REG Reviews
3rd February 2025
Last month, the FCA updated its guidance on ‘polluter pays’ and redress liabilities, the regulator also announced strategies around ‘unnecessary regulation,’ insurance fragility in the US was revealed in the wake of LA fires, a shift to AI hiring was noted among UK firms, and REG Technologies partnered with Insurance Post to discuss the regulatory challenges facing MGAs and insurers and the role of technology in easing the burden.
Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
On January 14th, the Financial Conduct Authority (FCA) released updated guidance for businesses on handling redress liabilities and addressing “polluter behaviour.” The goal is to safeguard consumers, uphold trust in the financial system, and ensure firms comply with regulatory requirements.
No company wants to pay for the mistakes, poor advice, products or services of another irresponsible firm, which is what happens when guilty firms avoid their liabilities while still making use of their businesses and the market’s assets.
According to the FCA, all firms must maintain sufficient financial resources to provide redress, meeting Principle 4 (Financial Prudence) and threshold conditions. Firms subject to specific prudential standards must also comply with these, which complement but do not replace the principles or conditions.
“Polluter behaviours” cause significant harm to consumers and markets. While some firms may genuinely be unable to meet liabilities, they must not evade them. They must give clear, evidence-based justifications for their actions and decisions.
Moreover, firms have an obligation to act in good faith toward retail customers and to prevent any foreseeable harm. Complaints must be managed in line with DISP requirements, ensuring they are assessed fairly, consistently, and without delay.
As the FCA describes it, polluter behaviour happens when a company or person engages in activities that leave behind potential or actual redress liabilities created as part of their regulated operations.
This particularly impacts retail customers who are left without the right redress.
Many impacted persons rely on the Financial Services Compensation Scheme (FSCS) which unfortunately can’t reimburse the entirety of the amount owed because of the £85,000 compensation limit.
Due to inadequate practices, the FSCS has paid £760 million in redress to 20,000 consumers affected by the exit of personal investment firms from the market between 2016 and 2022. Approximately £224 million, or a third of these payments, were made within two years of the firms’ departures.
Below are some of the actions the FCA collated for firms to take in order to address redress liabilities efficiently:
The FCA will closely review applications, particularly when risks of harm are high, ensuring firms have addressed redress liabilities, resolved complaints, and taken steps to protect customers from future risks, including links to firms with existing liabilities.
Which?, a prominent consumer rights group, is urging the Financial Conduct Authority (FCA) to intensify its scrutiny of the insurance industry, highlighting significant weaknesses in adherence to the Consumer Duty standards.
The advocacy group reports a distressing trend in the insurance sector, characterised by high claim rejection rates and poor customer service, which they describe as an “avalanche” of complaints.
Research conducted by Which? reveals a large discrepancy between consumer expectations and reality, with 65% of consumers incorrectly believing that insurance regulations guarantee a minimum level of coverage, and 54% expecting that the FCA ensures all insurance products provide adequate protection.
However, actual claims rejection rates tell a different story, 37% for building-only insurance, 28% for combined buildings and contents insurance, and 21% for annual worldwide travel policies.
The group’s investigation also points to a problematic sales process where consumers, faced with complex and confusing questionnaires, often resort to “best guesses” that may later invalidate their claims. This flawed process not only undermines consumer confidence but also contributes to the high rate of claim rejections.
Rocio Concha, Director of Policy and Advocacy at Which?, emphasises the severe impact of these issues, stating; “Too many people are having their claims rejected and enduring appalling treatment at the hands of insurance companies.”
She notes the detrimental effects on individuals’ finances and their mental and physical health, underscoring the urgency for regulatory intervention.
Which? is calling for the FCA to conduct a rigorous review of insurers’ claims-handling processes and to take decisive action against those failing to meet their obligations under the Consumer Duty regulation.
The group insists that the FCA must leverage its authority to enforce compliance and protect consumers effectively, ensuring insurers uphold fair and transparent practices.
The UK government announced plans to introduce digital driving licences. Scheduled for rollout later this year, these licences will be accessible via a new government-designed app, moving beyond traditional physical forms without replacing them entirely.
