Financial Compensation Scheme (FSCS)
FSCS pays out £2m to UK Enterprise motor policyholders
The Financial Services Compensation Scheme has paid out over £2m in return of motor premium claims to Enterprise policyholders in the past two weeks.
Enterprise issued thousands of policies without authorisation
Enterprise Insurance wrote 10,000 UK roadside assistance policies in the UK without authorisation.
Enterprise deficit nine times larger than predicted
Failed Gibraltar insurer Enterprise had a total deficit of £96.4m, almost nine times more than the original estimate of £11m.
FCA to consult on making FSCS levy more affordable
The financial services watchdog is looking to “improve affordability” for firms that contribute to the Financial Services Compensation Scheme.
The rise and fall of Gable – where does this leave brokers?
The Liechtenstein-based insurer entered administration last month
Gibraltar launches ‘major investigation’ into Enterprise board
Gibraltar will launch a “major investigation” into whether Enterprise Insurance misled its financial watchdog over its financial position.
Bollington to transfer 3500 policies affected by Enterprise
Bollington Underwriting will block transfer 3500 policies affected by the Enterprise collapse to a new provider.
FSCS starts refunding motor premiums of Enterprise customers
The Financial Services Compensation Scheme will refund motor policies for customers affected by the Enterprise collapse from today.
FSCS will protect policyholders of Liechtenstein insurer Gable
The Financial Services Compensation Scheme said it will protect consumers affected by the Gable administration, should the firm become insolvent.
'Time is running out' for Enterprise customers, FSCS warns
The Financial Services Compensation scheme has warned Enterprise customers that the “time to act is running out”.
Self-driving cars and instant insurance in the news; spotlights on affinity and parachuting in
Important news and exclusive content from Insurance Post over the past week, in case you missed it.
Quiz of the week - 29 April 2016
Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
Insurers face a 46% increase in cost of compensation claims
Insurers will pay 46% more in compensation to consumers this year, as part of the Financial Services Compensation Scheme.
Bailey challenged to prove his independence in FCA role
Incoming Financial Conduct Authority CEO Andrew Bailey has been challenged by an MP to prove his independence from the government after accusations he was "hand-picked" by Chancellor of the Exchequer George Osborne to take on the role.
FCA issues £15.5m in fines to fill hole caused by Eric, Balva and Millburn failures
The Financial Conduct Authority has fined five individuals and two firms a total of £15.5m for their part in a market failure that left hundreds of solictors without valid cover.
Increase in FSCS levy to be greatest for insurers
Insurers will see the largest increase in the Financial Services Compensation Scheme levy when compared to other financial sectors, with the industry set to pay an extra £32m according to the FSCS’s 2016/17 plan.
Thousands of policyholders see refund from Iceland-based Eric
More than 2600 customers of the failed Iceland-based insurer European Risk Insurance Company (Eric) have received premium refunds from the Financial Services Compensation Scheme.
Unrated German firm Berliner in default
The Financial Services Compensation Scheme is discussing the failure of German insurer Berliner with its liquidator after it was declared to be in default on 28 August 2015.
Biba presents City Minister Harriet Baldwin with alternative FSCS plan
Corporate brokers have joined colleagues in the personal lines space in voicing concerns that the rise in insurance premium tax will result in more premium leaving the market.
Personal Injury: One rule for government, one rule for insurers
The introduction of the Criminal Injuries Compensation Authority tariff list in 2012 means that insurers are now paying out much more to personal injury claimants than the government
No FSCS compensation levy for GI brokers in 2015/16
General insurance brokers will not have to pay a Financial Services Compensation Scheme levy for costs associated with compensation in the next financial year.
Biba sets out plan for more affordable regulation
The British Insurance Brokers' Association has set out a 10 point plan to achieve regulation that is better value for money in its 2015 manifesto, launched today (19 January).
FCA suggests FSCS management levy to drop 7.4%
The Financial Conduct Authority is consulting on the Financial Services Compensation Scheme's proposed management levy for the next financial year which would see an overall 7.4% reduction in expenses.