Regulation
FCA warns insurers against subletting regulatory responsibilities
The Financial Conduct Authority’s head of department for insurance market interventions, Caroline Gardner, has revealed the regulator’s concerns about providers keeping an eye on their claims handling partners.
FCA clarifies approach to non-disclosure agreements
The Financial Conduct Authority has insisted non-disclosure agreements should not prevent whistleblowers working in insurance from sharing the discrimination or harassment they face with the watchdog.
FCA overwhelmed by feedback on naming and shaming
Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator will “really take our time” when considering its proposed plans to name firms it is investigating before any decision has been made.
Biba CEO Trudgill reveals crushing weight of regulation on brokers in inaugural speech
Biba CEO Graeme Trudgill has urged the FCA to allow brokers a ‘period of stability’ so they can flourish and help the economy following years of rising regulatory workload.
Biba follows ABI in addressing premium finance
Less than a month after the Association of British Insurers published guidance for members providing premium finance to customers, the British Insurance Brokers’ Association has followed suit.
What prompted FCA checks on bullying in insurance?
Jeremy Irving, head of the financial services regulatory practice at law firm Browne Jacobson, considers what could have prompted the Financial Conduct Authority looking into non-financial misconduct in the insurance industry.
Abby Thomas, Financial Ombudsman Service
Abby Thomas, who joined the Financial Ombudsman Service as chief executive and chief ombudsman in October 2022, wants the industry to get better at communicating.
Sam Woods, Prudential Regulation Authority
In the run-up to a general election Sam Woods, chief executive of the Prudential Regulation Authority, has been clear it will be for the government, not regulators, to ensure insurers invest the dividends of forthcoming solvency reforms in the UK.
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.
MOJ asked for clarity on insurers saying ‘sorry’
Insurers and legal experts have welcomed a Ministry of Justice consultation on amending the law of apologies, but have called for more reassurance that saying sorry to policyholders won't be deemed an admission of liability.
Biba’s Trudgill on working with the regulator
Trade Voice: Graeme Trudgill, CEO of the British Insurance Brokers’ Association, outlines how overtures between the trade body and the Financial Conduct Authority might ease brokers' uncertainty around regulation.
Trade bodies lambast FCA’s transparency plans
16 financial services trade bodies have warned the Financial Conduct Authority against any plans to publish details of future regulatory investigations before they reach their conclusion.
Could the FCA follow the Australian regulator’s claims lead?
After Australia’s financial regulator sent a letter to the country’s general insurance firms asking for improvement in claim handling practices, Vitesse’s CEO Philip McGriskin asks could the Financial Conduct Authority take a similar approach.
UN creates NZIA replacement
The United Nations Environment Programme has replaced the now-discontinued Net Zero Insurance Alliance with a multistakeholder forum, although most former UK-based NZIA members have yet to join.
Irish guidelines for assessing damages to push up premiums
Aine Tyrrell, partner at law firm DAC Beachcroft, explains why fresh guidelines for the assessment of damages in Northern Ireland could add to the costs faced by insurers and contribute further inflationary pressure to premiums for liability and motor…
Q&A: Nick Pester, Beyond Legal
Nick Pester, founder at Beyond Legal and former general counsel at Zego, spoke to Insurance Post about the changing legal landscape, the pivoting mindsets of insurtech founders, and what he hopes to offer clients with his new legal practice.
FCA to work with Big Tech on sharing data with insurers
The Financial Conduct Authority intends to examine how Big Tech firms’ datasets could unlock better insurance products, more competitive prices, and wider choice for customers.
How to support insurance customers in vulnerable circumstances
As the Financial Conduct Authority intends to check claims-handling response times, and whether insurers are doing enough to help customers in vulnerable circumstances, Winn Group chief information officer Clint Milnes explains what providers need to do…
FCA urges insurers to do more for tourists with health issues
A Financial Conduct Authority review of signposting rules for tourists with pre-existing medical conditions has raised concerns about fair value and concluded travel insurers can do more to help tourists with health issues.
Campaigners demand ‘polluters pay’ in letter to insurance CEOs
The campaign groups of the Insure Our Future network have sent a letter to leading fossil fuel insurers, detailing a list of demands relating to sustainability and climate action.
What happens now on the OIC landscape post-Rabot?
After the Supreme Court rejected the insurer-led appeal against its decision on the first two cases of mixed-injury claims involving both whiplash and non-whiplash injuries, the Association of Consumer Support Organisations’ director Matthew Maxwell…
What the future holds for AI regulation
Striking the right balance between regulatory intervention and industry autonomy is crucial to realising the full benefits of artificial intelligence while ensuring ethical, accountable, and inclusive practices within the insurance sector, argues Nutan…
JCG uplift of 22% could mean small track claims limit is increased
The incoming uplift for personal injury claims recommended in the Judicial College Guidelines might need to see an upheaval in limits applied to the Official Injury Claims portal.
Motor insurers warned about political and regulatory intervention
Motor insurers stand on the precipice of a possible explosion in complaints relating to essentials and value policies. And if the industry does not act it should be ready for political and regulatory intervention.