Financial Services Compensation Scheme (FSCS)
FSCS pays out £160m for failed insurers in 2023/24
The Financial Services Compensation Scheme paid out £423m in compensation to customers during 2023/24, with £160m of that going to customers of failed insurers – less than it had predicted.
Amendments for financial bill proposed by task force labelling the FCA ‘a problem child’
Amendments to further protect consumers in the Financial Services and Markets Bill, due to be passed into law next year, have been proposed by a task force that wants to see regulators held more accountable.
FCA move to ban ‘phoenixing’ a step in the right direction but more could be done to stop dishonest CMCs
Financial Conduct Authority plans to impose significant changes on claims management companies that would prevent ‘phoenixing’ are a step in the right direction but the industry has called for more action to stop dishonest CMCs.
Broker contributions to FSCS slashed as forecast levies are revised down
The Financial Services Compensation Scheme has issued final levies for 2022/23 of £5.3m for brokers and £211.7m for insurers, down significantly on initial estimates.
White takes aim at broker FSCS contributions in Biba opening address
British Insurance Brokers’ Association CEO Steve White has said that brokers “must not be left to pay over the odds for the failures of others” through their contributions to the Financial Services Compensation Scheme.
Cost of Gable collapse to FSCS hits £78m
The cost of the 2016 collapse of unrated insurer Gable to the UK’s Financial Services Compensation Scheme surpassed £78m at the end of last year, a liquidators’ report has revealed.
Biba takes aim at weight of regulation and broker FSCS costs
The British Insurance Brokers’ Association has put regulatory and Financial Services Compensation Scheme reform in the crosshairs as it called for a cut in insurance premium tax in its manifesto.
Watchdog seeks views on future of financial services compensation
The Financial Conduct Authority is looking for input on a ‘fair and sustainable’ compensation framework.
Zurich to make up to £25m voluntary contribution in East West administration
Zurich will pay up to £25m to help policyholders of structural defects specialist East West Insurance Company, the insurer and administrators Ernst & Young have confirmed.
MCE claims recovery proposals for Gibraltar insurer were declined by regulator
MCE Insurance has alleged that it tabled proposals to “immediately meet any shortfall” in the capital requirements of its Gibraltar-based insurer but these were declined by the Gibraltar Financial Services Commission ahead of the provider's collapse last…
FSCS cancels 2021/22 retail pool contribution but forecasts £900m levy for following year
The Financial Services Compensation Scheme has dropped its 2021/22 levy to £717m from a forecast £833m as it cancelled the predicted £116m contribution to the retail pool.
FSCS general insurance compensation falls as shadow of Enterprise's collapse recedes
The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme has fallen for a second year running, with both the scheme’s GI provision and distribution classes seeing reduced payouts year-on…
Broker and insurer FSCS levies still up despite forecasts being slashed
The Financial Services Compensation Scheme has issued final levies for 2021/22 of £73.8m for brokers and £189.8m for insurers, down significantly on initial estimates but still up on this year’s bills.
Biba 2021: Key takeaways from John Glen's appearance
John Glen MP, Economic Secretary to the Treasury, tackled insurance premium tax, broker Financial Services Compensation Scheme levies, cladding, Brexit and more in his keynote address to the British Insurance Brokers’ Association’s 2021 conference…
Biba Conference Special: Q&A with Steve White
Ahead of the British Insurance Brokers’ Association hosting its annual conference online for the first time ever, Post caught up with CEO Steve White to discuss what virtual attendees will see and hear about, the trade body’s ongoing lobbying and his…
FCA fees update: Key takeaways as regulator to hike fees by 5.2%
The Financial Conduct Authority has published its latest fees update, with a consultation set to run into May.
Brokers urge push back on soaring contributions as FSCS levy total poised to break £1bn
Brokers have called for the insurance industry to kick back against the increase in their Financial Services Compensation Scheme levy with the sector’s bill set to more than triple to £146.8m in 2021/22.
Gibraltar-based Prometheus Insurance enters administration
Gibraltar-based Prometheus Insurance Company, formerly trading as Tradewise Insurance Company, has entered administration.
Failed Elite ATE policies disclaimed
The administrators of Elite Insurance have disclaimed all but two after the event insurance policies underwritten by the insurer.
East West administrators reveal 194 open claims and £165m shortfall
East West Insurance had 194 open insurance claims as of 12 October, administrator EY has confirmed.
East West Insurance enters administration as tower block fire safety claims mount
The High Court has put structural defects specialist East West Insurance Company, which purchased a portfolio from Zurich in 2018, into administration and appointed Ernst & Young as administrators.