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.
Insurers
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.
Which? Report Finds Insurance Prices Still Too High for Pay-Monthly Customers
Consumer group Which? has called for the Financial Conduct Authority (FCA) to step in following its recent report, which revealed that pay-monthly customers were still facing higher insurance costs.
FCA publishes review report about Principal firms’ oversight of ARs accusing many of taking a “tick-box approach” to compliance with new rules
The FCA has published a review report noting that, whilst Principals’ oversight of ARs has improved, some firms are taking a “tick-box approach” to compliance with the rules and relying on basic information, such as website checks or self-declarations from their ARs, to demonstrate effective oversight.
The Impact of Climate Change on the UK Insurance Sector: A Broker’s Perspective
This article explores the implications of climate change for the UK insurance sector.
FCA annual report reveals record rise in criminal charges
The recently published 2024 FCA annual report revealed the regulator brought a record number of criminal charges against individuals and more than doubled the number of firms it stripped of regulatory approval, supporting claims it aims to increase and expediate enforcement action.
FCA publishes an Upper Tribunal ruling, reinforcing commitment to gatekeeping senior roles under SM&CR
This article explores how a recent case highlights the FCA's enhanced gatekeeping role under the SM&CR, and how its ability to retain and utilise historical data supports its commitment to preventing individuals with questionable conduct upholding senior roles.
Building insurance complaints soar to 10-year high, according to FOS
FOS reveals a "concerning" rise in the number of complaints about home and business building insurance, as figures reach a 10-year high.
FCA calls on insurers and brokers to demonstrate fair value and good customer outcomes
Following a thematic review, the FCA has identified widespread shortcomings in general insurance and pure protection manufacturers’ and distributors’ product and oversight arrangements, noting it is “very disappointed” that many firms are failing to meet their regulatory obligations under PROD 4 and ensure and evidence that products offer fair value to customers.