Legal Update: Conflicts of interest in the insurance distribution chain
As they prepare for the Insurance Distribution Directive, insurers and brokers need to be wary of conflicts of interest, which the Financial Conduct Authority has been monitoring closely, explain Roseyna Jahangir and Juanita Morrison, associate and solicitor at Womble Bond Dickinson.
Recently the Financial Conduct Authority published a final notice, imposing a fine of more than £4m on Bluefin. The broker had failed to be transparent with customers about the fact that during the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Spotlight: Why insurance can’t afford to ignore RegTech
With growing regulatory demands, Zoë Parsons, marketing manager of REG Technologies, points out that RegTech is increasingly a necessity rather than a luxury for insurers.
CII criticises insurers' profiting from premium finance
The Chartered Insurance Institute has questioned the ethics of making money from customers who pay monthly for insurance after Which? found several motor and home insurers were charging what the consumer watchdog called “excessively high levels of interest”.
Spotlight: Tackling insurance’s regulatory tsunami
Waves of regulatory initiatives are driving up costs, reducing profitability and slowing down business. How can insurance firms respond to these challenges?
Spotlight: Insurance’s regulatory burden – are we to blame?
The insurance industry is under immense pressure from an increasing regulatory burden, but to what extent are firms themselves to blame for failing to adopt modern technology and processes?
Which? reveals insurer premium finance APRs
Research conducted by Which? has found that several motor and home insurers are charging what the consumer watchdog called “excessively high levels of interest on monthly payments.”
Electric vehicles and the future of motor insurance
How will the rise of electric vehicles and the FCA’s Consumer Duty affect the car hire and replacement vehicle market?
Sorry saga signals signposting shortcomings
Editor’s View: Emma Ann Hughes argues the regulator needs to check how and when travel insurers are directing people with pre-existing medical conditions towards alternative products and services.
FCA is banging its head against a wall on fair value
News Editor’s View: Following yet another thematic review where the Financial Conduct Authority says firms are unable to show fair value, and are even breaching rules, Scott McGee considers how the regulator could tackle poor conduct and asks if a commission cap could be on the cards?