The following is part of a Speech delivered by Karina McTeague, Director of General Insurance and Conduct Specialists Supervision, at the British Insurance Brokers’ Association (BIBA) Conference 2019. Sustainable business models Andrew Bailey, the FCA’s Chief Executive, has previously talked about the UK having had two financial crises: the first, was prudential the second, was […]

The following is part of a Speech delivered by Karina McTeague, Director of General Insurance and Conduct Specialists Supervision, at the British Insurance Brokers’ Association (BIBA) Conference 2019. A customer-focused culture Culture is an acknowledged key root cause of the major conduct failings across financial services in recent history. My initial impression is that the […]

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 […]

Mamancochet Mining Limited (the Claimant) v Aegis Managing Agency Limited & Others (the Defendants) is a case concerning a sanctions clause, with wording widely used in industry, within a marine cargo insurance policy. The insurers, being the defendants, sought to avoid payment, of what on the face of it was a valid claim, on grounds that payment […]

THE finances of Jersey Mutual Insurance Society are being investigated by the police after ‘potential fraudulent activity’ spanning a number of years came to light. On Thursday, the organisation, which has served the Island for just under 150 years, sent a letter to all of its members informing them of the situation and confirmed that […]

Complaint numbers for July – September 2017 have been published on CIFO’s website. Brief headlines are given here, for further information, please see the report. In this third quarter of 2017, 119 complaints were received and 29 new case files were opened – these are complaints that are within CIFO’s mandate as set by law. Most […]

The Gibraltar Financial Services Commission (GFSC) has announced a major investigation into Enterprise Insurance Company plc (Enterprise) and its board of directors. The GFSC said in a statement that “it had reason to believe that it may have been significantly and consistently misled about Enterprise’s true financial position”. The statement read: “The extent of the […]

It is easy to be fooled into thinking that property insurance is straightforward. That would be a mistake. There are many particulars that a novice will find perplexing without a careful review of the various types of policies that fall under the very broad term – property insurance. What is the purpose of property insurance? […]