Unlike the digital IDs in existing ecosystems like Google or Apple wallets, the UK’s digital licences will be securely stored in a virtual wallet with robust security features comparable to those in banking apps.
Users will authenticate access through biometrics and multi-factor authentication, ensuring that only the rightful owners can use them. This voluntary digital option aims to simplify transactions and verifications where is required, such as voting, buying alcohol, and domestic travel.
A notable feature of this digital shift is the ability for users to conceal their addresses in sensitive situations, enhancing privacy in everyday interactions like supermarket purchases or nightlife activities.
The government has reiterated that these digital identities, although more secure than their physical counterparts, will not be mandatory, maintaining a choice for users.
The app is also expected to eventually integrate additional services, including tax payments and benefits claims, further embedding digital solutions into daily administrative functions. However, it will steer clear of becoming a compulsory national ID card, a concept previously contested by privacy advocates and political figures.
With nearly 50 million people in Britain holding some form of driving licence, this approach mirrors global trends towards digital identification, with similar initiatives already in place in Australia, Denmark, and members of the EU are already embracing similar technologies.
By 2026, the European Union mandates all member states to have at least one form of official digital identity, facilitating cross-border recognition and use.
With all the work and advancements that have been made to close the gender pay gap throughout the year and across all industries, many people now think that this issue is solely a myth.
However, the data and the conversation around the gender pension gap are wide open, and it needs addressing appropriately so that women don’t lag behind any longer.
Laura Barnes, Director of Business Development at Nucleus, delved into why women still fall behind men when it comes to retirement opportunities and examined whether the industry is effectively raising awareness about these challenges in a recent article for Professional Adviser.
Barnes reported that the 2024 Nucleus UK Retirement Confidence Index (RCI) reveals a considerably challenging perspective, as many have given a score of only 4.6 regarding their ability to live comfortably for the rest of their life, which is a decrease of 2.3 points compared to last year’s confidence levels.
Evidently, these confidence levels go hand in hand with the general harsh economic environment that followed Covid-19 and the increased levels of inflation.
However, women are taking a harder hit, with the RCI showing that women scores sit at a low 4.1 compared to men (5.1).
Last year’s Autumn Budget did little to boost confidence, with both women (24%) and men (28%) feeling less assured, but the gap widens when considering pre-budget confidence: only 13% of women felt confident before and after, compared to 22% of men, while 25% of women remained unconvinced, versus 19% of men.
The survey also shows the decreased trust women have in pensions, which is strengthened by their lack of investment in pension schemes (42%), compared to men (36%).
Moreover, the government’s report on the gender pension gap reveals an alarming 35% disparity in private pension wealth between men and women approaching retirement age.
While the gap starts small (10% for those aged 35-39), it widens dramatically to 47% by ages 45-49, mirroring trends in the gender pay gap caused by career breaks and part-time work often undertaken by women.
Despite similar employment and auto-enrolment rates, a 17% difference in annual pension contributions persists.
What worsens the issue is that women report lower financial confidence, invest less outside pensions (only 34% of women aged 18-24 compared to 64% of men), and feel underserved in terms of advice and resources.
Without better industry communication and support, the gap is unlikely to close, making initiatives like the Advice Guidance Boundary Review critical to progress.
So how long will it take and how many women need to suffer huge pension losses before the gender pay gap closes for good? Will advisers and wealth managers help in optimising women’s retirement plans and investment opportunities bridge the gender pension gap in the long term?
It is inevitable that partnerships within the insurance sector are the backbone of the success, with BIBA emphasising the importance of collaboration when it launched its 2025 manifesto at a House of Parliament reception.
BIBA’s ‘Partnering to Deliver Value’ manifesto aims at reducing the general regulatory burden that’s been slowing insurance firms and brokers down and to also fulfil the government’s growth mission and serve customers better.
As Graeme Trudgill, BIBA Chief Executive states; “Partnership both within and outside of the industry is key to this year’s Manifesto in helping us achieve improved outcomes on the issues raised for everyone. The value that brokers provide to clients is so important and this is recognised through the amount of support we’ve received for what we’re doing. We’ve really plugged in with the decision makers on these issues; you can see the senior level of support throughout the Manifesto.”
