Financial Conduct Authority Archives

Pandemic forces Lloyd’s of London insurance contracts into review

October 14, 2020October 13, 2020 G. Turner

Insurance contracts - Lloyd's of London building reflected in glass

The massive marketplace is re-examining the way coverage products are designed due to COVID-19. Lloyd’s of London has launched a new review of its insurance contracts, taking a new look at the way products are created and sold. The purpose is to develop simpler products in response to the COVID-19 pandemic. Insurers have suffered considerable reputational damage due to the complexity of their products. This complexity in insurance contracts has made it difficult for businesses to understand. The result has been a wave of court cases meant to decide whether…

FCA watchdog issues serious warning to the UK insurance industry

January 15, 2020January 14, 2020 Marc

UK Insurance industry - Lloyd's of London

The Financial Conduct Authority’s caution follows on the heels of major admissions at Lloyd’s. The Financial Conduct Authority has issued a stern warning to the UK insurance industry to clean up its act. It warned insurer bosses that they had better eliminate their unacceptable behaviors and improve diversity among their numbers. The FCA’s warning comes with a threat to the jobs of the commercial insurance company bosses. This warning to the UK insurance industry arrives shortly after the 2019 admission from Lloyd’s of London of cases of sexual harassment and…

General insurance companies receive warning from UK financial watchdog

April 12, 2019April 11, 2019 G. Turner

General insurance companies receive warning - red light

The Financial Conduct Authority has accused insurers of failing to focus on value for customers. Britain’s financial watchdog has accused general insurance companies of failing to consider customers’ value for money within their products and services. Insurance CEOs have been warned that the watchdog is prepared to take action against their firms as well as against the senior management of those insurers. According to the F.C.A., insurance companies are failing to provide policyholders with value. The Financial Conduct Authority (F.C.A.) issued a letter to the CEOs of several general insurance…

Wholesale insurance brokers face investigation conducted by UK FCA

November 8, 2017November 6, 2017 Logan B.

Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

Loan insurance compensation deadline on the way in the UK

October 5, 2015October 4, 2015 G. Turner

British regulators are currently working on setting the date by which consumers must be paid. At the end of last week, British regulators announced that they would likely be starting to work on setting a deadline by which insurers would be required to compensate consumers who were improperly sold loan insurance products. It is expected that the refunds from this process will be costing the banking industry billions of dollars. The Financial Conduct Authority, which is the agency responsible for the oversight of the financial industry in Great Britain, has…

Lloyds Bank insurance news sees $180 million in fines

June 9, 2015June 6, 2015 H. Cutner

U.K. regulators have imposed the penalty on the massive banking group for mishandling of customer complaints. Lloyds Banking Group recently found itself on the losing end of some insurance news as regulators in the U.K. stated that they had imposed a fine against them, which will come to about $180 million. The fine is meant to be a penalty against the banking group for mishandling customer complaints. The insurance news was focused on the way that Lloyds Bank managed the customer complaints that were being filed about a type of…

Life insurance controversy sparked in the United Kingdom

April 1, 2015March 30, 2015 S.Vagus

Financial Conduct Authority criticized for breaking its own rules The Financial Conduct Authority, a financial regulatory body in the United Kingdom, may have mishandled its review of the life insurance industry last year, according to a report from a committee of members of the British Parliament. The report is the latest development in ongoing controversy regarding the Financial Conduct Authority’s plans to review the life insurance sector. This review has had a significant impact on the sector, with the regulatory body wiping some $4 billion off the value of insurance…