The FCA has published a number of materials relating to its work on the general insurance (GI) sector:   A thematic review report (TR19/2), which sets out the key findings from the FCA’s thematic work on the GI distribution chain, its expectations and next steps. https://www.fca.org.uk/publications/thematic-reviews/tr19-2-general-insurance-distribution-chain   A guidance consultation (GC19/2) on proposed non-Handbook guidance […]

James Dalton, Director of General Insurance Policy at the Association of British Insurers (ABI), has given a speech on change in the general insurance industry in the UK. Mr Dalton addressed three key questions concerning the UK’s general insurance industry “where have we come from, where are we now and where are we going?” The […]

The FCA has published its thematic review report on general insurance intermediaries’ professional indemnity insurance (PII). The review was conducted to evaluate the individual policies purchased by some firms to assess whether they complied with the requirements of the Prudential Sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries (MIPRU) and to determine how […]

In December 2014 Mr Merrien a director of a local insurance broker was fined £200,000 by the GFSC – the maximum financial punishment within their power. http://bit.ly/2cCYrI9 Since December 2014, Mr Merrien is now serving a custodial sentence. Furthermore, he has no material income and no substantial assets from which he would able to satisfy […]

The FCA has made a rule that it hopes will encourage consumers to shop around before deciding whether to renew a general insurance policy with their existing provider. In “Consultation Paper 15/41** Increasing transparency and engagement at renewal in the general insurance markets”, the FCA proposed a new rule. http://bit.ly/2bhHyBU If made, that rule would […]

Jersey and The Insurance Act 2015: practical changes for insurers to consider. The 2015 Insurance Act (2015 Act) applies to all commercial contracts of insurance, and variations to existing contracts of insurance, from 12 August 2016 and introduces what the UK government has described as “the biggest reform to insurance contract law in more than […]

The Financial Conduct Authority (FCA) has today fined Moorhouse Group Limited (Moorhouse) £159,300 for failures in relation to the oversight and control of its telephone sales and in particular the sale of commercial vehicle add-on insurance products during 2012. During 2012 the insurance company failed to provide a quality assurance processes to monitor the telephone […]