As part of this manifesto, the trade body lays out a new six-point plan to attain a more balanced regulatory environment and advises to:
This year, new issues have been highlighted as well, including differential pricing, allowed insurance payments under the Leasehold and Freehold Reform Act, involvement in the Motor Insurance Taskforce, and premium finance.
The manifesto also addresses concerns around flooding, cyber insurance, skills, access to insurance and capacity challenges.
WPI Economics’ research shows that an Insurance Premium Tax (IPT) increase would lead to reduced insurance coverage, with 40% of businesses passing the cost onto customers, while 30% of businesses would cut investment in business development.
This new BIBA manifesto is an important step towards supporting the insurance market to perform better, all while reducing redundant and complex regulations that don’t serve any good to commercial clients or the insurance brokers and businesses they trade with.
Catastrophes such as fires, hurricanes, cyclones and more were responsible for approximately $320 billion globally in 2024, which is 66.67% than in 2023, emphasising the non-negligeable impact climate change and building property in frail areas has on the economy, according to Munich Re.
Insurance covered $140 billions of these casualties, which took a toll on the insurance industry as reported by Munich Re.
While 40% of economic losses were insured—above the historical 30% average—a significant protection gap remains.
Insurers have scaled back in high-risk markets, but the year was still manageable for the sector, according to David Flandro of Howden’s reinsurance division as stated in Financial Times.
Experts reported that 2024 is set to be the hottest year on record, with rising temperatures driving extreme weather. Munich Re noted smaller events, like US thunderstorms last year, caused $13bn in damage, rivalling hurricanes.
With the increase of climate catastrophes, it’s crucial to go back to the root of the issues to take preventive rather than reactive measures.
So, should property developers avoid building in high-risk areas altogether? Should firms invest more in research and development to build homes and properties that can stand different types of recurring catastrophes such as hurricanes? Should insurers increase the price of their policies?
It can be challenging to know what’s the right approach to avoid costing the world economy billions of dollars. At the same time, insurers are responsible for paying out claims to their customers which could otherwise refrain future business or could cost companies their reputation.
Ghost broking is on the rise as social media is becoming a principal anchor that enables con influencers and fraudsters to sell fake insurance policies online.
According to the Office for National Statistics, 21149 insurance fraud cases were communicated to the National Fraud Intelligence Bureau (NFIB) between 2022 and 2023.
Moreover, Aviva has also emphasised on an increase in fraud back in November 2022, reporting that 15% of these stem from ghost broking.
According to Ruth Needham, Partner and Head of Fraud at Kennedys, social media is both a “powerful tool” to spread awareness against ghost broking, especially among the younger generations who are always connected, but is also a trap for vulnerable followers that think they follow genuine financial influencers.
In 2024 at the Verisk Insurance Conference in London, Detective Chief Inspector at the City of London Police’s Insurance Fraud Enforcement Department (Ifed), Tom Hill, said that fraud motivators haven’t changed and are still driven by “greed, motivation and circumstances”. However, he added that the technological advancements that aid fraudsters are what has become more sophisticated.
In July last year, the Insurance Fraud Enforcement Department (IFED) reported that 22-year-old Wahidullah Usmani admitted to fraud after illegally selling fake car insurance policies on Instagram, profiting £17,618.
According to Needham, ghost brokers often use social platforms such as TikTok and Instagram to impersonate genuine insurance professionals to attract predominantly vulnerable customers to particularly purchase motor insurance policies at abnormally low rates.
She added that; “ghost brokers will leverage the trust placed in influencers and online personalities, using their platforms to advertise and promote fraudulent services”.
Social media will continue to be a great avenue for fraudsters to lure mostly younger generations whose product choices and lifestyles generally come from social media influencers and the relatively blind trust they have in them.
Collaboration, research, and innovation combined could be the answer to fighting ghost broking for good. Insurance companies must invest more in technology but also collaborate with social media influencers and create strong educational materials to be widely shared on social media platforms.
