REG Reviews
2nd June 2025
Last month, the FCA decided to cut back on some of its regulatory requirements as part of its efforts to become a smart regulator, the use of AI among brokers and the value it delivers continues to be questioned, Coinbase’s data breach exposed 70,000 users, sparking costs and a lawsuit, and REG attended the Global RegTech Summit, uncovering unique RegTech insights and trends that keep shaping the market.
Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
As part of the FCA’s plan to become a smarter regulator – focused on limiting obstacles and driving growth – it has pledged to strip away unnecessary duplicated regulatory requirements from its insurance rule book.
Many insurance companies, particularly the larger commercial ones, have raised concerns about the watchdog’s extreme laws when gathering feedback. The latter gathered information to uncover if its laws are believed to be balanced enough to protect customers from unfair treatment and enable insurance firms to flourish and be competitive at the same time.
During the BIBA conference two weeks ago, Head of Market Intervention, Lisa Sturley shared; “The vision is about deepening trust, rebalancing risk, supporting growth and improving lives.”
She added that; “Off the back of that, we have four priorities. The first is to be a smart regulator, and you have seen some of the work we have been doing in this area. The second is about being proportionate, and collecting the data in the right way.”
Moreover, Sturley reinforced that the FCA’s efforts are to back up organisations in not associating compliance with being a “Tickbox exercise” anymore, but rather allow insurance leaders to decide themselves on the right approach and training needed.
The regulator is also proposing scraping the annual compulsory product review, making it a case-by-case process to allow more flexibility.
But with great flexibility also comes greater responsibility and pressure on compliance and risk teams to allocate the right amount of resources into fair value assessments and making sure positive customer outcomes are maintained, as Sturley affirms.
As Stated in Insurance Age, the FCA’s proposed measures to improve the insurance industry are summarised below:
FCA reports that the market could thrive under these simpler and uncomplicated rules; however, does this mean insurance firms should become more laid back and forget about compliance tools and technology that could simplify these processes altogether?
The answer is clearly no, because while the FCA is contemplating relaxing its rules, it will still regulate businesses and collect data to ensure continued fair value for all customers.
Without technology, collecting and centralising data in real-time will remain a challenging task for the majority of businesses, which is why partnering with a trusted provider is still important.
Fair value regulations will always be on the FCA’s radar, and it’s crucial to remember that the watchdog isn’t getting rid of its rules. It just wants to make the reporting processes simpler to avoid confusions and maximise competitiveness.
The adoption of AI is becoming a major strategic move among many broking firms – offering operational benefits that the insurance industry has never experience before.
However, the use of AI comes with greater concerns far beyond previous technological breakthroughs, even though it is the only way to stay ahead of market changes and competition.
In that sense, while AI can lift a lot of the heavy manual burden on brokers, it shouldn’t replace the important human touch. At the end of the day, brokers’ advisory roles can’t be entirely replaced with machine learning and AI as this might heavily impact the relationships that brokers build with the end consumer, according to Ian Hughes, chief executive at Consumer Intelligence.
He says; ”In a world of AI, human connection is the only thing that helps broker survival,” emphasising that brokers must utilise technology to enable them to be better humans.
Open GI’s Research has found that approximately 45% of national brokers have rolled out some AI activities, with more initiatives on the horizon. Whereas only 9% of regional and provincial brokers have adopted some form of AI.
Generally speaking, the research findings stress that the 207 broking firms surveyed agree that AI “would change the industry”, with 12% believing that “AI talk is mostly hype”.
However with the current growth percentage of AI usage across different industries, approximately 50% of national brokers surveyed strongly agree that “organisations that don’t use AI will be left behind.”
On another note, while speaking at the BIBA conference, Head of Research and Development at Open GI, Peter Hunter, highlighted that smaller brokers tend to face more difficulties when it comes to laying the groundwork for using AI.
He also adds that the gap between large and small brokers is widening in part due to limited expertise, as nearly half of national brokers have adopted AI initiatives, compared to just 10% of smaller regional and provincial brokers.
Hunter included other barriers to entry as:
So what are these lagging firms missing out on? When it comes to investing in some degree of AI, the benefits outweigh the drawbacks.
Ben Legg, Chief Product Officer at Open GI, justifies that AI can help with “productivity and task automation, clear and concise summaries of information and dynamic scripting and intent analysis.”
