Financial Conduct Authority (FCA)
Lords starts hearing evidence in insurance market regulation inquiry
The House of Lords Industry and Regulators Committee kicked off its investigation which focuses on the commercial insurance and reinsurance market on 14 January.
Covid BI claims payments now at £1.3bn
FCA data shows providers have now made initial payments worth £329.4m and final settlements of £967.9m.
Insurers face another Covid-19 business interruption action group
The grouping of bar and restaurant owners is set to launch another test case, this time against RSA and QIC Europe, focusing on recovering indemnity for the UK’s multiple lockdowns.
The top five stories of 2021
Insurance Age lists the five news stories that have been most popular this year, including updates on the BI saga, Intact's RSA takeover and David Williams' exit from Axa after 41 years.
Blog: Top court cases that shaped the market
James Breese, senior associate at Fenchurch Law, lists the Covid-19 court cases that impacted the insurance industry in 2021 and discusses what lies ahead in 2022.
Mixed response to latest FCA AR review
Experts welcome oversight but some feel the focus on commercial broker ARs has “little relevancy” and call for a “proportionate” outcome.
FOS plans to increase levy by £10m
The regulatory body will ask firms for £106m as it flags increase in motor and pet insurance complaints but PPI comes to a close.
Covid BI claims payments reach £1.2bn
FCA data reveals providers have now made initial payments worth £308.4m and final settlements of £916.7m.
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
FCA launches AR consultation to “address harm”
Regulator warns that there are “real risks of consumers being misled and mis-sold with little scope for recourse” as it proposes changes to the current model.
Blog: Is the industry falling in love with GAP insurance again?
Avid's Steve Duxbury discusses how the market for GAP insurance has changed since the FCA's 2015 thematic review and argues that it is set for accelerated growth.
FCA reforms decision-making to tackle consumer harm
The “sensible streamlining” changes are designed to improve the speed and allow FCA senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
Ex Be Wiser boss Mark Bower-Dyke launches consultancy firm
Bower-Dyke tells Insurance Age about his plans for the new venture and discusses why he believes there was a gap in the market for quality advice.
Foley flags Axa transformation programme
Products and digitisation are key priorities for the retail CEO who joined the insurer in 2020.
Regulation roundup: Fair’s fair
Biba’s David Sparkes shines the spotlight on fair value and vulnerable customers in our new quarterly examination of the regulatory landscape
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
Insurance trade associations create fair value template
In an attempt to help firms better prepare for the Financial Conduct Authority's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
Opinion: Fair value – fair play
The FCA’s rules on fair value have come at the right time, and those not ready to follow them may soon fall by the wayside, writes Partners& chairman Stuart Reid
Experts slam "badly worded" and "intrusive" FCA D&I survey
Compliance specialists highlight the problems that the voluntary survey, which was sent out last month, may cause brokers.
COP 26: Sunak will force UK firms to publish net zero plans
Financial institutions and companies listed in the UK will have to produce plans highlighting how they will transition to net zero.
John Lewis pulls controversial home insurance ad
The TV commercial, which depicts a young boy wearing make-up and women’s clothing, has been removed after the FCA said it was 'misleading'.
FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
Randell stands down as FCA chair
Randell will exit in Spring 2022 and the government is now seeking a successor.
FCA focus on fair value causes confusion for brokers
Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.