Regulation
Lemma claims could cost FSCS £25m
The UK Financial Services Compensation Scheme expects to pay-out around £25m in claims related to failed Gibraltar-based insurer Lemma.
PPI CMCs come under scrutiny
The Ministry of Justice is holding a summit today to discuss the “predatory” conduct of claims management companies offering payment protection insurance claims management.
DAC Beachcroft recruits former Swiss Re counsel
Law firm DAC Beachcroft has appointed prudential regulation specialist Adrian Williams as a partner in its corporate insurance team.
UK insurers criticised for “squandering” big data opportunity
Concerns over regulatory requirements and data security are preventing insurers from using technology to improve customer relationships and grow their businesses, an IBM survey found.
FSA bosses Sants and Turner paid £0.5m for gardening leave
The Financial Services Authority paid its former chief executive Hector Sants and chairman Adair Turner a total of £552 178 in compensation for being unable to take on another financial services role.
Post magazine – 11 July 2013
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Regulator FCA faces call for "pay to play" to be investigated
Regulator faces calls for ‘pay to play’ to be investigated.
Editor's comment: The spectre of Spitzer returns
In 2004, the US insurance broking industry came under attack as then New York Attorney General Eliot Spitzer declared war — with allegations of kickbacks, rigged bids for insurance contracts and opaque practices, including contingent commissions.
Loss adjusting Regulation: If it ain't broke
Loss adjusters claim they are already monitored closely but should they face formal regulation like the rest of the insurance industry?
View from the Top: Regulators need our help
By working together we can sort out insurers’ tarnished image and cut the bureaucracy, says Robert Hiscox, honorary president, Hiscox
Affinity news: Axa director warns against using ‘herd mentality’ to avoid FCA action
Goss points at PPI scandal as example of mass impropriety.
Competition Commission finds evidence of over-costing in the motor insurance market
The Competition Commission has found evidence that the separation of cost liability and cost control in the provision of post-accident services to non-fault motor claimants is pushing repair costs up.
Automatic policy renewals come under FCA scrutiny
Increased premiums on automatic policy renewals are to come under the spotlight, the Financial Conduct Authority has said in a letter to lawmakers.
Industry alerted to upcoming changes to claims portal
The Ministry of Justice's claims portal may need to be replaced by another system depending on how further legislative changes around small claims play out.
Solvency II interim rules could worsen market fragmentation
Despite Eiopa’s proposed guidelines for interim measures, surveyed Member States are showing a strong preference for a second quick fix directive, postponing the full implementation of Solvency II towards as late as 2017.
FCA focused on insurance sector with phone fine, says lawyer
The fine handed out by The Financial Conduct Authority to Policy Administration Services, illustrates the regulator’s interest in the insurance industry, a legal specialist has said.
Post magazine – 4 July 2013
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Phones 4 U insurance administrator PAS fined £2.8m by regulator
The Financial Conduct Authority has fined Phones 4 U’s insurance administrator Policy Administration Services £2.83m for poor complaints handling.
Courts take tough stance on deadlines post-Jackson
Claimants have been warned that an entire defence or claim could be struck out due to the failure to meet court deadlines after two recent High Court decisions reiterated a lack of procedural compliance will no longer be tolerated.
Insurers welcome Flood Re but call for clarity over liability
Insurers’ agreement to the terms of the Statement of Principles for another two years will provide the Association of British Insurers and government enough time to resolve outstanding issues around the implementation of Flood Re, according to the trade…
Law Society’s motive behind new PI scheme called into question
Brokers doubtful scheme will mitigate threat posed by unrated insurers.
China’s insurance industry needs reform, says regulator
China’s insurance industry would benefit from reforms which could see the rate of growth increase, the head of the China Regulatory Commission has said.
Expertise in Action: Professionalism: Pros & Cons
Qualifications aren’t the be-all and end-all when it comes to professionalism – training, working together and sharing knowledge across the industry are equally important.
View from the Top: Do not adjust your sets
So here we go again. Nine months after offering renewal to 1300 UK law firms – and less than two years after they entered the market – an unrated insurer, with a ‘passport’ into the UK insurance market, has been forced to cease trading having been…