He also explains that AI can also help expedite consumer-broker relationships by “personalising interactions, multichannel strategy and streamlining processes.”
Therefore, the adoption of AI among brokers isn’t a matter of if anymore, it’s a matter of when and how to invest and roll out AI without sacrificing on the importance of the human touch and value brokers bring to the industry.
On 11th May, Coinbase revealed that cybercriminals had bribed overseas support agents to access personal information for roughly 70,000 customers. Although the attackers obtained names, birth dates, partial Social Security numbers, ID images and bank details, no passwords, private keys or customer funds were compromised. The hackers demanded a $20 million ransom in Bitcoin to avoid publishing the stolen data, but Coinbase declined and instead offered a $20 million reward for information leading to arrests.
Upon discovering the breach, Coinbase immediately terminated the implicated contractors and reinforced its fraud-detection and data-security measures. Fewer than 1% of the exchange’s monthly active users were affected, but the incident has highlighted the risks associated with insider access controls across the cryptocurrency sector.
Investors reacted anxiously to the disclosure: Coinbase’s stock fell by approximately 6-7% in New York trading, despite shares having surged earlier in the week on news of its imminent inclusion in the S&P 500 index on 19 May 2025. The company estimates that remediation: covering customer reimbursements, legal fees and enhanced security protocols could cost between $180 million and $400 million. Coinbase has pledged to fully reimburse any user who falls victim to scams stemming from the leaked data and is working closely with law enforcement and blockchain-analytics firms to trace stolen assets and identify the perpetrators.
Simultaneously, a class-action lawsuit filed in New York alleges that Coinbase failed to safeguard user data, potentially exposing customers to fraud and identity theft. This breach comes amid a resurgence in crypto market activity, with Bitcoin recently topping $100 000 for the first time since January.
However, it also underscores the broader cybersecurity challenges facing exchanges: in 2024 alone, crypto platforms suffered over $2.2 billion in hacks, often linked to state-sponsored groups. As Coinbase becomes the first cryptocurrency firm in the S&P 500, this incident emphasises the essential need for robust security frameworks to protect both corporate reputation and customer trust in an industry increasingly integrated into mainstream finance.
The UK government has announced new legislation to bring “buy now, pay later” (BNPL) providers fully under the Financial Conduct Authority’s (FCA) remit, closing a regulatory gap that has persisted for over four years.
In a long-anticipated move to curb risky lending practices and protect consumers, firms such as Klarna and Clearpay will soon face the same rules as mainstream banks, including mandatory affordability checks before offering interest-free instalment loans and the ability for customers to escalate complaints to the Financial Ombudsman.
“These new rules will protect shoppers from debt traps and give the sector the certainty it needs to invest, grow and create jobs,” said Emma Reynolds, Economic Secretary to the Treasury. The reforms will also modernise the 51-year-old Consumer Credit Act, creating a “pro-growth framework that reflects how people borrow today.”
BNPL usage has surged, with more than 10 million UK consumers now spreading purchases over short-term, interest-free payments. Yet under the current unregulated regime, providers are not required to assess borrowers’ ability to repay, raising concerns that shoppers could accumulate unmanageable debt.
Research by the Centre for Financial Capability found that nearly 25% of BNPL loans incurred late-payment fees in the six months leading up to December 2023. Some leading lenders including Klarna, already perform external credit checks. However, the forthcoming FCA rules, expected within the next year will go further.
“Firms will need to check income levels, essential spending and other financial commitments rather than looking at missed payments and surface-level risk,” explains Liam Evans, PwC’s Managing Director. He warns that real-time affordability screening may slow customer acquisition and increase rejection rates.
Consumer group, Which?’s, Lisa Webb, welcomed the move but urged the government to mandate clearer marketing disclosures and warnings about late fees and credit-check impacts. A key concession from ministers is a bespoke BNPL disclosure regime, replacing outdated Consumer Credit Act requirements. The fintech industry argued this tailored approach would allow more effective, digital-age information flows without unduly disrupting online shopping.
Klarna welcomed progress stating; “Interest-free BNPL is an important alternative to high-cost credit for millions of Brits and we’ve supported regulation to keep it safe and accessible since 2020.” With this overhaul, BNPL looks set to operate on a firmer regulatory standing and consumers can expect greater protection as instalment lending becomes fully mainstream.
