Regulation – Page 10
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News AnalysisIndustry welcomes FCA review of FSCS thresholds to mitigate ‘unintended unfairness’
In December 2022, the FCA outlined its planned review of the FSCS compensation funding model – trade body says this could prove to be ‘very positive’ for brokers
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News AnalysisIs it the end of the line for property insurance commissions on multioccupancy buildings?
The UK government has indicated its intention to ban managing agents and freeholders from taking commissions when arranging buildings insurance
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NewsBiba submits request to HM Treasury ahead of Spring Budget 2023
The trade body has flagged key topic areas for the government, such as flooding, apprenticeships and the Financial Services and Markets Bill
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News Analysis‘Insurers will have to rely on brokers’ if post-Brexit tax changes come to fruition
Brokers could see changes to their admin workload and trading operations as a result of Brexit
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NewsManifesto 2023: Cost of regulation for brokers at an ‘all time high’
The average costs of regulation have skyrocketed by 40% since 2019, said the trade body
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NewsFCA highlights focus areas for Consumer Duty implementation
The multi-firm review from the regulator ‘should be of real concern to the industry’
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NewsBrokers are ‘absolutely fundamental’ to risk management innovation - Andrew Griffith
The new economic secretary applauded brokers for ‘helping the sanctions to try and bring pressure to bear on Russia as it has pursued its illegal war in Ukraine’
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NewsManifesto 2023: IPT rate should be frozen
The financial burden on insurance buyers has grown significantly according to Biba, and IPT has reached a record high
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NewsManifesto 2023: Biba calls for compulsory public liability insurance for e-scooters
The broker body has also taken aim at regulation surrounding automated vehicles
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NewsManifesto 2023: Insurance sector needs time to prepare for ‘significant impact’ of Martyn’s Law - Biba
The broker trade body may compile a scheme to help its members action the new duty’s requirements
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NewsBiba launches 2023 manifesto with focus on risk management and stability
Executive director confirms that ‘stability is a key message’ that the trade association wants to bring ‘forward this year’, with focuses on regulation, financial resilience and enabling economic growth
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News AnalysisHow is the industry faring ahead of the FCA’s Consumer Duty implementation?
Insurance DataLab provides exclusive analysis of the Financial Ombudsman Service’s most recent complaints data to see how prepared the industry is for the FCA’s Consumer Duty this July
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NewsFCA’s Consumer Duty provides relief for professional indemnity insurance brokers
The new rules can be used to ensure insurers ‘do not engage in sludge practices such as drawing out the time taken to pay a claim unnecessarily’, says policy and public affairs director
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NewsMoJ launches consultation on dual discount rates for personal injury claims
It is essential that this ’does not turn into a cost saving exercise that benefits the balance sheet of compensators’, says executive director
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News AnalysisBriefing: Emerging risk must be the responsibility of all
Insurance sector must ‘stay curious and think ahead’ to cope with emerging risks, rather than simply passing the buck to other industries
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NewsFCA proposes updated guidance to support insurance customers in financial difficulty
The regulator is aiming to solidify its stated support for consumers struggling with the cost of living crisis, says executive director for consumers and competition
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NewsFCA’s Consumer Duty causes apprehension among majority of brokers – Ecclesiastical
Nearly three quarters of brokers said the ramping up of regulation was overwhelming
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NewsIUA publishes business plan for 2023
The association has highlighted key challenges for the London Market in the coming year
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News AnalysisOpinion: Industry will need to continue to knuckle down in 2023
Editor Katie Scott summarises some of the year’s key challenges and what the industry may expect come 2023
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NewsFCA to clamp down on insurers avoiding fair value claim payments
The regulator has seen evidence that some claimants are being offered prices lower than their vehicle’s true market value following claims
