The FCA are consulting on proposals to require criminal/DBS checks to be undertaken for owners and controllers of directly authorised firms in a bid to prevent criminals from owning or controlling regulated firms.
Consultancy Services
FCA publishes webpage for Principal Firms with OARs
The FCA has published a page ‘Information for Principals with Overseas Appointed Representatives’ containing information outlining additional challenges Principles may face and expectations and practical considerations for OAR oversight.
Why brokers could never be displaced by AI
This article will explore why the value of insurance brokers means that they will never be displaced by AI.
Navigating Conflicts of Interest: A Decade On from the 2014 FCA Thematic Review
Ten years ago, in May 2014, the FCA published the findings from its thematic review which shed light on inherent conflicts of interest within the business models of many general insurance intermediaries. Conflicts of interest remain a key concern for the regulator; this article outlines how intermediaries can ensure compliance with regulation and treat customers fairly.
Distress, inconvenience and delays reasons for at least half of complaints about insurance upheld by FOS
A study conducted by Which? found distress and inconvenience to consumers were recorded in nearly two-thirds of complaints upheld by the Financial Ombudsman Service in 2023, with delays at a five-year high.
Major UK insurance associations unite with National Cyber Security Centre to combat ransomware
The Association of British Insurers (ABI), British Insurance Brokers’ Association (BIBA), International Underwriting Association (IUA) and GCHQ’s National Cyber Security Centre have united in a bid to strengthen UK cyber resilience and reduce ransom payments made by victims of cybercrime.
Claims and engagement boost positive perceptions of insurers, survey finds
An annual insurance customer attitude study by Guidewire reveals that UK policyholders' opinion of the insurance industry, and their relationship with their insurer, become more positive after making a claim, and leads to greater openness and acceptance of digitalisation and innovation within the sector.
New statutory duty on employers to prevent workplace sexual harassment
The Worker Protection Act 2023, (Amendment of Equality Act 2010) received Royal Assent on the 26th October and will come into force on the 27 October 2024.