In the second half of 2024, it was reported that fraudsters stole over £2.7 million from UK investors by cloning genuine providers’ websites, emails or even WhatsApp groups, the Investment Association (IA) has warned. This “cloning” tactic, creating an almost identical copy of a legitimate firm’s online presence, topped the list of threats facing consumers keen to invest.
Over the year, IA members detected 1,014 cloning scams, a 57% increase on 2023. In Q2 alone there were 478 reports of impersonation attempts, with just under 1 in 4 succeeding. Despite this rise, overall fraud losses fell by 29% between Q1 and Q2 2024, from £7.6 million to £5.4 million, thanks to improved prevention measures and better recovery efforts, which recouped around £1.7 million for victims.
Adrian Hood, the IA’s regulatory and financial crime expert, warns that fraudsters are harnessing artificial intelligence to refine their deceptions. “AI will enable ever more sophisticated scams, making it harder to distinguish real firms from fake,” he says. Common tricks include stealing card details to open accounts or hijacking existing accounts to cash in investments.
To protect themselves investors are urged to verify that an email address or web URL exactly matches the details shown on the Financial Conduct Authority’s register, using only those official contacts when communicating, remain vigilant for any unsolicited investment approach, and at the first sign of anything suspicious, alert their investment platform and report the incident to Action Fraud.
UK Finance reinforces this advice noting that fraudsters spare no effort in mimicking legitimate firms. Always confirm a company’s details on the Financial Conduct Authority’s register and use only those official contacts. If you suspect you’ve been targeted, contact your provider immediately and report the incident to Action Fraud to help protect yourself and others.
The Financial Conduct Authority (FCA) has published its Financial Lives 2024 survey, capturing insights into consumers’ financial situations and attitudes.
Based on responses from nearly 18,000 UK adults, the survey found that 49% depicted signs of financial vulnerability, a slight improvement from 52% in May 2022.
The watchdog identifies vulnerability through four key factors:
Commenting on the results, MorganAsh’s Managing Director, Andrew Gething, emphasised that organisations can no longer claim to have few or no vulnerable customers in light of such data.
Among those surveyed, 24% were found to have low financial resilience, a figure that has remained largely unchanged since May 2022.
According to the FCA, this means individuals either have limited savings, are struggling with significant financial obligations, or have missed bill payments in at least three of the past six months, indicating they are in financial difficulty.
Justin Harper, CMO at LifeSearch shares that; “The FCA’s findings highlight a growing concern around financial vulnerability in the UK – with many lacking the savings to stay afloat in tough times.” However, he adds that “protection still remains a glaring omission in many conversations about financial wellbeing – including in the FCA’s own summary, which touches on credit, pensions, mortgages, investing and savings, but not the very safety net that can keep people afloat when life takes an unexpected turn. This needs to change.”
From a cover perspective, the FCA’s survey has found that over half of UK adults lack protection products, with life cover (28%) being the most held, followed by private medical (14%), critical illness (13%), and cash plans (9.4%).
Moreover, 13% found insurance offers to be unfair, up from 6% in 2022. Not to mention that satisfaction with complaint handling fell from 18% to 12%.
As Harper concludes; “It’s clear that protection isn’t cutting through as it needs to. As an industry, the onus is on us to improve education, build financial resilience, and position protection as the essential foundation for navigating life’s inevitable twists and turns.”
The RegTech landscape is evolving — fast. This year’s Global RegTech Summit on 20th May made one thing abundantly clear: RegTech has crossed the threshold from compliance facilitator to strategic enabler. Across panels and roundtables, financial services leaders echoed a common message — the role of technology in managing regulatory complexity, counterparty risk, and operational efficiency has never been more vital.
REG’s Zoë Parsons, Marketing Manager, Victoria Slade, Head of Sales and Sandra Simões, Head of Product represented REG at the Summit and shared their five biggest takeaways of trends shaping the future of RegTech in 2025:
1. RegTech Is Now a Strategic Necessity
Forget “nice to have.” RegTech is now seen as a foundational component of resilient, responsive financial services. As geopolitical instability reshapes risk and compliance priorities, firms are leaning into intelligent technology to stay agile. One panelist from Starling Bank summed it up: “Firms simply can’t do their jobs without it.”
