Insurers should brace themselves for the FCA kicking the tires of how well providers and brokers are adhering to Consumer Duty requirements in 2024. Listen to this podcast to find out what to expect from the FCA in 2024.
The Financial Conduct Authority’s new regime for appointed representatives came into force in December 2022. It puts a fresh burden on those working in the AR sector. What has the impact been? Read this article to find out more.
Brokers and managing general agents are desperate for capacity, especially for more volatile commercial risks and to cover parts of the personal lines market. This article focuses on the fronter market in the UK and the regulatory landscape.
Social Market Foundation research shows insurance is increasingly unaffordable for those on low incomes. This article examines who is responsible for preventing a “poverty premium” being charged.
Talk is growing of a return to cash flow underwriting. Popular in the 1980s and 1990s, this is when insurers underwrote unprofitably, but were covered by strong returns. This article highlights some concerns about why insurance could be heading for the ultimate race to the bottom.
The ability to engage, assess, advise on risk and price accurately is vital in today’s commercial insurance market. Based on the results of a recent Commercial Insurance Risk Survey, this content highlights how insurers and brokers can create a smoother journey for onboarding commercial clients.
On 1 April 2013, insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age has canvassed opinion throughout the market to find out views on how the first decade has gone.
Brokers are faced with a dilemma as interest rates rise. The Financial Conduct Authority’s demand for them to offer ‘fair value’ products is at the forefront of their minds when they decide how to deal with the customer. Read this article to find out more.
Multi-occupancy building insurance: Feedback to the September 2022 report and consultation on handbook changes
In its September 2022 report, the FCA identified issues within the multi-occupancy building insurance market which are leading to poor outcomes for leaseholders. Based on feedback to that report, this consultation paper provides information on the FCA’s proposed rule changes.
Read the findings of the FCA’s multi-occupancy buildings insurance broker remuneration review, its conclusions and next steps. One of the findings in the broker market was evidence of some high commission rates and poor practices which were not consistent with driving fair value to the customer.