Matt Brewis
FCA premium finance crackdown saves consumers £100m
Since the the Financial Conduct Authority’s head of insurance Matt Brewis labelled premium finance a “poor product”, car and home insurance customers have saved more than £100m in the last year after insurers reduced how much they charge policyholders for paying premiums monthly rather than annually.
Big Interview: Kevin Spencer, Markerstudy Group
In his first interview since the completion of the £1.2bn merger between Markerstudy and Ardonagh’s Atlanta Group, Kevin Spencer sits down with Scott McGee to talk through the process of completing the deal, and how it allows his business to overtake…
Shares tumble following motor pricing and FCA action
In a repeat of what happened in January, the share prices of Admiral and Direct Line Group have taken a hit today as the Financial Conduct Authority and government announced action around motor insurance premium pricing.
Labour unveils motor insurance taskforce to crack down on costs
Labour transport secretary Louise Haigh has promised her party’s motor insurance task force will “crack down on spiralling costs” and deliver a “fair deal” for drivers.
FCA launches premium finance market review
The Financial Conduct Authority has launched a review of the premium finance market, alongside the launch of a government motor insurance taskforce.
Why the FCA should slash red tape to save brokers
News Editor’s View: Scott McGee examines the impact of the Financial Conduct Authority’s Consumer Duty, debating whether the regulator's promise to reduce the weight of regulation is too little, too late for small brokers struggling as a result of red…
CII’s Connell tackles fair pricing for premium finance
Trade Voice: Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, says there are many ways of justifying whether a price is reasonable or not.
Biba calls for larger SMEs to be exempt from Consumer Duty rules
The British Insurance Brokers’ Association has called for larger SME commercial customers to be removed from the scope of the Consumer Duty requirements.
Which? reveals insurer premium finance APRs
Research conducted by Which? has found that several motor and home insurers are charging what the consumer watchdog called “excessively high levels of interest on monthly payments.”
FCA is banging its head against a wall on fair value
News Editor’s View: Following yet another thematic review where the Financial Conduct Authority says firms are unable to show fair value, and are even breaching rules, Scott McGee considers how the regulator could tackle poor conduct and asks if a…
FCA uncovers little progress on Gap insurance value
The Financial Conduct Authority has today (21 August) released its latest fair value measures data, which shows while there has been progress on the proportion of premiums paid out in guaranteed asset protection claims, it is still low.
Crunch time for insurers’ Consumer Duty reports
One year on from the introduction of the Financial Conduct Authority’s Consumer Duty requirements for open products, Emma Ann Hughes investigates whether insurers will get a pat on the back or a clip round the ear from the regulator when they hand in…
Admiral offers refunds after overcharging ‘small percentage’ of customers
A percentage of Admiral customers have been issued a refund after the insurer identified an error affecting the premium quoted at renewal.
Insurance experts propose using IPT to combat premium discrimination
Insurance industry professionals have proposed that the government use insurance premium tax to address the “poverty premium” and “ethnicity penalty” in motor insurance.
Is premium finance still a tax on the poor?
News Editor’s View: Scott McGee considers whether recent steps taken by trade bodies to address premium finance will reassure the Financial Conduct Authority that this payment method is no longer a ‘tax on being poor’ that needs to be tackled.
Insurance Post Power List 2024’s Top 10 Podcast
To find out who made it into the Top 10 of Insurance Post’s Power List for 2024, make sure you listen to the latest Insurance Post Podcast.
Movers and shakers who made Insurance Post’s Power List 2024 revealed
This year’s Insurance Post Power List reflects how claims inflation combined with the Consumer Duty caused some providers to shift their focus and disruptors found it is easier to send a rocket into space than enter the UK insurance market.
Matt Brewis, FCA
Matt Brewis, the Financial Conduct Authority’s head of insurance, is a man on a mission in 2024, which is why he has climbed to third place on this year’s Insurance Post Power List.
Motor premiums stabilise but cost to insurers mount
The Association of British Insurers’ motor insurance tracker has revealed that premiums increased by just 1% in the first quarter of 2024.
ABI unveils financial inclusion strategy
The Association of British Insurers has unveiled a financial inclusion strategy, which commits to addressing “unfavourable” premium finance practices and suggests exploring ways to subsidise motor cover for some drivers.
FCA still unhappy with motor insurance valuations
Despite previous enforcement action, the Financial Conduct Authority has felt in necessary to issue motor insurers another warning against undervaluing written-off or stolen vehicles