FCA

The consultation is a “welcome change of approach” from the regulator.

Plans include a new definition of commercial customers and lead insurers compliance only.

The FCA’s aim is to reduce regulatory costs and increase the competitiveness of the commercial insurance market.

Two-thirds of insurance firms have been challenged about their resilience plans by the regulator.

MGAs are looking hard at capacity arrangements for fear of regulatory action.

Regulation is one of the driving forces for most small brokers to sell.

FCA data reveals a worrying drop in new broker authorisations.

The fine relates to a breach that took place in 2017, where hackers were able to access the data of 13.8 million UK consumers.

The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.

New data on the FCA's operational performance shows improvements in some aspects, though response rates are still slow on senior appointment casework.

Reforms to the UK listing regime may enhance prospects of an insurance firm opting to IPO in London in future, but several broader problems, including liquidity issues, will also affect such a decision, according to industry sources.

Sean McGovern, chair of the London Market Group, outlined why it is critical for the trade body’s outreach programme to build the market’s talent pipeline and attract data science expertise.