Compliance
Concern expressed as 'rigorous' SIMR adds pressure on senior roles
Insurers have welcomed the launch of the Senior Insurance Managers Regime, however, there remains uncertainty as to what extent top ranking employees will be impacted.
Senior insurance managers' regime rules open to interpretation
The application of the senior insurance managers' regime has been deemed open to interpretation by market commentators, amid predictions brokers could be subject to a similar, more informal, regime in the future.
PI nuisance calls and texts among top complaints received by ICO
The Information Commissioner’s Office saw a 12% increase in complaints regarding nuisance calls and texts in 2014, the data protection watchdog’s annual report showed.
Aviva relaunches broker training site
Aviva has launched a refreshed version of its online training site for brokers, the Aviva development zone.
Role of PCWs highlighted as insurers hit back against premium finance criticism
The Financial Conduct Authority has been accused of failing to address consumer buying behaviour in the findings of its premium finance thematic review, which singled out insurers and brokers for criticism.
Insurers advised to cut FOS complaints by avoiding technical jargon
The number of consumer complaints lodged against general insurers with the Financial Ombudsman Service can be reduced by cutting down on the extent of technical jargon in responses to policyholders, according to compliance experts.
Dual pricing looks certain to come under FCA spotlight warns ABI chairman
Evans equates practice to bank teaser rates currently being scrutinised by FCA
Interview: Grahame Chilton: ‘My main hobby is the thrill of the deal’
Industry stalwart Grahame Chilton returned to the sector last December, launching a reinsurance broking partnership with Arthur J Gallagher. He tells Post what keeps him coming back for more
Compliance deemed top challenge for multinationals, finds Ace survey
Risk managers surveyed by Ace have highlighted compliance and regulatory issues as their greatest challenges in managing multinational insurance programmes.
Moorhouse Group working with FCA over sales processes
Moorhouse Group is making changes to its compliance processes following a Financial Conduct Authority investigation into its sales practices.
GI firms urged to adopt whistleblowing policies as FCA review is mooted
Issue brought into spotlight following release of CII ‘Speaking Up’ guide
Increased regulation is no excuse for service decline, brokers tell insurers
Survey shows insurers and brokers disagree over reason for customer service drop
73% of brokers say regulation hitting customer service
Almost three quarters of intermediaries have warned that the weight of regulation is damaging insurers' customer service, in a survey conducted by EDM Group, Post can reveal.
UK General sells compliance outfit UKGI to Thistle Initiatives
UK General has reached an agreement to sell its compliance consultancy business UK General Insurance to financial services firm Thistle Initiatives.
FCA to relocate to Olympic Park in 2018
The Financial Conduct Authority is to relocate from its headquarters in Canary Wharf to a new business district at the former Olympic Park in Stratford.
Only 2% of insurers ready to implement Pillar 3
A PWC poll has found 68% of insurers are less than halfway through the Pillar 3 reporting process for Solvency II.
FCA must pursue ‘big boys’ first on add-ons
A compliance expert is calling for the Financial Conduct Authority to pursue the “big boys” first on general insurance add-ons mis-selling and demand retrospective action where mis-selling has taken place.
Salaries rise 30% for insurance-focused compliance professionals
Compliance, risk and audit professionals working in the insurance sector will earn up to 30% more in 2014 as a result of a shift in regulatory expectations and evolving businesses strategies.
Compliance and in-house teams bolstered by Broker Network
Broker Network has bolstered its in-house broker development managers team by recruiting four new starters ahead of plans to draft in three more BDMs during the course of the year.
FCA urged to probe premium finance arrangements after TCF accusations
Whistleblower says ‘nearly all’ big brokers are shortchanging their customers
Howden compliance chief calls for simple approach to FCA visits
Brokers should not volunteer additional information on top of what is initially requested when faced with a visit by the Financial Conduct Authority, says Howden's head of risk and compliance.
Insurers urged to stay vigilant on avoiding sanctions violations
Accountancy firm Moore Stephens is urging insurers to remain vigilant in avoiding sanctions violations or risk facing penalties after positive signals that international sanctions on Iran are relaxing.
FCA will push for brokers to have ‘house in order’, UKGI predicts
Compliance consultancy UKGI predicts 2014 will see the conduct regulator pressuring the broking community to “put its house in order” before insisting on fresh regulations.
UKGI named preferred supplier for Aim Core Protect
UKGI has been appointed preferred supplier by wholesale broker and trading platform provider, Aim Core Protect.