Financial Conduct Authority (FCA)
FCA pinpoints good and poor practices for orderly broker wind-downs
The Financial Conduct Authority has listed broker failings as it reiterated expectations and requirements for wind-down planning.
Analysis: Brokers, insurers and the FCA’s product governance - confusion reigns
The FCA's new rules on product governance come into force on 1 October. But as Rachel Gordon discovers even with a three month extension or ‘forbearance,’ brokers are still in the dark about what is expected from them.
Aviva “disappointed” at other insurers for not offering fairly priced multi-occupancy building insurance
Aviva’s UK & Ireland general insurance CEO, Adam Winslow, has responded to the FCA’s report on insurance for multi-occupancy buildings and has expressed disappointment in other insurers for not offering fairly priced insurance.
Government summons ABI to meeting on FCA tower block insurance report
The Secretary of State for Levelling up, Housing & Communities has written to Hannah Gurga, director general of the Association of British Insurers, telling the industry to accelerate its work on multiple occupancy buildings insurance and solve the…
Government writes to Biba slamming “amoral” flats insurance commission and demanding change
Government minister Simon Clarke has written to Steve White, CEO of the British Insurance Brokers’ Association, demanding immediate changes to unfair commissions and a plan to reform market culture and practice after the regulator’s report into multi…
Biba welcomes FCA tower blocks insurance report and flags commission rate fall
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s report on insurance for multi-occupancy buildings and broadly supported the key recommendations but warned of "unintended consequences".
ABI commits to working “at pace” on pool sharing risk solution after FCA flats insurance report
The Association of British Insurers has responded to the Financial Conduct Authority’s report on insurance for multi-occupancy buildings in which the regulator called for a cross industry pool.
FCA recommends Biba works on risk pool “to limit commission costs” in flats insurance report
The Financial Conduct Authority has warned of “significant concern” over some broker commissions in the multi-occupancy buildings insurance market and taken aim at a lack of transparency by the insurance sector in its dealings with leaseholders as well…
FCA sets out pooling and lower commission in flats insurance review
The Financial Conduct Authority has delivered its recommendations and potential remedies to reform the multi-occupancy buildings insurance market including a cross industry pool and lowering commissions.
Former Sky executive Andrew Griffith named as financial secretary to the Treasury
Andrew Griffith, ex-Sky chief operating officer, has been appointed as financial secretary to the Treasury and City minister, succeeding John Glen.
Survey: How can brokers grow business in challenging times?
A recent broker barometer survey conducted by Insurance Age, in association with Close Brothers Premium Finance, explored current sentiment around business growth for insurance brokers in today’s environment, exploring current challenges and the expected…
Biba and FCA call off events in light of Queen Elizabeth's death
The British Insurance Brokers’ Association and the Financial Conduct Authority have decided to postpone events that were scheduled before the funeral of Queen Elizabeth II.
The FCA argues back at financial inclusion being included in mandate
The Financial Conduct Authority has responded to a Treasury Select Committee report on the Future of Financial Services Regulation disagreeing with the recommendation that it should ‘have regard’ to financial inclusion.
Opinion: New regulation for software houses will have unintended consequences
Ignite’s Toby MacLachlan considers how government plans to crackdown on software houses and third party financial services support partners could pan out.
FCA keeps lid on travel spend in 2021/22
The Financial Conduct Authority only spent £106,958 on staff travel in the last financial year, a Freedom of Information request by Insurance Age has revealed, far below its annual multi-million pound pre-pandemic outlays.
FOI reveals increase in cyber breach incidents reported to FCA by brokers
A Freedom of Information request by Insurance Age has revealed that the number of cyber breach incidents reported to the Financial Conduct Authority has increased for insurance intermediaries but dropped for regulated firms altogether.
IUA develops wording to support removal of unsafe cladding
The International Underwriting Association has developed a clause to help support the removal of unsafe cladding on high-rise buildings.
FCA warns of HDI Global clone firm
The Financial Conduct Authority has alerted the market and consumers to a clone of authorised insurer HDI Global SE.
Truss’s mooted regulation merger plan derided
Former business secretary, Vince Cable, has attacked Liz Truss’s rumoured plan to merge the Financial Conduct Authority, Prudential Regulation Authority and Payment Systems Regulator.
Truss could merge FCA, PRA and PSR if she becomes PM – reports
Reports have suggested that Liz Truss, the contender to win the current Conservative leadership race and become Prime Minister, may consider merging the UK’s financial regulator.
Jensten flags healthy acquisition pipeline
CEO Alistair Hardie said the organisation has a series of deals in play following its buy of J. Bennett & Sons but warned that the Financial Conduct Authority can be slow to approve acquisitions.
Experts warn that cost of living crisis could increase ghost broking cases
The sky-rocketing cost of living and the longer term economic effects of the pandemic could lead to an increase in ghost broking, experts have warned.
Top 5 read stories: 8-12 August 2022
The top five most read stories by brokers this week.
FOI reveals scale of FCA investigation into leaseholder insurance
A Freedom of Information request by Insurance Age has revealed that the Financial Conduct Authority has held 59 meetings, 10 workshops, engaged Deloitte as a consultant and had up to 31 employees working on its ongoing investigation into multi-occupancy…