As the regulatory landscape continues to tighten its grip on the insurance industry, on 30th January 2025, professionals gathered for a live webinar hosted by Insurance Post in association with REG Technologies to discuss how insurers and MGAs can navigate these challenges while remaining competitive.
The panel featured leading industry voices, including Zoë Parsons and Victoria Slade, Marketing Manager and Head of Sales from REG Technologies; alongside Steven Folkard, Chief Risk and Compliance Officer at Jensten Group and Richard Turnball, Managing Director at Collegiate Underwriting, who explored the increasing burden of compliance and the potential of technology to transform the way firms operate.
At the heart of the discussion was REG Technologies’ 2024 survey, which revealed that 69% of compliance professionals felt regulatory demands had intensified over the past year, with two-thirds citing red tape as a significant barrier to establishing new business relationships.
This growing strain, compounded by the introduction of fair value assessments and Consumer Duty rules, has left insurers and MGAs struggling to keep pace while managing costs and operational efficiency.
One of the biggest concerns raised during the discussion was the inefficiency plaguing the onboarding of brokers and agencies. Regulatory complexity has turned what should be a straightforward process into a months-long ordeal, adding layers of administrative work that slow down business growth. Smaller firms, in particular, find themselves disproportionately affected, often lacking the resources to navigate the compliance maze effectively.
However, the panel was unanimous in its belief that technology could provide a viable solution. The use of automation, AI, and RegTech tools is becoming increasingly essential in streamlining compliance efforts. Document management systems, centralised compliance platforms, and automated risk assessments were highlighted as key innovations that could significantly reduce workload while improving accuracy and efficiency. The discussion also pointed to the need for industry-wide data standards to simplify compliance reporting, eliminate duplication, and enhance transparency.
Beyond operational efficiency, the panellists emphasised that compliance should not be viewed as a mere box-ticking exercise but as a fundamental pillar of consumer protection. A strong compliance culture embedded throughout an organisation can lead to better customer outcomes and increased trust in the market.
There was also a call for regulators to take a more proactive approach to implementing new policies, ensuring they are clear from the outset rather than introduced reactively in response to market failures.
A generational and cultural shift within the industry is also influencing attitudes towards compliance. While some firms remain reluctant to move away from legacy processes, younger professionals and digitally savvy businesses are embracing the efficiencies that RegTech offers.
The widespread adoption of hybrid and remote work post-COVID has further accelerated the need for digital compliance tools, with many firms realising that traditional paper-based methods are no longer sustainable.
Looking ahead, the panellists discussed the potential trajectory of regulation in the insurance industry. History has shown that periods of deregulation often lead to crises that necessitate stricter controls, a cycle that continues to shape the market today. As compliance costs rise, consolidation may become inevitable, with smaller firms struggling to keep up.
There was also speculation that regulatory bodies may eventually mandate the use of technology for compliance, forcing firms to modernise or risk obsolescence.
The webinar concluded with a strong message: insurers and MGAs must take a proactive stance in managing compliance, leveraging technology to drive efficiency, and fostering a culture of continuous improvement. With regulatory demands showing no signs of easing, the ability to adapt and innovate will be crucial in ensuring long-term success.
For those who missed the live discussion, the full webinar is available on demand here
“As regulatory demands intensify, the insurance industry must rethink its approach to compliance, driven by proactiveness rather than reactiveness. The reality is that outdated, manual workflows are no longer sustainable, slowing business down and making it harder for insurers and MGAs to build new partnerships and operate efficiently. Firms need technology to streamline workflows, accelerate onboarding, uphold continuous counterparty due diligence and maintain a competitive edge.
The future of compliance isn’t just about keeping up with regulation, but about staying ahead of it. As AI, automation, and data-driven insights become the norm, we’ll likely see a shift where regulatory bodies expect, not just encourage, the use of technology to ensure efficiency, transparency, and resilience. Those who embrace RegTech now will be best positioned to navigate the evolving landscape and thrive in the years to come.”
