Financial Services Authority (FSA)
Building referral fee costs hitting industry for 'tens of millions of pounds'
Building referral fee costs, which have escalated over the past two years, are “like a cancer” costing the industry “tens of millions of pounds” a year, it has been claimed.
Merged trade bodies to fight for
A campaign to secure a more cost-effective regulatory environment for thousands of brokers will form the basis of the “historic” merger between the British Insurance Brokers’ Association and the Institute of Insurance Brokers.
FSA and OFT publish draft guidance on PPI
The Financial Services Authority and the Office of Fair Trading have joined forces to help prevent the problems associated with payment protection insurance recurring in a new generation of products.
Homeserve review suspends sales calls
Homeserve has been forced to cease selling over the phone after a Deloitte investigation found “cases where its sales processes did not meet the company's required standards”.
FSA packaged accounts rules to create simpler sales process
PwC has welcomed the Financial Services Authority’s proposed new rules to increase consumer protection in the packaged account market.
Insurers warned over FSA bank account consultation
Law firm Beachcroft has warned that Financial Services Authority consultation on the way packaged bank accounts are offered could provide a “significant hurdle” for insurers offering add-ons.
News analysis: IFB’s three-year strategy wins financial backing from insurers
The Insurance Fraud Bureau is to more than double in size in its crackdown on professional enablers.
Editor's comment: Maelstroms on multiple fronts
This week has seen maelstroms on multiple fronts. As the devastation and mass fatalities caused by the Turkish earthquake continue to dominate news headlines, the insurance industry is bracing itself for a different bout of turmoil prompted by another…
Broking supplement - Interview Toby Esser: Expansive thinking
Toby Esser talks about striking serious deals, his acquisitive ambitions and plans to penalise paper-lovers
Lord Turner calls for greater FCA powers
Financial Services Authority chairman Lord Turner yesterday urged politicians to give the Financial Conduct Authority the powers to prevent the customer from being “ripped off”.
Cyber liability: Getting hacked off
Back in 1983, when Hollywood produced a film about a young boy inadvertently hacking into military systems, the possibility of such an occurrence seemed the stuff of fantasy and doom-mongers.
FSA did not seek compensation powers
The Financial Services Authority has insisted fears it was seeking draconian power to force brokers to pay unreasonable amounts of compensation are unfounded.
No justification for FSA compensation
Professional indemnity insurance broker PI Expert has warned that the Financial Services Authority’s demands for more power to issue compensation awards could be a cash cow for the regulator.
Editor's comment: No news is bad news
Is it just me or are others growing tired of ‘news’ on the seemingly omnipresent – and supposedly incoming – Solvency II regime that adds nothing to the uncertainty over implementation deadlines?
FSCS funding review ro recommence as brokers push for separation
Brokers could secure separation from insurers and bankers as early as April 2013, with the British Insurance Brokers’ Association focusing its efforts on the reopened Financial Services Compensation Scheme funding review.
News analysis: Insurers urged to negotiate with FSA as Solvency II confusion continues
The FSA has announced a delay to Solvency II but getting clarity remains a priority for government and insurers.
Lloyd's & London market - Compliance burden: The cost of compliance
With the UK the most costly European country for regulation, could UK-domiciled Lloyd’s and London market brokers really become an endangered species?
UK regulator expects Solvency II to be delayed
The UK's Financial Services Authority has said it expects insurers to have to comply with Solvency II rules from the delayed 1 January 2014 date.
Solvency II announcement negative for some firms
George Crooks of Wolters Kluwer Financial Services, has commented on the Financial Services Authority revised deadline for Solvency II to 2014.
FSCS should be part of EU-wide body, says EIOPA
The EU should fund closer cooperation between the UK’s Financial Services Compensation Scheme and similar insurance guarantee schemes in all EU countries, the European Insurance and Occupational Pensions Authority has said.
Small firms to welcome Solvency II delay
Smaller UK firms will be relieved by the Solvency II deadline delay as it allows more time to prepare.
Law firm raises issues over FSA customer compensation drive
City law firm Reynolds Porter Chamberlain claim the Financial Services Authority is aiming to force financial services firms to provide 100% redress to customers who have suffered financial loss even if the loss was not caused by the firm’s rule breach…
Clarity needed on Solvency II
Lloyd's has responded to the Financial Services Authority Solvency II revisions.