Monday 21 December 2015

UK insurance ready for capital rules reforms, says ABI

The UK insurance industry is well prepared for what will be the biggest reform to capital rules in a generation, the Association of British Insurers (ABI) has said.

Wednesday 16 December 2015

More insurance regulators 'gold-plating' Solvency II requirements, survey says

European regulators are increasingly choosing to impose additional last-minute requirements on insurers as part of their preparations for the new Solvency II regulatory regime, according to an industry survey.

Monday 7 December 2015

PRA approves 19 UK insurers' Solvency II 'internal models'

The names of the UK insurers that will be permitted to use their own methods of calculating capital requirements under the new Solvency II regulatory regime have been confirmed by the Prudential Regulation Authority (PRA).

Friday 4 December 2015

Small business customers of financial services may need extra protections, says FCA

Further action by the regulator could be needed to ensure that smaller businesses receive appropriate protection when dealing with their banks and insurers, the Financial Conduct Authority (FCA) has said.

Thursday 3 December 2015

Simplified products, consolidation and more focus on digital – the insurance market five years from now

FOCUS: There will be fewer insurers five years from now, and they will be selling simpler products in a more digitally-focused market.

Saturday 28 November 2015

Banks and insurers should prepare for 'short term' PPI claim rush ahead of 2018 cut-off, says expert

Consumers who believe that they were mis-sold payment protection insurance (PPI) would have until 2018 to claim compensation from their bank or building society under plans put forward by the Financial Conduct Authority (FCA).

European Parliament gives go-ahead on Insurance Distribution Directive

The European Parliament has voted to tighten the rules on information and advice provided by insurance sales staff.

Thursday 26 November 2015

FCA seeks drawdown charging information from pension providers

Regulators have sent a further request for information about the costs to consumers of taking advantage of new, more flexible methods of accessing their pension savings; this time in relation to drawdown products.

Wednesday 25 November 2015

US to seek 'prudential' assurances from EU as part of reinsurance deal

The US Treasury and US Trade Representative (USTR) will be seeking "recognition of certain prudential measures" from the EU as part of negotiations for a covered agreement on insurance, according to an announcement.

Tuesday 24 November 2015

FCA looks into impact of big data on consumers and competition in retail insurance market

The Financial Conduct Authority (FCA) has launched an initiative aimed at deepening its own understanding of how insurers are using big data and how that use might evolve over the next five years.

Monday 23 November 2015

More transparency about the 'right to object to processing of personal data' through opt outs is needed in big data projects, says privacy watchdog

Businesses should provide people with an 'opt out' right to object to the processing of their personal data when they make an assessment that consent is not necessary as part of a big data project, an EU privacy watchdog has said.

Flood Re 'on track' for April 2016 opening after major reinsurance deal

Flood insurance scheme Flood Re is "on track" to accept its first policy in April 2016 after securing its first £1.29 billion worth of reinsurance cover, it has announced.

Thursday 12 November 2015

First deadline approaches under new Senior Insurance Managers Regime

FOCUS: The way in which senior management at insurance firms are authorised and regulated is changing. With 'near-final' rules and guidance now published by the regulators, firms should be putting final measures in place to begin implementation in the New Year.

Wednesday 11 November 2015

Environmental insurance: allocating risks between insurers

FOCUS: Commercial insurers should work together to ensure that their corporate customers can respond to claims related to environmental damage quickly while preserving their own rights to apportion liability.

Tuesday 27 October 2015

Drop planned pension tax relief reform, say UK employers

Reviewing pension tax relief "should not be a priority" for the UK government, while removing the current incentives could discourage employees from saving for retirement altogether, some of the country's largest employers have said.

Thursday 22 October 2015

Insurance Act 2015: changes to conditions precedent

FOCUS: From next year, insurers will not be able refuse policyholder claims on the grounds that they breached an irrelevant term in their policy.

Thursday 15 October 2015

Treasury and FCA launch consultation on financial advice

The UK Treasury and the Financial Conduct Authority have launched a joint consultation to look at ways of improving access to financial advice for consumers.

Wednesday 7 October 2015

Ban on opt-out add-on insurance sales to take effect from April, FCA confirms

The ban on the use by UK financial services firms of pre-ticked boxes and other opt-out methods of selling additional 'add-ons' with purchases of regulated financial products will come into force on 1 April 2016, the Financial Conduct Authority (FCA) has confirmed.

Monday 5 October 2015

FCA to give 'certainty' to financial firms on PPI complaints, expert says

Bank and credit card customers who believe that they were mis-sold payment protection insurance (PPI) could be given a deadline to apply for redress or lose their right to make a claim, the UK's financial regulator has suggested.

Thursday 1 October 2015

EIOPA proposes new asset class for infrastructure investments and identifies preferred categorisation

The European Insurance and Occupational Pensions Authority (EIOPA) has proposed a new asset class for high quality infrastructure investments, recognising that infrastructure project debt is lower risk than corporate project debt.

Wednesday 30 September 2015

Telematics – insights into consumer expectations can aid insurers' compliance with financial services regime

FOCUS: A study carried out earlier this year offers some useful insight into the expectations consumers have of how their telematics data might be used.

Monday 28 September 2015

Pensions reform 2015: it's not just about retirement saving

FOCUS: Very few of us are ever going to have enough money in retirement to do everything we might want to do, so we need to think outside the current pensions 'box' if we are going to have anywhere near enough.

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