The Great Fire of London was finally extinguished 350 years ago today. New insurance structures emerged in the aftermath of the Great Fire – which bear striking resemblance to some of ...05 September 2016
UK: FCA Instigates four new thematic reviews affecting the insurance sector
Thematic Review – Commercial claims
Building on the FCA's recent work on retail claims, this review will consider whether commercial customers' claims expectations are met. The review will look at instances where poor behaviour could have a wider impact on trust in the market, as well as leading to poor customer outcomes.
The review is expected to start in Q3 of this year, with a proposed end date of Q1 2015.
Thematic Review – Cover holders
This review will examine cover holder arrangements for firms operating in wholesale markets and will look at the impact on retail and small commercial customers.
In its business plan the FCA said:
"We propose to look into the key risks in complex distribution chains and the mixed responsibilities in them, including the cultural risks relating to product design, sales and post-sales handling. We will also aim to improve the way intermediaries identify and manage conflicts of interest".
The review is expected to start in Q2 of this year and finish in Q4 2014.
Thematic Review – Premium finance
This review will examine insurers' and intermediaries' sales practices and disclosures when selling premium finance to consumers alongside general insurance products.
The review is proposed to start and end in Q3 this year.
Thematic Review – Protection of client money by small firms
The FCA is intending to look at the extent to which firms are currently holding client money without the appropriate permissions and protections.
The review is proposed to start in Q3 2014 and end in Q1 2015.
The Insurance Act 2015 (the "Act") comes into force tomorrow. It represents a fundamental departure from existing insurance law. The changes impact on a number of key areas which are...11 August 2016
The Supreme Court published two judgments on how dishonesty affects insurance claims before the end of the most recent Trinity term:10 August 2016