Regulation
Trade bodies back FCA's insurance key workers stance
The Association of British Insurers and the British Insurance Brokers’ Association have both welcomed the steps outlined by the Financial Conduct Authority to help identify key workers in financial services.
Covid-19: FCA asks listed firms to delay publishing prelim results
The Financial Conduct Authority has written to stock exchange traded companies that it knows are intending to publish preliminary financial statements in the next few days asking them to delay for at least two weeks due to the coronavirus crisis.
This week: The bad news
What a week. The coronavirus may be an invisible threat, but its fallout – both within and beyond the insurance industry – is hard to miss.
CMA seeks fining powers as it orders Paymentshield to refund £380,000 to PPI customers
The Competition and Markets Authority is seeking the authority to impose financial penalties for breaches after it ruled Paymentshield must refund customers over £380,000 for payment protection insurance breaches.
FCA calls on insurers to show 'flexibility' in dealing with customers amid pandemic
The Financial Conduct Authority has said it expects insurers to show flexibility in dealing with customers affected by the coronavirus outbreak.
Experts line up insurance options for government e-scooter consultation
The Association of British Insurers has called for an appropriate regulatory framework to be introduced to keep all road users safe if the government allows micromobility vehicles to be used on the streets.
FCA delays dual pricing report till June
The Financial Conduct Authority has postponed its final general insurance pricing practices market study report from this quarter to June 2020.
Budget 2020: IPT stays the same as government bolsters flood defence spending
Insurance Premium Tax has remained at 12% in today’s Chancellor’s budget, as the government pledged to boost spending on flood defences.
Mazars flags CMA interest in Aon/WTW deal
Mazars has forecast that the Competition and Markets Authority will look closely at Aon’s takeover of Willis Towers Watson, as the accountants also predicted the deal could lead to further mergers and acquisitions.
Analysis: A coronavirus call centre crisis?
Personal lines insurance providers are faced with a potentially “lethal” situation if call centre staff cannot go into work en masse due to coronavirus disruption, compliance experts have cautioned. Post asked brokers and insurers how they are preparing…
This Month: Best insurance employers to the fore
From November last year to January 2020 Post gave insurance employees the chance to nominate and rate their employers on topics ranging from management to diversity and work/life balance along with whether they would recommend the company to a friend.
Regulators scrutinise firms' coronavirus contingency plans
Firms must be ready for coronavirus disruption, the Financial Conduct Authority has cautioned, with organisations’ contingency plans being reviewed and concerns remaining around call centres.
Best Insurance Employer: What makes the best insurance employer?
Post invited insurance employees, through emails, social media and via the brand’s print and online channels, to nominate and rate their employers on a variety of aspects including their management, diversity, work/life balance and whether they would…
Blog: Whither next or wither next for Pool Re?
Post senior reporter Emmanuel Kenning asks if Pool Re is facing an existential crisis after the Office for National Statistics’ judgement that the mutual reinsurer should become part of the government.
Admiral UK insurance CEO Cristina Nestares levels criticism at gender ban
The gender ban in insurance pricing was not approached in the right way and shows why ratings factors should be linked to actual risk, Admiral UK insurance CEO Cristina Nestares has argued.
Pool Re development a 'massive change': Biba
Graeme Trudgill, executive director at the British Insurance Brokers’ Association, has pledged to support Pool Re during consultations about the future of the mutual reinsurer.
ABI flags 'potentially serious implications' as Pool Re classified part of government
The Office for National Statistics has judged that Pool Re should be classified as part of the central government subsector in a surprise move that has raised questions about the future of the mutual reinsurer.
This week: Ups and downs
It's been a swings and roundabouts kind of week.
Updated: Tribunal throws out Eldon and Leave EU appeals against ICO
Exclusive: Arron Banks' broker Eldon still faces a data audit and fine after it and Leave EU’s appeals against the Information Commissioner’s Office were thrown out by a tribunal, Post can reveal.
Trade Voice: John Ludlow of Airmic on using the harsh market to forge closer relations with clients
John Ludlow, CEO of Airmic, argues that 2020 should be the year where insurance moves from a tripartite to roundtable relationship.
Law organisations decry MoJ dropping ADR from claims portal
The decision by the Ministry of Justice to remove alternative dispute resolution from the whiplash claims portal has been slammed by law organisations as a broken promise, just not good enough and removing a central plank of the whole process.
FSCS declares CBL Insurance Europe in default
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
FCA to make 'direct contact' with individuals whose data was published online in error
The Financial Conduct Authority has confirmed it will be contacting individuals after their confidential information was published on its website by mistake.
Culture 'ingrained' in FCA’s remit
The Financial Conduct Authority will be keeping a close eye on culture across financial services, a conference heard.