Regulation
Two brokers lose permission to carry out regulated activities under FCA
Brokers David Michael Sayer and Lester Evans have lost their Part 4A permission to undertake regulated activities under the Financial Conduct Authority after failing to pay overdue balances.
FCA SME claims review “sharpened” focus, but was not a major factor in industry response during 2015/16 floods
The insurance industry’s response to the winter flood in terms of SME commercial claims would have been hailed a success, even without the Financial Conduct Authority’s 2015 thematic review into this area.
Blog: Taking action against climate change
Insurers have an important role to play in taking on climate change, both in terms of providing protection and as investors
Regulators publish proposals to improve enforcement decision-making processes
The Financial Conduct Authority and Prudential Regulation Authority have today published proposals aimed at improving the transparency and effectiveness of the FCA's and PRA's enforcement decision-making processes.
McDermott to leave FCA in July
Acting Financial Conduct Authority CEO Tracey McDermott is to leave the organisation on 1 July, the regulator has confirmed.
CJCA s57 fundamentally dishonest ruling sends 'strong message' to fraudsters
The first fundamentally dishonest ruling under section 57 of the Criminal Justice and Courts Act 2015 will act as a significant deterrent to potential fraudsters, according to the Association of British Insurers and law firm Horwich Farrelly.
UK insurtech start-up Guevara to follow US P2P provider Lemonade and launch licensed insurer
One of the investors behind insurtech start-up Guevara has warned others they will need "a lot of patience” to bear fruit in the insurance market.
Insurance Compliance Careers: The land of opportunity?
With so many rules and regulations within insurance, it is no surprise that jobs in this sector are plentiful. But are compliance staff enablers or blockers and how attractive is it as a career?
PRA appoints insurance director Sam Woods as CEO
The Prudential Regulation Authority's insurance executive director Sam Woods has been promoted to replace Andrew Bailey as PRA CEO.
Europe: The Insurance Distribution Directive: Looking under the bonnet
The Insurance Distribution Directive came into force on 23 February 2016 and European insurance distributors - namely brokers, agents and other intermediaries - will have to comply with it from 23 February 2018
Brokers, insurers and Lloyd's carriers see FCA fees reduced
Brokers, insurers and Lloyd’s companies will see their contribution to the Financial Conduct Authority annual funding requirement reduced in 2016/17, according to the proposed fees published today.
C-Suite Insurer: Covéa's Adrian Furness - Standing up for customers
I’m concerned that as the debate about the latest whiplash reforms gets louder (I’m being polite), the most important person in the process is being forgotten - the customer
Fraud Focus: Clampdown on CMCs
In October 2015, the Ministry of Justice announced it was clamping down on rogue claims management companies and had established a review to examine the nature and extent of the problems in the market and make recommendations to improve the regulatory…
Blog: How well did the industry really handle commercial customers during the winter floods?
With Flood Re finally launching today (4 April) after securing regulatory approval - in blockbuster movie style with moments to spare - attention will once again turn to the commercial policyholders who are, for now, excluded.
SRA warning notice on PI fraud ‘a marker in the sand’
The warning notice on potential fraud in personal injury cases issued by the Solicitors Regulation Authority on 21 March is a vital move and serves a clear function to remind lawyers of their duties to address the issue, according to legal commentators.
FCA to carry out thematic review into thematic reviews - updated
The Financial Conduct Authority has begun a thematic review into its previous thematic reviews at the behest of new CEO Andrew Bailey, Post can reveal.
Gable expects losses of £7-8m for 2015 as it updates on Solvency II compliance
Gable Holdings has confirmed its regulator the Financial Market Authority Liechtenstein has approved its funding arrangements announced in December, whereby its subsidiary Gable Insurance AG has a two-year transitional period to meet the Solvency Capital…
Europe: Market realities could trump cross-border aims
Although the European Commission is considering moving cross-border barriers for insurance sales, detractors are making their voices heard.
C-Suite Insurer: Esure's Stuart Vann - Fraud and what more the industry can do
Although there has been significant progress, there is more for insurers to do in reducing levels of opportunistic fraud
Political Lobbying: Don't mention the ‘L' word
Smoke and mirrors perpetuates the lobbying mystique but there is no need to bring in outsiders if there is someone with know-how and who can put together a well presented case
Editor's Comment: Pulling off the sticking plaster
I believe in getting bad news out of the way quickly and nasty things over and done with – then we can move on to the fun things, or the ‘adventure’ as I call it.
Brexit offers UK insurers respite on ECJ VAT ruling for outsourced claims
UK insurers are facing significant increases to the cost of outsourced claims handling if the government is forced to align its VAT position to a recent European Court of Justice ruling, but the June vote on whether the UK should leave the European Union…
FCA regulation of credit hire firms touted as CMCs fall under its remit
Industry commentators have backed the future Financial Conduct Authority oversight of claims management companies, announced in the 16 March Budget, alongside suggestions a similar regulatory framework should be adopted for credit hire companies.
Budget 2016: Latest IPT rise could ‘interfere’ with Flood Re’s primary objectives
Commentators warn it is paramount that people are not dissuaded from taking out policies