Compliance & Regulation
FCA terminal illness review criticises slow claims, poor communication, end of term exclusions, use of CMOs and 12-month prognosis
The Financial Conduct Authority (FCA) has raised serious concerns about several elements of how insurers are addressing terminal illness benefits attached to life insurance policies. The regulator strongly criticised insurers for the...
Read moreFCA chief blames firms’ ‘caution’ for not advising enough people and wants debate over AI insurance impact
Financial Conduct Authority (FCA) CEO Nikhil Rathi has blamed the “caution” of firms for not providing “good and affordable” financial advice to enough customers. He also highlighted that there needs to be...
Read moreSeizing IPMI growth opportunities as short-term products, virgin schemes and executive benefits rise – analysis
It's not just high profile footballers choosing to leave for Saudi Arabia; international private medical insurance (IPMI) advisers too have noticed a large uptake of workers moving to the Kingdom. While IPMI...
Read moreSanté Partners unveils AR academy to extend CPD for Consumer Duty
Santé Partners has launched an Academy of Excellence aimed at knowledge sharing between its appointed representatives and increasing their hours of continuing professional development (CPD) to meet Consumer Duty. This is according...
Read moreInsurance ARs halve in decade as FCA targets PII and ‘weak recruitment’ oversight
The number of appointed representative (AR) firms operating in the insurance sector has halved in the last decade, with a sharp drop in the last two years. The Financial Conduct Authority (FCA)...
Read moreRental Reform Bill ‘ideal opportunity’ to equalise treatment of IP for renters – BHRG
Government's Rental Reform Bill provides the "ideal" opportunity to equalise the treatment of income protection for renters. This is according to Richard Walsh, co-chairman of the Building Resilient Households Group, who was...
Read moreIndividual PMI Report: Insurers warn advisers about commission and client disclosure as rejected claims rise
Health insurers have issued a warning to intermediaries that advice practices must change, particularly around front-loaded commission and member medical history disclosure. The statements were included in Health & Protection’s latest Individual...
Read moreFCA consults on diversity and inclusion reporting targets
The Financial Conduct Authority (FCA) has launched a consultation setting new reporting requirements aimed at improving diversity and inclusion across the financial services sector. In particular the proposals focus on boosting diversity...
Read morePDG wants to help FCA ‘better understand’ protection commission and warns market ‘urgently needs to address’ key issues
The Protection Distributors Group (PDG) says it stands ready to help the Financial Conduct Authority (FCA) better "understand and differentiate" regulation of protection sector commission after the regulator's warning to the market....
Read moreCash plan and dental plan claims frequency soar – FCA
Healthcare cash plans recorded a 74% increase in claim frequency in the first half of 2022 when compared to the second half of 2021, according to Financial Conduct Authority (FCA) value measures...
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UK healthy life expectancy plunges to lowest levels on record – ONS
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MoneySupermarket launches ChatGPT app enabling protection and health insurance comparisons
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FCA Protection Market Study will take firm-by-firm approach to ‘outlier behaviour’ – Rathi
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WoA Convention: Personalised service, underwriting and medication the future for IPMI
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Advisers blame soaring IP complaints on speculative claims, non-disclosure, insurer scrutiny and sales surge