In a significant policy shift, the Financial Conduct Authority (FCA) has announced its strategy to cut back on “unnecessary regulation,” aiming to develop business growth and innovation across the UK.
This announcement was made in a response to Chancellor Rachel Reeves’s call for “proportionate, effective regulation” that allows companies of every size to flourish within a stable and competitive environment.
The FCA’s Chief Executive, Nikhil Rathi, outlined the plans in a letter to Prime Minister Keir Starmer and the Chancellor, emphasising the need for a more dynamic approach to regulation that encourages businesses to establish and expand in the UK while ensuring consumer protection remains robust.
Rathi’s letter highlighted the intention to streamline the FCA’s handbook and enhance its efficiency by introducing a machine-readable version. This effort includes collaborating with the Bank of England and the Prudential Regulation Authority to decrease the reporting demands on firms and making the senior managers and certification regime more adaptable.
Moreover, significant changes are proposed under the Consumer Duty regulations, which include removing the requirement for a board champion and revising future consumer protection consultations to question the adequacy of existing rules rather than introducing new ones.
These reforms come in the wake of the British Insurance Brokers’ Association advocating for a more proportionate regulatory environment in its 2025 manifesto, aligning with the government’s broader goals of international competitiveness and economic growth.
Rathi confirmed that these regulatory adjustments are designed to support the government’s growth agenda through to 2030, marking a strategic pivot towards risk-taking and prioritisation of resources to achieve these deep reforms.
The FCA’s commitment to collaborating closely with the government and other stakeholders signifies a major step forward in adapting the regulatory landscape to better suit the evolving needs of the UK’s financial sector and its consumers.
A new survey reveals that over half of UK business leaders plan to shift investment from hiring to artificial intelligence (AI) due to rising employment costs. The poll, conducted by Boston Consulting Group (BCG), found that 51% of executives intend to prioritise AI in response to increases in employers’ national insurance contributions announced in the October Budget.
Nick South, Managing Director at BCG, highlighted that businesses are recognising AI’s potential to enhance productivity, particularly as employment costs climb. This shift is expected to reshape workforce structures, with many companies preparing for fewer hires.
The Labour government’s planned workers rights reforms, are contributing to employers’ rising expenses. These changes, combined with advancements in AI technology, are accelerating a move toward automation. For instance, telecoms giant BT announced plans in 2023 to cut up to 55,000 jobs by 2030, with digitisation and AI accounting for 10,000 of these reductions.
The trend is reflected across various sectors. Recruitment group Sanderson reported a surge in demand for AI engineers, despite broader tech industry layoffs. Some leaders, like Klarna CEO Sebastian Siemiatkowski, suggest AI could reduce workforces by as much as half in certain industries.
While AI adoption may lead to job cuts in the short term, it also presents opportunities for roles requiring AI expertise. Experts predict a balance as the technology evolves, creating new jobs alongside eliminating others.
The UK government defends its policies, emphasising efforts to stabilise public finances and boost business investment. Measures such as capping corporation tax and creating pension mega-funds aim to encourage growth, while employment reforms seek to enhance wages and job security for workers.
As businesses navigate these economic and technological shifts, the balance between cost-saving and workforce development remains a pressing challenge.
The London & International Insurance Brokers’ Association (Liiba) has initiated a significant project aimed at quantifying the economic impact of London’s brokers globally. Known as ‘Brokers Matter’, this initiative seeks to evaluate the monetary value that wholesale broking contributes to global GDP, a move published in Liiba’s 2025 agenda.
Christopher Croft, CEO of Liiba, highlighted the essential role of wholesale brokers, describing them as “the engine oil of the global machine,” enabling wealth creators to access international risk mitigation strategies necessary for global operations. “In 2025, we will commission work to put numbers on this global game,” Croft stated, expecting the results to influence discussions with international governments and regulators similarly to the impactful ‘London Matters’ report a decade ago.
Addressing regulatory misconceptions, Liiba’s project aims to correct the view of wholesale broking as an unnecessary surcharge, echoing the community’s support for Blueprint Two, which modernises technology in Lloyd’s insurance market.