2. Customer Experience Is the New ROI
It’s not just about reducing costs — it’s about building trust. Faster onboarding, clearer regulatory reporting, and seamless collaboration are driving value in ways that traditional ROI metrics can’t capture alone. For forward-thinking financial institutions, RegTech delivers more than compliance — it improves relationships, loyalty, and transparency.
3. Collaboration Is the Future of Compliance
Whether it’s between regulators and firms, vendors and clients, or across departments within an organisation, the need for more open, collaborative approaches is gaining traction. Regulatory bodies are warming to vendor engagement, and firms are seeking solutions that unify efforts across functions and jurisdictions. Standardisation, shared understanding, and cross-vendor integration were recurring themes.
4. AI Moves from Buzzword to Business Utility
Artificial intelligence is making tangible inroads into regulatory change management. Leading providers are deploying AI to power horizon scanning, contradiction management, and even real-time communication oversight. It’s a signal of where the market is heading — toward predictive, explainable, and highly actionable RegTech that enables proactive compliance rather than reactive firefighting.
5. Fit Beats Features in Vendor Selection
Buyers aren’t just shopping for tools — they’re looking for partners. Panels repeatedly stressed the importance of trust, accessibility, and shared language. Vendors that speak the language of risk, understand sector-specific pressures, and work collaboratively across the business will win out over those with standalone features or overly technical propositions.
Sandra Simões also participated in a roundtable discussion on “Collaboration for Regulatory Change Management,” hosted by Janet Chenery of RegTech NZ. The session reinforced the message that the financial services industry must collaborate more effectively to standardise regulatory processes and solutions.
A key theme was the lack of a unified regulatory approach across borders, which forces firms to spend disproportionate time and resources on maintaining compliance — often at the expense of innovation and customer experience. The group highlighted how Nordic countries are leading by example, with greater alignment across their financial systems that allows faster, more efficient access to industry data.
However, the discussion also acknowledged cultural and competitive barriers. Information-sharing is still seen as risky, with many firms reluctant to collaborate due to fears of exposing commercial advantage.
Despite this, there was strong consensus that greater standardisation and openness could unlock major benefits — enabling firms to redirect focus from box-ticking exercises to creating real value for customers through better, smarter solutions.
The message from the summit was loud and clear: RegTech is central to the future of financial services — and its value goes far beyond regulatory box-ticking.
As regulatory frameworks grow more complex, and expectations for transparency and customer centricity rise, the demand is not just for tools that do, but for platforms that understand, connect, and guide. Solutions that can make sense of the noise, surface what matters, and do so in a way that feels intuitive and strategic, are leading the pack.
2025 marks the start of a new chapter — where RegTech isn’t just about efficiency, but about confidence, clarity, and competitive edge.
The Financial Conduct Authority (FCA) has recently proposed eliminating the mandatory 15 hours of annual Continuing Professional Development (CPD) for insurance professionals, a move that has generated significant discussion within the industry.
At the British Insurance Brokers’ Association (BIBA) conference, the FCA announced its intention to remove what it considers “outdated and duplicated requirements,” including the specified CPD hours.
The regulator believes that by eliminating prescriptive training mandates, firms can focus more on delivering tangible outcomes for customers rather than fulfilling checkbox requirements.
This approach aligns with the FCA’s broader strategy to streamline regulations and encourage firms to take greater ownership of their compliance responsibilities.
The proposal has raised concerns among industry professionals who fear that removing the CPD requirement could lead to a decline in the professional competence of insurance employees. Critics argue that without a structured framework for ongoing education, there is a risk that some professionals may not maintain the necessary knowledge and skills to serve customers effectively.
The FCA’s proposal reflects a shift towards a more principles-based regulatory approach, granting firms greater flexibility in how they achieve compliance. However, this change also places increased responsibility on firms to self-regulate and ensure that their employees remain competent and up to date with industry developments.
While the removal of the CPD mandate could reduce administrative burdens, it also necessitates a proactive approach from firms to maintain high professional standards. The success of this regulatory shift will largely depend on how effectively firms implement internal training and development programmes in the absence of prescribed CPD hours.
The FCA’s proposal to eliminate the mandatory CPD requirement marks a significant change in the regulatory landscape for the insurance industry. While it offers firms greater autonomy, it also underscores the importance of internal governance and a commitment to continuous professional development to ensure that customer outcomes are not compromised.
