Regulation
FCA ramps up fair value assessment checks
The Financial Conduct Authority has ordered firms to fill out an extensive survey on how they keep tabs on whether they offer value for money to customers.
Trade Voice: CII’s Matthew Connell on how the industry measures up on Consumer Duty outcomes
Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, says the trade body’s outcome monitoring suggests insurers and brokers are in a good place ahead of the Consumer Duty deadline.
Biba insists regulators cannot mark their own homework
The British Insurance Brokers’ Association has called for greater external scrutiny of the cost benefit analyses produced by regulators when they introduce new rules for the sector.
Time to stop throwing punches with the OIC portal
Editor’s View: Scott McGee says the Official Injury Claim service needs to be improved to achieve the aim of making the personal injury claim process so simple anyone could request compensation without legal help.
Big Interview: ABI’s Mervyn Skeet
In his first big interview since being appointed director of general insurance policy at the Association of British Insurers, Mervyn Skeet speaks to Scott McGee about the reinsurance scheme for high-risk buildings and closing expectation and protection…
Insurers unsure what diversity data they can collect, legal experts say
Firms have been urged to collect diversity data on a voluntary basis to be able to make “positive action steps” towards change.
BoE braces insurers to handle more cash-strapped customers
The Bank of England has warned higher interest rates increasing debt-servicing costs will result in general insurers having to handle a growing number of people financially squeezed in the coming months.
How insurers can better support vulnerable customers
Tim Farmer, clinical director and co-founder of clinical regulatory technology provider Comentis, examines how insurers can ensure they meet the FCA's Consumer Duty requirements for customers in vulnerable circumstances.
Why insurers’ COOs and insurtechs need to combine forces
Editor’s View: Emma Ann Hughes says it is time chief operating officers in the insurance industry realise holding the key to floors of servers isn’t going to save them from regulatory action.
FCA urges insurers to consider what ‘fair’ means
The Financial Conduct Authority has reminded insurers to reflect on what “fair” means going forward, after Direct Line was slammed for underpaying customers.
Three things you need to know about the PRA’s Solvency plans
Analysis: Emma Ann Hughes unpicks the devilish details in the Prudential Regulation Authority's 182-pages of proposals to throw the European Union's capital requirements for general insurers on the Brexit bonfire.
Insurers must right their wrongs for vulnerable customers, says FCA
Home and motor insurers need to put the “wrongs right” and “improve their treatment” of vulnerable customers as the cost-of-living squeeze continues.
It’s insurtech Jim, but not as we know it - Lemonade’s PRA authorisation shows intent
Content director's view: Jonathan Swift looks at Lemonade's landmark PRA authorisation and two second claim record and contemplates whether the once start-ups trek to the mainstream is entering the final frontier.
Chancellor to sign EU financial services co-operation agreement
Jeremy Hunt, Chancellor of the Exchequer, will sign an agreement on financial services co-operation with Mairead McGuinness, European commissioner for financial stability, financial services and the capital markets union.
Joined-up data is key to Consumer Duty compliance
Risto Rossar, founder of insurtech Insly, says insurers that still rely on Excel, Word, and a mishmash of management systems will fail to comply with the FCA's Consumer Duty.
Urgent steps insurers must take to comply with the FCA’s Consumer Duty
With only a month to go until the Financial Conduct Authority's Consumer Duty comes into force, Laura Miller explores what steps can be taken to make sure insurers comply with the rules.
More FCA action against AR brokers is nigh
Sue Mallender, senior consultant of regulatory consultancy Sicsic Advisory, has warned the regulator is likely to place restrictions on more appointed representative general insurance broking businesses in the months to come.
Davies to face no regulatory action over cyber attack
The Financial Conduct Authority and Information Commissioner’s Office won’t be taking action against Davies Group following last summer’s cyber attack.
Bank of England to test mini-Budget-type stress on insurers
The Bank of England has launched its first “system-wide exploratory scenario” to throw light on the behaviours of insurers, banks and investment funds in stressed financial market conditions.
Ifed reports surge in opportunistic fraud
The City of London Police’s Insurance Fraud Enforcement Department has reported a growing number of people making fraudulent insurance claims as a result of cost-of-living pressures.
EU moves forward with AI regulation
The use of artificial intelligence in the EU will now be regulated by the AI Act to ensure that AI developed and used in Europe complies with EU rights.
FCA restricts activity of four insurance broking firms
The Financial Conduct Authority placed restrictions on four insurance brokers it fears are failing to ensure their appointed representatives comply with the regulator’s rules.
Motor accident solicitors back calls for compulsory e-bikes and e-scooters insurance
The chair of the Motor Accident Solicitors Society has backed calls from politicians for compulsory insurance to be considered as a requirement for e-bikes and e-scooters.
Cancer charity slams travel insurers over ‘unfair’ pricing
A Hampshire-based cancer charity has secured more than 133,000 signatures calling for more affordable travel insurance and has taken the battle to the Association of British Insurers and Financial Conduct Authority.