Following a review, the FCA has made several changes to, and has improved, its disclosure processes in regulatory enforcement cases.
Insurers
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.
‘Soft Skills’ Every Insurance Broker Should Have
In this article, we explore five essential soft skills that can improve a broker's effectiveness and ultimately lead to greater success.
Low uptake of cyber insurance in local councils and Government departments, despite rising threats
Apricorn have released findings which reveal a widespread lack of cyber insurance among UK councils and governmental departments, despite increasing threats.
FCA fine individual £350k for failure to disclose tax issues, highlighting importance of fitness & propriety declarations & board oversight
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.