Commission disclosure
Impact of foreboding on the forecourt on insurance
Jeremy Irving, partner at Browne Jacobson, unpicks the potential impact of a Court of Appeal ruling on commission disclosure for the general insurance industry.
Close Brothers to seek consent to pay premium finance commission
From next week, Close Brothers will seek consent from commercial customers for the payment of broker commissions for premium finance.
Insurance commission: What’s the big deal?
Following the launch of a campaign by a group of tenants who feel they have been unfairly charged by their landlords for insurance commissions through service charge, David Marsden, property litigation partner at national law firm Freeths, defends…
Tribunal slams ‘connected’ leasehold insurance arrangement
A tribunal has ruled that leaseholders in a block of flats were overcharged by 145% after it had “not been presented with one item of documentary evidence to suggest that the insurance premiums for the building are competitive”.
Biba defends centuries-old commission model
The British Insurance Brokers’ Association has today launched a guide encouraging members to stick to the traditional commission model and warning of the dangers of straying from it.
Could premium finance face Gap-like FCA action?
After the Financial Conduct Authority’s Matt Brewis labelled premium finance a “poor product”, Scott McGee examines if the industry has done enough to defend this method of paying for insurance or whether the regulator will soon feel forced to clamp down…
FCA commission crackdown goes beyond flats
Editor’s View: The Financial Conduct Authority’s policy statement on multi-occupancy buildings insurance in September plus the decision to push the pause button on guaranteed asset protection insurance sales last week was “a shot across the bow” on…
MP highlights loophole in Leasehold Reform Bill
Matt Brewis, head of insurance for the Financial Conduct Authority, has appeared before a parliamentary committee to discuss the Leasehold and Freehold Reform Bill and been challenged by MPs over whether the current crop of rules ensure insurance costs…
Questions remain as more brokers sign leasehold pledge
Seven more broking firms have signed up to the leasehold commission pledge in association with the Department for Levelling Up, Housing and Communities.
Gove brings Bill banning excessive commission to parliament
Michael Gove, Secretary of State for Levelling Up, has brought a Bill to give leaseholders more power, while banning opaque and excessive buildings insurance commissions for freeholders and managing agents.
Five brokers to scrap third-party leasehold commissions
Five insurance broking groups have pledged to stop sharing buildings insurance commissions with landlords and to cap their own fees.
Biba launches FVA framework after FCA scrutiny
The British Insurance Brokers’ Association has launched a new framework to help members better articulate fair value.
FCA rules out banning broker commission
The Financial Conduct Authority has ruled out banning broker commission, despite being concerned by “high” 62% charges for arranging cladding insurance.
FCA promises action against overcharging brokers
The Financial Conduct Authority has warned brokers it will “take action” against those charging inflated commissions for arranging cladding cover, with some charging up to 62%.
View from the top: GRP’s Duncan Carter on cooling down a political hot potato
Duncan Carter, CEO of retail at Global Risk Partners, warns that a ban on paying commission to property-managing agents could backfire for leaseholders.
FCA tells brokers to stop paying third parties without justification
The Financial Conduct Authority expects brokers of multi-occupancy buildings to “immediately stop paying commissions to third parties where they do not have appropriate justification and evidence for doing so”.
Could insurance brokers soon face caps on commission?
Analysis: As the government demands pulling the plug on unfair insurance commission, Frances Stebbing examines whether the regulator could change the rules for how brokers get paid.
Experts advise FCA to 'tweak their rules urgently' in multi-occupancy reform
Regulation experts say “there is no immediate implementation of anything” in the Financial Conduct Authority’s report on multiple-occupancy buildings and rules could be modified to extend product value assessments.
2021 insurtech funding breaks record; Aviva in Tractable tie-up; Dive-In Festival theme announced and Lloyd's syndicate offers adjusters green bonus
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Settlement reached in Besso 'secret profits' case
Long-running litigation between Besso and a group of Caribbean hotel and resort companies has ended in an out-of-court settlement.
Analysis: Commission in the crosshairs as FCA warns on product governance rules
The shift in the regulatory landscape could lead to “massive upheaval” experts have warned as brokers have been urged to engage with the process amid fears that the scope of fair value changes has not been understood.