Financial Conduct Authority (FCA)
FCA confirms MGAs are exempt from £7.5m BI special levy
The regulator has reissued its consultation paper on fee rates for 2021/22 after the initial document wrongly said that MGAs were expected to contribute.
What the FCA travel rules mean for brokers
The new rules that affect travel insurance providers come into force on Monday, 26 April.
FCA proposes £7.5m BI special fee for insurers in levy consultation
The fee relates to legal costs following the BI test case and is part of a raft of proposed changes relating to fees and levies ahead of publication of the watchdog's budget for 2021/22.
Alsford Page & Gems fined over appointed representative failures
The watchdog said the broker did not have adequate oversight and warned that it is increasingly seeing examples of “misconduct” stemming from principals’ failure to monitor their appointed representatives appropriately and flags AR fee consultation.
People Moves: 19 - 23 April 2021
The key job changes in the world of insurance this week.
FCA data reveals progress as insurers settle Covid-19 BI claims
Updated figures show providers have made interim payments of £247.7m and final settlements of £352.1m since the Supreme Court verdict, but 12,217 policyholders are still waiting to hear whether their policies provide cover or not.
Brokers may be failing to report misconduct
Sicsic Advisory says that only 1% of brokers reported conduct rule breaches in the last year and warns they may not have robust processes in place to capture and report issues.
Call for clarity on final rules amid FCA dual pricing extension
The regulator's plan to ban the loyalty penalty is met with approval from the industry, but some criticise the FCA's approach as firms still do not know what the final rules are.
East West collapse: Administrator report shows £164.7m deficit
The building guarantee specialist insurer was forced into administration in 2020.
Ardonagh’s Ross “angry for the industry” over "ill-informed" BI backlash
Ross says an industry working group was “on the cusp” of solving the issue around Covid-19 BI claims, when the opportunity was “taken out of our hands” due to the FCA’s test case.
FCA targets wrongdoing with whistleblower campaign
The watchdog is encouraging financial services staff to report issues as part of the ‘In confidence, with confidence’ push.
FCA reveals insurer claims payouts following BI test case verdict
Regulator says providers have paid out £192.1m in interim payments for unsettled claims and £279.8m in final settlements at it reiterates order to pay out quickly.
FCA extends dual pricing timetable
Following consultation the regulator has given firms fresh deadlines to implement rules relating to the loyalty penalty.
Aviva’s Covid-19 BI claims exposure down to broker wordings
GI CEO Colm Holmes says provider has taken a proactive approach to paying claims as he discusses how Aviva was impacted by the BI test case and comments on its 2020 results.
Masojada: Hiscox regrets "anguish and uncertainty" caused by Covid-19 BI dispute
CEO discusses the need for the insurer to rebuild its brand and reputation as a result of the BI disagreement as insurer posts £192.4m loss for 2020.
Opinion: Fees but not as we’ve known them
Biba’s Steve White considers if regulators have gone too far in terms of the fees and levies they are asking for from insurance brokers
Interview: Ecclesiastical's Richard Coleman
MD of UKGI, Richard Coleman, tells Insurance Age about the provider's plans to modernise its brand and discusses the business interruption test case and Ecclesiastical's approach to working with brokers.
FCA finalises guidance on vulnerable customers
The regulator highlights that 27.7m UK adults could be categorised as vulnerable as it promises to hold firms to account for failures.
FCA and insurers disagree on how to interpret Supreme Court BI ruling
Regulator says Supreme Court decision gives insurers the clarity they need to conclude their claims processes with most of their BI customers but a few issues still remain as parties make written submissions to the Supreme Court.
Woolard to exit FCA for EY
The former interim CEO is set to join the consultancy in April.
Biba zones in on resilience in 2021 manifesto
Manifesto includes a number of commitments from the broker trade body, covering areas including underinsurance as a result of the pandemic, IPT, cyber insurance and signposting to help customers access insurance.
News analysis: Brokers warn of confused clients and damaged reputations after BI test case judgment
Industry reacts to Supreme Court’s decision to dismiss insurers’ appeals in FCA BI test case
FCA launches policychecker for BI customers
The regulator has developed the tool to help policyholders find out if their wording is affected by the Supreme Court's coronavirus ruling.
Biba Travel Medical Insurance Directory approved by FCA
The document has been designed to help brokers comply with regulatory obligations.