In response to widespread criticism of its proposals to publicise ongoing enforcement investigations, the FCA has amended its proposals and published, what it refers to as, the second phase of its consultation.
Insurance Brokers
Cyberattacks cost UK businesses £44bn in past 5 years, according to research by Howden
According to research by Howden, half of UK businesses suffered at least one cyberattack in the past five years, costing £44bn in revenue.
Understanding FCA Fair Value: A Broker's Perspective
The Financial Conduct Authority (FCA) has set clear expectations for brokers to assess and demonstrate the value of their offerings. But what does this entail, and why is it becoming so challenging when, as a sector, the general insurance market has been expected to have this nailed by now?
FCA publishes outcome of enforcement regulatory disclosure review
Following a review, the FCA has made several changes to, and has improved, its disclosure processes in regulatory enforcement cases.
FCA fines and bans Director
The FCA has fined and permanently banned Leigh Mackey, former director of Inspire Insurance Services Ltd (Inspire), for serious misconduct during his tenure at the company.
Mansion House Speech: Key takeaways for the Insurance Sector
The Chancellor’s first Mansion House speech on 14 November emphasised that for the Government to achieve their aim of secure and sustainable economic growth, the financial services sector must drive competitiveness and growth.
AI-driven fraud a concern for UK claims handlers, according to survey
A significant number of UK claim handlers believe up to a quarter of claims filed involve fake supporting documents doctored by Artificial intelligence, according to a recent survey.
PMI coverage, claims, and pay-outs hit record high, highlighting vital role of insurance in supporting public and economic health
The Association of British Insurers (ABI) have reported that a record 4.7 million people were covered by Private Medical Insurance (PMI) through their employer in 2023– the highest amount in over 30 years of data collection. Could PMI coverage be the key to revitalizing the UK workforce and boosting economic output?
FCA reopens parts of Discussion Paper on regulation of commercial and bespoke insurance
In response to demand, The FCA has reopened parts of its discussion paper on the regulation of commercial and bespoke insurance business, which seeks feedback on whether existing regulation strikes an appropriate balance between protecting customers from harm and enabling competitiveness within the UK market.