However, the body issued a cautionary note regarding Europe’s growing regulatory interest in multinational insurance placements, which could potentially restrict European clients’ access to global insurance markets.
This concern highlights the broader challenges and opportunities identified in the insurance market, where Liiba’s London operations have facilitated £130.2 billion in annual premiums.
As Liiba steps into the latter half of the decade, Croft calls for a renewed understanding among global governments and regulators of the critical value insurance intermediaries bring to the economy, especially important in an era of rising protectionism and populism.
The association’s proactive stance is set to ensure that the indispensable services provided by its members continue without hindrance, asserting the importance of London’s brokers in the worldwide economic framework.
The recent LA fires, estimated to cost over $50 billion and having ravaged at least 16,000 structures and homes, have revealed some of the insurance market’s most hidden flaws, but also shed light on the impact of some established regulatory laws that have caused insurance firms to move away from California.
This is explained by some firms’ sudden drop of insurance policies in California before the fires have even taken place due to the high risk, low reward nature of this business, which has profoundly impacted inhabitants who have lost both their homes and insurance.
In 2024 alone, more than eight insurance carriers have left California according to CNBC. Moreover, the California FAIR plan, which only provides basic fire insurance to homeowners living in wildfire-prone areas struggling to get coverage from private insurers, has already increased by over 137% in 2019.
But consumers insured under this Plan report significant difficulties receiving payouts for disaster-related losses amid concerns over transparency, secrecy, and insurer profits, according to an NBC News investigation.
However, the problem is even bigger than that, and dates back to the 1990s, where regulatory watchdogs introduced laws that prohibited private insurance companies from increasing their policies’ prices based on real-time risk assessments in order to protect customers from unfair prices and treatments.
This has only created more severe challenges for both consumers and insurance firms that are incurring more losses than premium profits and has therefore pushed them to move to less restricted states where they can charge fairer premium rates or close altogether because of irreversible losses incurred in California.
As long as private insurance companies justify the increase of their insurance plans prices through the use of precise technology, risk-assessment tools and market rates comparisons, then the regulators should authorise it to prevent consumers from being stuck with no fire insurance cover.
Another major issue is that many insurers in other states have increased their natural disasters’ insurances nationwide. It’s one thing to raise premium prices for policy holders that live in high-risk areas for natural disasters and fires, but it’s another to impose increased rates for the entire country, making this decision somewhat unfair for homeowners that live far away from all these natural disasters.
As CNN reports, watchdogs across the United States are enabling firms to increase the rates to cover for these damages in other states, emphasising on sharing risks.
Some experts, like Ishita Sen from Harvard, argue that people in states unaffected by disasters are indirectly paying for the aftermath of these events in other states which can seem unfair. In contrast, the Insurance Information Institute disagrees, stating that rates rise based on overall risks and costs, not just cross-state subsidies.
While fire insurance cover is crucial, it’s even more important for both homeowners and commercial businesses in California to take lesson from the LA fires disaster and start taking preventive action to avoid re-living history.
Property owners must make radical changes to their current or future homes to limit the spread of fire. For example, they could prune trees, replace wood fencing with steel or add concrete barriers between homes.
The responsibility doesn’t only fall on residents, but more importantly on the government, regulators and insurance firms to become more innovative and deploy high technology that’s tailored to protecting public safety from natural disasters.
New technologies such as drones, automated systems designed to fight fires, software, AI, and much more could mitigate risks far better than human firefighters alone, especially in the wake of uncontrollable fires where firefighters will undoubtedly be at capacity.
Given that California is the centre of technology and innovation, Matthew Kilcoyne from CAPX admits that the harsh Californian regulatory regime is what’s preventing new tech from being deployed for general public safety reasons rather than for just Silicon Valley and business ends.
These LA fires are a wake-up call for UK residents too, regulators and insurance companies to act and take preventive action rather than react when the damage has been done.
Amazon is in the process of upgrading Alexa, its widely used voice assistant, with generative AI capabilities to enhance its functionality. This overhaul aims to transform Alexa into a more capable “agent,” capable of handling complex and personalised tasks, from recommending restaurants to managing smart home settings based on user routines.
