Regulation
FCA expected to bare teeth as competition powers kick in
Firms could be on the receiving end of significant fines as the Financial Conduct Authority demonstrates its new competition powers, according to lawyers at Norton Rose Fulbright.
GI players under the microscope as FCA increases its focus on the sector
Insurers and brokers have been warned by market observers to be on their guard after the Financial Conduct Authority outlined a series of reviews designed to shake-up the general insurance sector.
Further insurer run-off expected in Gibraltar as others plot arrival on The Rock
Several Gibraltar-based firms in danger of entering run-off are under intense regulatory scrutiny, according to market insiders, while the British overseas territory's financial watchdog says it has a number of interested parties on the hook to establish…
PRA consults on ‘proportionate' regime for non-SII senior managers
The Prudential Regulation Authority has released its consultation paper into the senior insurance managers regime for insurance companies outside the scope of Solvency II.
FCA urged to prove absence of ‘systemic weakness' in standards and culture
The Treasury Committee has demanded the Financial Conduct Authority do more to satisfy parliament and the public it is not suffering a "systemic weakness" in standards and culture following its press briefing blunder in March 2014.
FCA funding requirement increases 8.4%
The Financial Conduct Authority's annual funding requirement has increased by 8.4% to £481.6m for the year 2015/16.
Redress for opt-out add-on buyers mooted
Redress for consumers who bought add-ons unnecessarily through the opt-out process would be a "logical conclusion" of the Financial Conduct Authority consultation into the sales practice, according to PWC.
FCA mulls ban on opt-out selling of add-ons
The Financial Conduct Authority has sounded the death knell for the opt-out method of selling of add-ons, following its market study last year.
In-house investigators dodge PI regulation amid deadline delay
In-house claims investigators will not be subject to statutory licensing for private eyes, according to the Association of British Insurers, which has expressed concerns that uncertainty around the introduction of PI regulation is “hindering” insurers.
PRA publishes ‘milestone' paper on managers' oversight
The Prudential Regulation Authority has published the scope of its senior managers regime for Solvency II insurers with guidelines on how the regime will apply to non-executive directors to be published later in the year.
Legal: Beware the Insurance Act Interregnum
Nick Young looks at what insurers can be doing to fill the ‘gap’ between governing legislations.
Trade Voice: Taking the first steps
Can the UK insurance sector learn anything from the Irish Consumer Protection Code 2012?
PRA publishes final rules for Solvency II implementation
The Prudential Regulation Authority has published its final rules for implementing the Solvency II directive alongside a consultation paper on the application process for the volatility adjustment.
Flood Re regulations laid before parliament
Flood Re's secondary legislation was yesterday (19 March) laid before parliament marking the completion of negotiations with government around the scheme.
SRA investigates two uninsured firms
Two uninsured law firms that should have closed at the end of 2014 are being investigated by the Solicitors Regulation Authority.
CMA remedies a ‘mixed bag' for Biba
The British Insurance Brokers' Association has welcomed the Competition and Markets Authority's move to extend the protected no claims bonus remedy deadline while deeming the recommendations in the regulator's private motor investigation final order a …
Ban on aggregator motor deals extended to smaller players
The Competition and Markets Authority has extended its upcoming ban on motor insurance aggregator deals to smaller aggregators.
FCA may be more open about interventions - report
The new head of supervision at the Financial Conduct Authority has hinted that the watchdog may provide more information about its interventions.
Demise of outbound call centres linked to customer attitudes, not cold-calling regulation
The days of insurers targeting policy sales via outbound call centres are “long gone”, according to industry insiders, who have cited evolving customer purchase methods for the demise of such call centres rather than incoming cold-calling regulation.
UK could be 'leader' in drone technology with right regulation says Lords committee
The UK could become a global leader in drone technology, but regulation is needed to ensure public concern about the safety of unmanned systems does not set the industry back.
A quarter of firms likely to miss Solvency II deadline
Most insurers expect to be ready for the reporting and disclosure requirements of Solvency II by the end of the year, however a significant minority will struggle to meet to deadline, a survey by financial adviser Grant Thornton has found.
Editor's comment: Golf anyone?
The image of an insurance non-executive director having an easy life where they just pop in and attend quarterly business meetings and spend the rest of their life on the golf course is long gone.
Solvency II NEDs told to ‘up their game' in face of increased regulation
The risk of a decreased talent pool has been highlighted by market players as a potential ramification of “onerous” regulation targeting non-executive directors at Solvency II insurance companies.
FCA whistleblowing proposals to cost large firms £280,000
A Financial Conduct Authority consultation that would require insurers to implement formal whistleblowing procedures has an indicative annual cost of £280,000 for large firms.