Regulation
Government urged to learn from past mistakes with OIC as it consults on introducing compulsory mediation
Claimant representatives have urged the government to learn from its mistakes as it plans further reforms to the civil justice system with compulsory mediation.
FCA and PRA to be given secondary growth and competitiveness objective under proposed legislation
The UK’s financial regulators will be given a secondary objective to foster growth and competitiveness under legislation tabled on Wednesday.
LV's Martin Milliner on how to protect customers from fraud
Martin Milliner, claims director at LV General Insurance, outlines the amendments lawmakers should make to the Online Safety Bill to protect the public and raise awareness of cyber crime.
Aviva’s Amanda Blanc calls on the government and regulator to resolve the issues around Solvency II to help UK ‘level up’
Aviva’s CEO Amanda Blanc has flagged a “discrepancy between the regulator and the industry” in the overhaul of Solvency II regulations and urged the government to support UK insurers levelling up so they can help both the climate and the economy.
Ashley Alder appointed as FCA chair
Ashley Alder, currently the CEO of Hong Kong’s Securities and Futures Commission, has been appointed as chair of the Financial Conduct Authority by HM Treasury.
Auto-repair industry calls for access to connected vehicle data from ‘anti-competitive’ OEMs
Figures in the auto-repair market have called for original equipment manufacturers to allow them access to connected vehicle data, allowing end users “freedom of choice” around car repairs.
Third round of FCA strikes cancelled amid renewed hopes of union recognition
Planned strikes by staff at the Financial Conduct Authority, which had been scheduled to go ahead on Tuesday and Wednesday this week, have been cancelled after Unite the Union said it had “secured a route to union recognition.”
Blog: The importance of regulation in holding up the London market
Following the publication of the Lords' Industry and Regulators Committee findings into the regulation of commercial insurance and reinsurance regulation, Mark Huxley, non-executive director at Altus Consulting, ponders how significant regulation is at…
Concerns raised over government putting ‘profits above the injured’ as Vnuk cut takes effect
A personal injury expert has raised concerns that the new motor insurance legislation cutting the Vnuk law, puts “profits above the injured”.
Rishi Sunak and John Glen meeting with insurers could be 'first stage' in implementing Solvency II changes
A meeting between insurers and Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen could be the “fist stage” in attempt to work out an agreement for Solvency II changes following Brexit.
Apil calls for DfT to enforce speed restrictions on e-scooters and make helmets compulsory
The Association of Personal Injury Lawyers is calling on Department for Transport to enforce speed restrictions on e-scooters and make helmets compulsory for riders ahead of anticipated government consultation on legalising privately-owned e-scooters.
Brokers urged to check their processes to avoid hefty FCA fines
Brokers have been urged to revisit their controls to ensure they are designed properly and used effectively after JLT Specialty was slammed with its second fine for control failures.
Intelligence: All on board – firms must tackle representation
The Financial Conduct Authority requires listed firms to report on, and disclose, targets on how well represented women and ethnic minorities are on boards and executive management teams. Martin Friel investigates if the regulator has been too light…
FCA fines JLT £7.8m; Acrisure acquires Russell Scanlan; Clear Group buys Pro Aktive; Howden Group creates start-up hub and Instanda raises $45m
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Vote now for the winner of the Industry Impact Award at the British Insurance Awards 2022
Voting is now open for you to decide who should win the Industry Impact Award at the 2022 British Insurance Awards.
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.
Blog: Brand legacy vs digital innovation within the insurance industry
As customers now expect their insurance provider to have strong digital capabilities, companies can no longer rely on brand loyalty alone to appeal to their audiences. Kelly Ward, chief sales and distribution officer at Axa Partners UK, considers how…
E-scooters come with significant risks and require regulation: Axa’s Distefano
Axa’s managing director for home and motor Marco Distefano has urged regulators and insurers to get to grips with the risks presented by e-scooters, though they remain illegal on UK roads.
Experts urge major threshold changes to improve UK listed companies’ competitiveness in international auctions
Legal experts have urged the Financial Conduct Authority to take major steps to increase the threshold for requiring shareholder approval of significant transactions to stop UK listed insurers being at a disadvantage in competitive mergers and…
FCA staff walk out in a second wave of strike action, as Unite warns of ‘deep crisis’ at the regulator
Staff at the Financial Conduct Authority have gone on strike in a second of three planned two-day walkouts as trade union Unite believes the regulator is in “deep crisis”.
Blog: The government must work with our industry to tackle climate change
Hannah Gurga, director general at the Association of British Insurers, explains why the government and insurance sector need to work together to help the industry maximise its contribution towards tackling climate change before it is too late, and why…
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.
Analysis: One year on, is the whiplash portal working or heading for a crash?
With the Official Injury Claim portal celebrating its first birthday on 31 May, Post investigates how it has fared over the past 12 months.
Briefing: Can’t we all sit down over a nice cup of tea on multi-occupancy insurance?
I once had a dispute with my neighbour over some work we had had done on our boundary line.