Wholesale insurance brokers face investigation conducted by UK FCA

Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

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London tower block fire wasn’t without warning from the insurance industry

Grenfell London tower block fire

The Grenfell Tower building was completely destroyed in a massive blaze, killing at least 79 people. The London tower block fire that led to the death of at least 79 people and injured many others did not occur without warning. The insurance industry in the United Kingdom had previously warned the British government that the external surfaces like the one on Grenfell Tower and several other buildings are flammable and dangerous. The insurance industry’s warning was issued a month before the killer blaze that shook the city and shocked the…

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UK insurance market could lose Lloyd’s staff following Brexit

Lloyd’s insurance claims - Home office building

Top boss at the massive marketplace has revealed that operations may leave the country. The UK insurance market may not remain the most important one in the world due to the Brexit vote. Chairman of Lloyd’s of London, John Nelson, cautioned that the marketplace may be required to move some of its business over to continental Europe. That could mean a loss of a large chunk of the staff currently located in the United Kingdom. In fact, Lloyd’s insurance operations may be on their way out of the country even…

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Insurance news shows the mis-selling complaints in the U.K. continue

UK cyber Insurance industry News united kingdom

A recent report issued by the watchdog organization has revealed that banks will need to provide more in payouts. The Financial Ombudsman Service in the United Kingdom has now stated that the number of complaints that it has received with regards to the insurance news of the mis-selling scandal in the country have skyrocketed within the six months that ended in September. This has increased the odds that banks will be required to pay a higher amount for compensations. The Financial Ombudsman Service is the official watchdog that steps in…

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First Car Insurance Comparison App Launched in UK

 A British price comparison service has become the first company to launch a car insurance price comparison app which is available to all iPhone and iPad owners. MoneySupermarket.com has teamed up with renowned app experts MIG (Mobile Interactive Group) to produce the app which retrieves car insurance quotes from over 100 different providers in a matter of minutes.  The company says that it expects the app to prompt other comparison services to produce a similar service, with American insurers also likely to take an interest in the latest developments.  High…

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Modern-day pirates find a formidable enemy in the British insurance industry

Piracy, a practice once thought long-dead is, in fact, alive and well today. Ongoing economic trauma has produced desperation in a number of nations throughout the world. People displaced by financial calamity have been flocking to the African country of Somalia, where they have been joining pirate bands. Somalia is an infamously unstable state which has served as a port of home for modern-day pirates that prey on shipments throughout the Indian Ocean. Pirates have, of course, run afoul of man law enforcement and military organizations, but their greatest enemy…

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