The upgrade is designed to replace Alexa’s original predefined algorithms with advanced AI models, including Amazon’s proprietary Nova system.
This shift is intended to expand Alexa’s role beyond basic tasks like setting alarms and playing music, offering a more versatile and interactive user experience.
According to Rohit Prasad, Head of Amazon’s Artificial General Intelligence team, the project is progressing steadily, though challenges remain.
These include refining response accuracy, minimising latency, and ensuring the system’s reliability to meet user expectations. Prasad noted the importance of balancing Alexa’s new generative features with its established capabilities to maintain consistency.
The initiative also involves integrating Alexa with a wide range of third-party applications, a complex but necessary step to ensure seamless functionality across millions of devices worldwide. Amazon is simultaneously exploring how to optimise costs and ensure the system operates efficiently at scale.
While there is no confirmed timeline for the full rollout, Amazon is focused on delivering practical and customer-centric advancements. The integration of generative AI represents a significant evolution for Alexa, positioning it to adapt to changing user needs and compete in the rapidly advancing AI landscape.
Last month, the BoE planned for tougher liquidity rules, insurers and brokers joined forces to prioritise better consumer outcomes, reforms to pension support were explored to close advice gap, smaller firms were urged to focus on their ESG impact and legacy systems still prove a challenge for many insurers...
Last month, the FCA reviewed life insurers' bereavement claims processes, brokers were advised to revisit policies ahead of Employment Rights Bill enforcement, ISO introduced new global ESG guidelines to accelerate adoption of sustainable business practices and O2's AI "granny" rollout is shaking up scamming attempts...
Last month, experts dispute FCA concerns over brokers’ compliance with fair value, whilst the regulator tightens focus on premium financing firms, banks are warning customers about “quishing” scams, scientists achieved a breakthrough in DNA data storage, the FCA reveals ongoing issues of workplace misconduct in the London insurance market, emphasising the need for cultural change...
Last month, the FCA released its Product Oversight and Governance review and increased scrutiny of Principal Firms' oversight on ARs, REG partnered with Insurance Post to debate whether RegTech is a luxury or a necessity for tackling regulatory challenges, Insurance Business TV featured industry leaders discussing DEI and talent issues in the insurance sector, and rising concerns over deepfake and document fraud continue to affect the industry...
Last month, the FCA published a discussion paper aimed at bettering the commercial regulatory landscape, the average UK home insurance has skyrocketed, the increase in severe weather damages is compelling insurers to think of stronger strategies, and REG's new module REG Verified is set to revolutionise the insurance market...
Last month, the FCA urged financial firms to improve their treatment of politically exposed persons (PEPs), a major IT outage led to a potential rise in claims, the UK motor insurance sector faced major underwriting losses due to the current economic and political climate, and the insurance industry is supporting $19 trillion in net zero investments by engaging in greener projects...
Last month, the growing threat of summer floods was highlighted, urging both policyholders and insurers to take proactive steps. The FCA's Market Watch 79 emphasised the importance of strong data management in surveillance against market abuse, firms were reminded that the Consumer Duty is not a 'one time requirement', but a continuous effort, and REG is excited to sponsor the upcoming MGAA Annual Conference and collaborate with MGAs about the value of partnerships…
Last month, the Consumer Duty Alliance launched a clarifying guide to assist firms preparing their annual board reports, premium finance requests soared amid cost-of-living pressures, the FCA set out measures to combat domestic financial abuse and REG achieved its ISO 27001 certification...
Last month, the FCA urged motor finance firms to allocate sufficient resources, financial institutions expedited technology adoption to tackle regulatory hurdles, underinsurance presented a pivotal challenge for brokers, and insurers came under the spotlight concerning environmental and social responsibilities...
Last month, the FCA urged financial advisors to review retirement income advice processes, whilst raising concerns within the motor sector regarding fair value, Lloyd's predicted generative AI to increase cyber threat risks, the UK Parliament released its much anticipated 'Sexism in the City' report, and REG launched its new Partnerships Programme...
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