Compliance & Regulation
HMRC U-turn means some GIP benefits will be taxable
A U-turn by HM Revenue & Customs (HMRC) on the treatment of group income protection (GIP) scheme contributions made through salary sacrifice means benefits paid out to some claimants will become fully...
Read moreFCA warns ‘over-confident’ and ‘superficial’ firms on Consumer Duty plans
Some firms are struggling to apply the Consumer Duty, according to the Financial Conduct Authority (FCA). It also warned firms not to be “over-confident” that their existing processes would be adequate to...
Read moreBIBA pledges to target government on IPT and P11D cuts for health insurance
The British Insurance Brokers Association (BIBA) will be seeking further concessions from government on Insurance Premium Tax (IPT) and P11D costs for health cover in its Budget submission, chief executive Steve White...
Read moreTory rejection of workplace menopause support for discriminating against men is ‘grasping at straws’ – Nokes
The chairwoman of the Woman and Equalities Select Committee of MPs has slammed the government's dismissal of workplace menopause interventions for being discriminatory towards men as "grasping at straws". Committee chairwoman Conservative...
Read moreAdvisers must tread ‘very carefully’ where customers consider cancelling PMI or protection – Bjelobaba
Advisers need to tread "very carefully" where customers are considering cancelling private medical insurance (PMI) or protection cover as cost of living pressures mount, according to Branko Bjelobaba, principal at consultancy Branko....
Read morePFS interim CEO: CII takeover ‘clearly doing damage’ to both bodies
Personal Finance Society (PFS) interim chief executive Don MacIntyre has emphasised that the Chartered Insurance Institute's (CII) controversial takeover is “clearly doing damage” to both bodies, while members have said they have...
Read moreA challenging year ahead but mortgage protection customers are starting to realise ‘it might happen to me’ – analysis
The protection sector is bracing itself for a year in which customers will be less inclined to take out cover when arranging their mortgage as cost of living and inflationary pressures persist....
Read moreFCA highlights Consumer Duty applies to advice services as well as products
The Financial Conduct Authority (FCA) has emphasised that its Consumer Duty applies equally to services such as advice and distribution as it does to products. The regulator also highlighted that insurers cannot...
Read moreBereavement and poor health can trigger vulnerable circumstances – FCA
Firms' target markets are always likely to include vulnerable people so the Consumer Duty requires them to consider whether their products have features that risk harm to all customers - including those...
Read moreCII appoints leaders for broking and claims societies
The Chartered Insurance Institute (CII) has appointed leaders of the Society of Insurance Broking (SIB) and Society of Claims Professionals (SOCP). YuTree Insurance director Laura Hancock takes over as chairwoman of the...
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