The Insurance Fraud Bureau (IFB) has issued a strong warning about the escalating threat of ‘ghost broking’ scams in the UK, particularly targeting young and inexperienced drivers. In collaboration with the Association of British Insurers (ABI) and City of London Police, the IFB has launched a national campaign to raise awareness of this growing issue.
Ghost brokers are fraudsters posing as legitimate insurance providers, often operating through social media platforms. They lure victims with the promise of cheap insurance deals, but the policies they sell are either fake or invalid. This leaves drivers unknowingly uninsured, exposing them to severe legal and financial consequences.
Between 2023 and 2024, approximately 115,000 fraudulent motor insurance policies were detected, with ghost brokers believed to be responsible for thousands of these cases. The IFB estimates that fraudulent insurance applications cost the UK economy over £1 billion annually.
Young drivers are particularly vulnerable, as they often face higher insurance premiums and lack experience in purchasing insurance. Cheaper deals can make them easy targets for these scams. Ursula Jallow, IFB’s Director, emphasised that new drivers are frequently caught out due to their inexperience and the financial pressures they face.
To protect yourself from ghost broking scams:
Staying informed and vigilant is therefore crucial in combating ghost broking scams, helping individuals avoid financial loss and ensuring they purchase genuine, legally valid insurance.
It has been five years since Covid-19 lockdowns, both in the UK and internationally, where major shifts from redundancies and working from home to changes in consumers’ priorities and the appearance of AI and its use cases across a wide range of industries.
The world economy has inevitably taken a considerable economic, geopolitical, and technological shift that has impacted markets, reshaping what will be the new norm for the years to come.
In fact, the economy slowed almost to a halt due to global lockdowns. However, markets bounced back quickly because governments and central banks provided massive financial support as mentioned by a recent Professional Adviser article.
Tech companies recovered the fastest as more people used digital tools for work and daily life. By mid-2020, global stock markets had fully rebounded from the initial crash.
Inflation was another challenging factor that resulted in acute jump in interests rates heavily impacting investors. Not to mention the Trump’s Tariffs dilemma which has been a painful 2025 conversation for many neighbouring and international investors.
Moreover, 2022 has seen many other upheavals that significantly shook markets, from Russia’s invasion of Ukraine which has led to a sharp decline in asset value, to the UK’s Mini-budget that has triggered gilt crises resulting in the intervention of the Bank of England.
Since 2020, investing has shifted with bonds offering meaningful income and protection, while equity markets have grown more expensive and concentrated in fewer stocks and regions.
So what can we expect in the next 5 years from now? As we look to the future, the dominance of the U.S. seen over the past five years may not continue, especially with political uncertainty on the rise. Investors should be prepared for increased market volatility and consider deeper style and regional diversification, according to Property Adviser.
Finally, bonds are set for a stronger five years, benefiting from higher interest rates that offer better income and protection. With markets shifting quickly, investors should stay focused on building resilient portfolios rather than chasing short-term trends.
With compliance demands escalating and insurance trading networks growing ever more complex, the pressure is mounting on firms to evolve. In REG’s recent webinar -‘Faster, Smarter, Safer – Counterparty Risk Management & Efficiency in Insurance’ – REG Technologies’ Zoë Parsons, Marketing Manager, and Victoria Slade, Head of Sales, shared how RegTech is helping firms move from reactive compliance firefighting to proactive, scalable oversight.
The discussion opened with a stark reality check: insurance compliance today is an obstacle course. “Let’s be honest—compliance in insurance has become a full-time obstacle course,” Zoë shared, highlighting how firms continue to struggle with manual workflows, siloed systems, and ever-tightening regulatory demands. It’s not just cumbersome—it’s risky.
REG’s own market research shows 74% of firms feel the regulatory burden has intensified over the past year. Meanwhile, 66% of professionals believe that statutory obligations actively delay the start of new business relationships, and only 18% are leveraging technology to improve efficiency and resilience. These figures paint a picture of an industry bogged down by inefficiency, at a time when agility and oversight are more critical than ever.
Beyond internal challenges, Zoë and Victoria explored the mounting external pressures reshaping the compliance landscape. From Consumer Duty and Fair Value assessments to operational resilience, financial crime prevention, and tech adoption, the expectations are rising.
