The Chartered Insurance Institute (CII) has published guidance for its members on whistleblowing as part of its ongoing ethical culture series. The guidance paper aims to raise awareness about ‘speaking up’ and explains what whistleblowing is and the relevant law and regulation, contains information about how to report concerns, and sets out what members should weigh up when preparing to blow the whistle.
The Association of British Insurers (ABI) announced in a press release on July 10 that it has written to the Financial Conduct Authority (FCA) proposing an initiative to further improve clarity for customers when renewing and taking out motor and home insurance.
HM Treasury confirmed on July 17 that Part VII insurance transfers can take place between the UK and Gibraltar, subject to court and regulatory approval. HM Government of Gibraltar issued a press release welcoming the news.
The Third Party (Rights Against Insurers) Act 2010 (the 2010 Act) has sat on the statute book without coming into force for over four years since it received Royal Assent. Now the Insurance Bill 2014 which primarily updates insurance contract law is being used to make the changes needed for the 2010 Act to be brought into force.
Insurance contract law is now likely to be reformed by a Bill currently going through Parliament. The Insurance Bill 2014 will amend the law in relation to misrepresentation and non-disclosure, warranties and remedies for fraudulent claims.
The Financial Ombudsman Service (FOS) has published issue 118 of ombudsman news. Items of interest include:
The Agency for the Co-operation of Energy Regulators (ACER) has published consultation documents on the transaction reporting user manual (TRUM) and registered reporting mechanism (RRM) requirements for transaction reporting under the Regulation for wholesale energy market integrity and transparency (REMIT). ACER is particularly interested in views as to whether the type and structure of the information included in the draft TRUM is fit for purpose.
The International Organization of Securities Commissions (IOSCO) has published a webpage on its review of the implementation of IOSCO’s principles for financial benchmarks by administrators of the London Interbank Offered Rate (LIBOR), the Euro Interbank Offered Rate (EURIBOR) and the Tokyo Interbank Offered Rate (TIBOR).
The Financial Stability Board (FSB) has published a report prepared by the Official Sector Steering Group (OSSG) of regulators and central banks on reforming major interest rate benchmarks.
HM Treasury has published a report, along with a review of the relevant literature, on the balance of competences between the UK and the EU on financial services and the free movement of capital, and whether the balance is appropriate to the national interest.