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Premium Finance: the Market Study, and how we got to where we are
Premium financing involves lending funds to cover the cost of an insurance premium. This service is typically provided by third-party finance companies or the insurers themselves. Insurance intermediaries also offer it. The loan arrangement can last typically…
FOS receives more than 4,800 new cases from businesses
The Financial Ombudsman Service for small businesses has received more than 4,800 new cases from businesses so far this financial year. The data, which covers the period from the beginning of April to the end of November 2024, demonstrates the many challenges…
FCA publishes Consultation Paper CP24/28: Operational Incident and Third-Party Reporting
The FCA has published a Consultation Paper CP24/28 in relation to reporting operational incidents and reporting material third-party arrangements. Within the Consultation (see Appendix 2 of the Draft Rules section) there is a link to the proposed operational…
Premium Credit Limited confirms no changes to premium finance disclosures
Premium Credit Ltd (PCL) has written to insurance brokers saying that, following taking King’s Counsel advice, it will not be imposing any changes to existing customer journeys, and firms should not expect any changes from PCL’s perspective either. This…
FCA publishes updates to its Financial Crime Guide
The FCA has published a Policy Statement introducing changes to its Financial Crime Guide. Handbook Notice 124, sets out the specific sections in the Guide which have been updated. In summary, the updates to the Financial Crime Guide relate to sanctions,…
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…
