Tag: FCA

FCA publishes web page on buildings insurance for leasehold properties in light of cladding concerns

The Financial Conduct Authority (FCA) has published a web page setting out its expectations for buildings insurance providers in terms of offering fair value insurance for leasehold properties. Recently, leaseholders of apartments have been paying more for buildings insurance, especially where the exterior has been covered with cladding. The FCA says that insurers and intermediaries … Continue Reading

FCA sends ‘Dear CEO’ letter to general insurance intermediaries on adequate client money arrangements

The Financial Conduct Authority (FCA) has sent a ‘Dear CEO’ letter from Christopher Woolard, interim chief executive officer, to general insurance intermediaries. The letter states that during the COVID-19 pandemic it is imperative that intermediary firms maintain adequate arrangements to safeguard client money. The FCA expects senior management to have appropriate oversight over client money … Continue Reading

‘Dear CEO’ letter sent by FCA to BI insurance firms reminding them to pay claims quickly or be clear about reasons for waiting for appeal to recent high court judgment

A ‘Dear CEO’ letter written by Christopher Woolard, interim chief executive of the Financial Conduct Authority (FCA), has been sent to firms writing business interruption insurance cover following the judgment handed down in The Financial Conduct Authority v Arch and Others (Test Cast). Mr Woolard thanks the firms who participated in the Test Case for … Continue Reading

FCA proposes measures to address problems identified in general insurance pricing practices

The Financial Conduct Authority (FCA) has published the final report in its study of general insurance pricing practices (MS18/1). The final report follows a two year study into pricing in the general insurance sector in the UK. An interim report was published in October 2019 setting out interim findings. Alongside the final report the FCA … Continue Reading

Reinventing the regulatory landscape

Introduction Earlier this year Data 61 issued its landmark report on distributed ledgers and the scenarios for the Australian economy over the coming decades. Perceptively, the government funded report noted that we are now living “in an era of rapid technology-fuelled change, which is creating complex strategy and policy choices for governments and companies.” The … Continue Reading

Regulatory disruption

Technology led innovation can cause much indigestion for conduct and prudential regulators as they try to find the right regulatory pigeion hole for innovators in their regimes that were not built to handle such innovation.  It is this disruptive impact of innovation that is shaping the regulation of tomorrow. Numerous conduct regulators around the world have acknowledged that a mandatory … Continue Reading
LexBlog