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FCA calls for life insurers to improve bereavement claims handling times
As outlined in its Life insurance portfolio letter: insurance market priorities 2023-2025 from September 2023, the FCA has carried out work to understand how life insurers’ service delivery compares with their intended standards in relation specifically to…
FOS publishes Consultation response and writes to FCA
FOS has published its responses to its Consultations charging Claims Management Companies (CMCs) and other Professional Representatives (PRs), and has written to the FCA with the outcome accordingly. FOS published its second consultation paper in May 2024 on…
HM Treasury publishes the Chancellor’s Mansion House speech
HM Treasury has published the details and a summary of the new Chancellor’s first Mansion House speech. The main focus of the speech is to enhance the UK’s international competitiveness by making it “a global powerhouse for financial services” with a package…
Non-admitted insurers: overseas insurers and UK regulation.
In June this year, the compliance team at the British Insurance Brokers’ Association (BIBA) was approached by the FCA to raise awareness of the Regulator’s concerns in relation to non-admitted insurers. BIBA subsequently published a guide for its members…
FCA publishes the outcome of an enforcement regulatory disclosure review
Following a review, the FCA has made a number of changes to, and has improved, its disclosure processes in regulatory enforcement cases. In the case of Seiler and others v FCA [2023] UKUT 00133, the Upper Tribunal recommended that the FCA should review certain…
ABI and Lloyd’s of London publish guidance on major cyber events
The ABI and Lloyd’s have co-published a guide for (re)insurers on how to approach defining a major cyber event. As one of the most prominent systemic and emerging risks, there are few historic major cyber events for insurers to look at when trying to establish…
