Insurance Brokers

The FCA fined Kristo Käärmann £350k for breaching a Senior Manager Conduct Rule after his tax evasion emerged via a third party, emphasising the importance of firms being open with the regulator, conducting annual fitness and propriety declarations, and Boards maintaining robust oversight arrangements.

The number of reported incidents of non-financial misconduct in the financial services sector rose by more than 70% over three years, according to a recent FCA survey.

Ernst & Young (EY) has dismissed several employees for completing multiple online training courses simultaneously, raising questions about whether firms sufficiently support employees' professional growth alongside their regular workloads and enable an organisational culture of continuous learning.

Following rising concerns about the increase in insurance costs, and the launch of the UK Government’s motor insurance taskforce, the FCA has announced that it will review the premium finance market.  

Multiple insurers this week have received a message from activist group Extinction Rebellion: “Make a pledge to get out of new oil, coal and gas – or face actions and protests.”

Following the recent FCA Thematic Review which heavily criticised the industry for failing to adequately take on board the demonstration of fair value, this article explores steps that distributors can take to ensure that they evidence their approach. 

A global survey by UserTesting, a provider of experience research, has revealed that whilst customers preferred to receive guidance from human insurance advisors, AI has potential to mitigate customer challenges and simplify processes, particularly during enrolment and provider selection.

According to research by UK premium finance company, Premium Credit, nearly three out of four personal lines insurance customers use some form of credit to pay for one or more policies, with half using credit to pay for car insurance.

Unethical behaviour can thrive within distribution chains in the insurance sector, particularly if the chains are complex. This article will explore the ways in which ethical risks may arise within the insurance distribution chain, and how this can be mitigated.