Firms are now expected to evidence robust oversight—not just policies, but clear proof of controls in action. As Zoë put it; “Regulators are no longer satisfied with tick-box compliance. They want evidence. End-to-end oversight. Real-time risk awareness.”
This is where RegTech, and REG’s platform in particular, offers a compelling solution. Rather than treating compliance as a box-ticking exercise or relying on static due diligence reviews, technology can offer ongoing visibility, embedded automation, and integrated data across the entire counterparty lifecycle. “When compliance is still built on spreadsheets, it’s not a question of if something will go wrong—it’s when,” Zoë warned.
The session walked through how REG helps automate onboarding, from KYB checks to TOBA exchange, turning processes that previously took weeks into hours. Real-time monitoring ensures firms stay alerted to critical changes—from credit score fluctuations to sanctions and leadership shifts—reducing the need for periodic reviews and increasing proactive control. Everything is centralised, standardised, and tracked, reducing the burden on internal teams and enabling faster, better decisions.
One case study shared during the session highlighted just how impactful this approach can be. A REG customer detected early warning signs in a trading partner—credit issues, late filings, and director resignations. Thanks to REG’s alerts, they made the decision to terminate the relationship before the firm collapsed.
“Without REG’s alerts, 13,500 policyholders would have been left uninsured,” Victoria cautioned. This wasn’t just a win for compliance—it was a real-world example of risk averted and reputational harm avoided.
The webinar also spotlighted REG Exchanges, a powerful extension of the REG Network designed for customers looking to go further. REG Exchanges enables firms to securely issue and manage documents, contracts, and questionnaires—such as Fair Value or Product Governance forms—across entire distribution chains.
With embedded REG Network data, automated follow-ups, chain functionality to reach sub-brokers, and analytics-ready formats, REG Exchanges turns data collection into actionable oversight. As Victoria put it; “With REG Exchanges, you don’t just collect the data—you standardise it, analyse it, and act on it.”
The key message as the session closed was clear: compliance can’t scale without automation. But with the right tools in place, it doesn’t just scale—it becomes a strategic advantage. “When your compliance process works seamlessly, it builds trust—not just internally but across the market,” Zoë concluded.
For those looking to catch up, the full webinar recording and slides are available on demand.
An increased public outcry over the conduct of UK insurers has culminated in a 170,000-strong petition being handed to the Financial Conduct Authority (FCA). The campaign, led by consumer watchdog Which?, calls for immediate action to address systemic failings in the home and travel insurance markets.
There are concerns about poor value, complex policy wording, excessive exclusions, and the refusal of claims—issues that have eroded consumer confidence in the sector. According to Which?, too many customers are left unprotected or misled at critical moments, despite diligently paying their premiums.
Rocio Concha, Which?’s Director of Policy and Advocacy, described the insurance market as “not working as intended.” She has urged the FCA to take stronger action in enforcing the recently introduced Consumer Duty, which requires financial firms to ensure products deliver fair value, with clear communication and adequate customer support for the service
The findings from Watchdog paint a troubling picture: many consumers are unaware of key policy terms, struggle to understand exclusions, and are frustrated by poor claims experiences. These problems, Which? argues, reflect not only individual firm failings but deeper, structural issues in how insurance is designed and sold.
The FCA has acknowledged the petition and confirmed it is reviewing the concerns, Which? insists that more assertive intervention is essential.
The group is calling for tighter oversight, tougher penalties for firms that fall short, and reforms that ensure insurance policies are fit for purpose. The petition sends a clear signal: UK consumers are no longer willing to accept substandard service from insurers.
Last month, the FCA launched its 5 year strategy with a focus on embracing tech and combating financial crime, AI adoption rose among brokers, the BoE announced initiative to accelerate insurer investment, CII called on firms to prioritise vulnerable customers and REG became an Annual Silver Sponsor to the MGAA...
Last month, a new law was introduced to combat illegal online content, brokers struggled to tackle fair value rules, insurance associations join forces to wipe of misconduct in London insurance market and REG Technologies launched its Challenges and Risks Tracker to help insurers navigate their current counterparty risk management approach...
Last month, brokers were seen to be consolidating agencies to prioritise key insurer relationships, the FCA intensified its crackdown on misleading financial ads, fraudulent claims sky-rocketed and industry professionals pushed for enhanced AI training to bridge the gap within insurance. Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
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.
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...
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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...
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