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Tag Archives: General Insurance

Posted in Regulatory and legislative updates, UK

FCA warns GI firms to place greater focus on customer outcomes

FCA publishes the results of its Thematic Review into GI insurance distribution chains The FCA’s Thematic Review into GI insurance distribution chains (published on 10 April 2019) has concluded that certain GI sector manufacturing, sales and distribution approaches can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service. The report highlights

Posted in Regulatory and legislative updates, UK

UK: FCA General Insurance and Protection Sector Views 2017

The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week.  Some of the key points are highlighted below: Technological Advances as Drivers of Change The General Insurance sector has been affected by technological advances which have given firms access to

Posted in Regulatory and legislative updates, UK

UK: FCA 2017/2018 Business Plan – Sector priorities for general insurance

In its recently published 2017/2018 Business Plan the FCA outlines its priorities for the general insurance sector over the coming year and beyond. In general, the Business Plan identifies a shift in focus towards market structures, incentives and distribution and away from issues directly affecting retail/SME consumers (though the FCA will continue to monitor and review

Posted in Regulatory and legislative updates, UK

UK: Is your professional indemnity insurance up to scratch? FCA undertakes a review of general insurance intermediaries

Background In December 2016 the FCA released a report setting out the results of a thematic review it conducted into general insurance intermediaries’ professional indemnity insurance.  Professional indemnity insurance (“PII“) gives protection to firms and their customers in the event of professional failings by the firm.  The purpose of the review was to evaluate the

Posted in Regulatory and legislative updates, UK

UK: Price Comparison Websites are failing to meet FCA and consumer expectations

Price Comparison Websites (PCWs) are increasingly popular among consumers and are a key distribution channel for retail general insurance products, especially private motor insurance. In its recently published thematic review the FCA found some PCWs are failing to meet consumers’ expectations and, in some cases, FCA regulatory standards.

Posted in European Union, France, Germany, Italy, Market developments, Poland, Spain, UK

EU: EIOPA’s Expectations of manufacturers and distributors of insurance products

In the UK, there has been a lot of activity in relation to ensuring the protection of consumers buying general insurance products. On the back of the (relatively new) Consumer Insurance (Disclosure and Representations) Act 2012, there have been a number of FCA initiatives for increasing consumer protection and fairness and it can be said

Posted in Regulatory and legislative updates, UK

UK: Regulation isn’t a “Zero Sum Game” & other key themes from yesterday’s FCA General Insurance Sector Conference

Yesterday saw the FCA hold its first General Insurance Sector Conference.  Amongst the keynote speakers were Martin Wheatley (CEO) and Clive Adamson (Director of Supervision) who gave an overview of the FCA’s current activities in the GI sector and an indication of further areas of focus over the coming year.