about packaged bank accounts.