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.
Insurers
Insurers given ultimatum on insuring new fossil fuel projects
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.”
Distributing Fair Value Insurance Products
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.
88% customers prefer human insurance advisors, but AI has potential to ease sector challenges, survey shows
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.
Almost 3 out of 4 customers use credit to pay for personal lines policies, study finds
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.
Ethical risks in the insurance distribution chain
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.
Exploring the FCA’s Consultation on Consumer Credit Regulatory Returns: Part 2
This article is the second of a two-part series exploring the FCA’s proposed new Consumer Credit Regulatory Return CR009 and will focus on what the enhanced reporting requirements proposals mean for credit broking firms and the data the FCA proposes to collect.
Record amount of Insurance Premium Tax (IPT) contributed by ABI members
The Association of British Insurers’ (ABI) reveals its members contributed a record £18.5bn in tax to the UK’s public finances over the last financial year.
Exploring the FCA review report on Principal firms’ AR oversight: Part Two
This article is the second of a two-part series. Last weeks’ article explored key findings from the FCA’ review in relation to firms’ self-assessments, annual reviews and their monitoring and oversight of ARs; this weeks’ article will explore the reviews findings in relation to firms’ approach to AR onboarding, termination and wind-down.